The idea is that you save 1p on day 1, 2p on day 2, 3p on day 3 and so on, until the last few days of the year you're up to £3.63, £3.64 and £3.65. By the end of this challenge you should have saved a total of £667.95.
I've decided to do it a bit differently. Instead of saving all the small amounts at the start of the year and the large amounts in December, I'm mixing it up a bit. I'll be saving various amounts throughout the year and to make life easier, I've printed off a chart, which I found on Skint Dad website, so that I'm able to cross off each amount as I save it.
I've also printed off a calendar so that I can cross each day off as the money for that day gets saved, I think I could easily forget to put my savings away sometimes and this will ensure that I don't.
I'm using Daniel's old pocket money jar to keep the money in but as it's loose change that's being saved, it's filling up fast. I might have to use something else once it's full.
I think this is a savings scheme that's quite affordable and will add up to a decent amount at the end of the year. Now I just need to decide what to spend it on.
Is anyone else joining in?
I've thought about doing this before but was a little put off by putting in the larger amounts day after day at the end of the twelve months. However, I do like your way of doing it so I might just give this a try. X
ReplyDeleteI know it's an expensive time in December with Christmas so I thought it would be easier doing it this way, the large amounts can be spread throughout the year then and they don't all come at once.
DeleteSounds like a good idea, a great way to save.
ReplyDeleteIt should mount up without really realising that you're saving. It will be a nice amount to spend on something at the end of the year.
DeleteInteresting challenge, but I'm good at starting things, but terrible about following through and finishing.
ReplyDeleteIt's easy to get carried away and start these things with good intentions but it does take some doing following things through. I figure that even if I don't finish the challenge, whatever I save will be very welcome and an amount I wouldn't otherwise have put away.
DeleteSo do you have to save on what you would normally spend e.g. special offers or do you have to just refrain from spending.
ReplyDeleteIt's just a case of putting the amounts to one side each day. As they're small amounts, I think it should be doable.
DeleteHi Jo, we tried this last year and did it the way you are by trying to save different amounts rather than working through the the sheet, unfortunately we didn't make it all the way through the year because I don't actually use that much cash, I'm more of a card kind of girl, so there were many days where I didn't have any change in my purse at all, but I think if you can keep it up it will be wonderful to have over £650 to spend. Good luck.
ReplyDeleteIt's good to hear of someone who's already tried the challenge. I think that will be the hardest bit, making sure we have some change to actually save. I'm relying on Mick really because I don't go out spending very often, he's the one who uses cash the most so he's the one who's been putting the most in the pot so far. It would be good if we could see it through to the end of the year. We'll see.
DeleteThat's a great challenge Jo, good luck with it! It is not for me, we need all the change we can find for school dinners, exact change needed. I am good at saving money on the whole, I have several bank accounts that get a little added at the beginning of every month. x
ReplyDeleteI can imagine how much you need all the change you can find with four children at school, it was hard enough with two. We are lucky in that we manage to save a little money each month, I just think this is a great way to save a little more, as they say, look after the pennies and the pounds will look after themselves.
DeleteLove your mix it up appreciation, I have seen this before but thought saving in November and December was a bit hard. I am saving any two pound coins I have.
ReplyDeleteI think that even doing it in reverse would be better than saving the higher amounts in December, which is an expensive month. I save two pound coins too, I find they soon add up in to a good amount.
DeleteWe use very little cash - the cash we draw, either by cash back of the ATM, is for things like papers and eggs and milk from our local shop (better price than the supermarket, and eggs quality free range ones) and for odd purchases, such as our coffee out after a walk. We seldom have more than £20 in our joint wallets, and by not drawing much cash, we keep spending down (using Visa for supermarket and petrol purchases.) But if you do use cash, then saving some of that, if that works for you, rather than simply withdrawing less money, is a good idea.
ReplyDeleteMargaret P
Like you, we used to use cards for just about everything. These days, we draw our weekly budget out in cash on a Friday and we find that we know exactly where we are if we do it this way. It does mean that there's plenty of change for this challenge too.
DeleteThis is a lovely idea... maybe it could go towards to a special treat? Jx
ReplyDeleteI hope so. I do hope we manage to keep up with it and then we can treat ourselves with the proceeds.
DeleteI've always wanted to try this!
ReplyDeleteIt's a good time to begin. I started a little late in the month but I've caught up with it.
DeleteGreat idea & I'll admit to being a saver, which I'm sure you are too, (being a Virgo like me), but sometimes it is the challenge with a goal in mind that makes it even more worthwhile. Have a good week & take care.
