How you can save over £600 in 2020 - 1p Savings Challenge

There are no two ways about it, saving is hard. With every good intention of saving, there’s also that “yeah OK, a takeaway sounds great tonight, extra Pepperoni please”. Like most stealth things (quiet technology dishwashers, Ninjas, etc), saving is better when you barely know it’s going on. So in a total Morpheus from Maxtrix-way, what if told you you could save over £670 in 2020 whilst barely even noticing? I reckon you’d say “Dale, don’t keep me waiting, tell me more, tell me more…”.

Introducing the 1p Savings Challenge, the simple way for you to save over £670 in 2020. The premises is simple, you put away a small amount of dosh (we are talking pennies) per day and it all quickly adds up. 



How much do I save to put away each day?

Every day of the year you need to save the equivalent to that day i.e January 1st - 1p, January 2nd 2p etc all the way up to December 31st - £3.66. 2020 is a leap year, so the extra day we have all been blessed with is worth £3.66 to you (obviously we think a day is worth more than £3.66, but for this purpose, it works). Each week the amount you’re putting away will go up (or down if using our reverse challenge, more on that later) your lowest savings week will be 28p and the most you’ll be putting away in a week is £25.41

Winner winner, Christmas Dinner.

There are 415 days to go until Christmas, not that Christmas, Christmas 2020. Just imagine that feeling of glee when it comes to Christmas shopping next year that you’ve saved over £600? We’re of course not saying you have to spend it all on Christmas shopping, but they say the average household spends over £500 more in December and having a savings goal to work towards can help dramatically with your savings.

Now, we won’t confess to being the creators of the 1p savings challenge, a quick Google search will bring up many different variations, however, we can say hand on heart that our version is the only one with the OhMyDosh logo printed on it and for that, we are proud.

“Strike that. Reverse it.”

When the Black Friday sales hit and December is looming it can become an expensive time for all. So if the idea of saving the higher amounts in December doesn’t sound great to you, fear not, we have you covered. With the reverse savings challenge, you can start with higher amounts in January and payless as the year goes on (this is my favourite way of doing this). Also, by paying in the larger amounts first you’re going to end up with more money come November/December time than if you did start low, you’ll have around £100 more doing it this way.


Download our free printable, stick it on your fridge and come January 1st, you’ll be ready to start saving!

Download - 1p Savings Challenge
Download - Reverse 1p Savings Challenge

Comments

Queen Nnakife
10th of November 2019 10:58:32
Posted by Queen Nnakife
Wow! What a wonderful way to save effortlessly. Will definitely take this challenge and see how it goes. And hope you guys don't mind me sharing the idea with others.
Thanks Dale, great savings tip.
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