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Viral 1p challenge shows how to easily save over £650 in time for next Christmas

Lisa Walden
Photo credit: CatLane - Getty Images

From House Beautiful

A clever and simple money-saving method, which has gone viral online, could help you save over £650 in time for Christmas next year.

The 1p challenge, also known as the penny challenge, works by putting a certain amount of money into a jar for 365 days. Starting with just one penny, each day you increase the amount of cash you drop in by 1p and it won't be long before your jar has all the spending money you need for Christmas 2020.

Created by the team at Play Pennies, it exists to help those who would otherwise struggle to save. 'The average household in the UK is said to have £20 worth of pennies lying around in clothes, bags and around the house. The PlayPennies 1p Saving Challenge demonstrates just how much you can tuck away by saving the odd spare penny,' says the parenting site.

So how does it work?

To start with, find a jar and put in 1p on the first day. Then, put in the equivalent amount of pennies to the day of the year. For example...

• Day one: £0.01

• Day two: £0.02

• Day three: £0.03

Once you hit day 100, increase the amount to £1, for example, £1.03, followed by £1.04. When you reach day 200, increase the amount to £2 and continue. It might not seem like a vast amount at first, but if you continue this everyday, you'll be surprised with what you end up with at the end of the year.

Photo credit: Dan Brownsword - Getty Images

The 1p challenge will help you save £667.95 in 365 days, or £668.96 by the end of 2020, which is a leap year.

Users who took part in the challenge last year have described it as a much more realistic way of saving. One user has even adopted the method slightly: 'I'm doing this, but I'm starting backwards though as it will get expensive in December next year so I have to put less in as the year goes on but end up with the same amount.'

Want to strategically plan for Christmas shopping next year? Or are you saving for a holiday towards the end of next year? Take a look at the chart below...

Photo credit: Play Pennies

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