ReplyDeleteI find having lots of little savings schemes is a good way to save, the small amounts soon add up in to something more substantial.
DeleteLast year I through any coinage into a couple of money boxes. I still have not opened them, and have carried on adding to them. The only problem is that I have to be fast putting coinage in there, before teenagers steal the coinage! Two have jobs; the other , even though 13, has zero access to his bank account as he'd clear it out in a week on junk food... his pocket money is gone in one day usually... and he's the one always scrounging for money...
ReplyDeleteThe small amounts soon add up, don't they. It's funny how children can be very different in their approach to money. Daniel has always been a saver whereas Eleanor's been a spender. She's changing her ways now she's at uni though and sees how much things cost.
DeleteI've seen this challenge a few times but always thought it was a bit daft expecting people to have that much cash in December. Your way sounds much better. Good luck! :o)
ReplyDeleteI think doing it the way I am should make things easier. I've already put quite a few of the £3 odd amounts away.
DeleteGood luck with the saving.
ReplyDeleteThank you. It will be good if I can keep it going.
DeleteGreat idea and as well as saving up quite a nice sum, there's all the fun of filling in the sheets and calendar.
ReplyDeleteThat's true. It's good to see a few more ticks keep being added.
DeleteI did this last year for Rebecca and Antoni´s wedding in September, (although it was cheating a bit as I didn´t get to the really high figures)but it was to go towards their honeymoon fund. We also used it as a bit of fun at the reception as guess the amount in the jar for a prize(not the jar!), I did give some hints as to how it was worked out and a couple of guests were nearly spot on. I like your idea of mixing up the high amounts during the year.
ReplyDeleteIt's such a good way to save up a decent amount by saving small amounts each day. I like the idea of making it in to a game, it sounds like everyone had a good time trying to guess the amount.
DeleteGreat idea to mix up the amounts Jo. I printed another savings challenge from skit dad, saving smaller amounts, like you i've printed off the chart and am crossing it off. it will be a nice little 'pot' at the end of the year.
ReplyDeleteJust read your reply to a comment about drawing out cash, I used to pay for everything on debit card but this year like you i've been drawing out cash for food shopping and i'm finding that not only am i spending less i also have some left at the end of the week :-)
I'm looking forward to my savings pot at the end of the year, it should fund a nice little treat. I find that using cash works really well for us, though I do use a cash back credit card too but anything I spend on there is taken out of the cash we've drawn out that week and paid back in to the account to pay off the bill in full each month so that we don't incur any interest. We get a nice little amount back from the cash back each year.
DeleteI love this idea, I've seen it on Pinterest and told myself I'd do it. I haven't. Yet.
ReplyDeleteOne thing I do is transfer the odd pence on my bank balance every time I check my balance online. It soon adds up, and it's what funded my first loan on Lend With Care. Because it's odd pence here and there you don't notice it.
That's a good idea, I've heard that mentioned before in various places. It's true, small amounts truly do add up.
DeleteThis is an interesting idea. I hardly spend any cash nowadays so no longer save my small change as I used to do. Flighty xx
ReplyDeleteI remember my dad always saving small change in a huge jar, it was a treat when it was full and I'd sit and count it all with him in to bags to take to the bank.
DeleteLooks and sounds a good idea.
ReplyDeleteWe always keep a glass jar on the side for putting loose change in and it's surprising how that can mount up.
All the best Jan
It is surprising how it all adds up, my little pot is really heavy already, it will be interesting to see what it's like at the end of the year.
Deletewhat a good idea. I do something with my bank when I use my debit card they round it up to the nearest £1 and transfer this into my savings account. Its amazing how quickly it adds up x
ReplyDeleteI've heard of this system which banks do for you, it's a good idea. Anything to get people to save a bit more rather than spend.
DeleteI've heard of this challenge before. Some people have said to do it backwards as December is generally an expensive month already. However, I like your way of mixing it up throughout the year :)
ReplyDeleteI think the main thing is not to leave all the large amounts until the end of the year when it's an expensive month anyway. I seem to be getting along fine with it at the moment and I've already crossed lots of the higher amounts off.
DeleteWhat a fantastic idea! I shall give this a go next year.xxx
ReplyDeleteI missed starting on time this year but I've managed to catch up.
DeleteI have heard of this before, but the idea of the large amounts at the end of the year didn't appeal to me, your idea is a great one. Hope you have a nice pot of money at the end of the year!
ReplyDeleteIt definitely makes more sense to get some of the larger amounts crossed off early in the year. It will be lovely having a bit of money saved up to spend on something special.
DeleteI found this idea last year but wasn't able to start until this year. I am using an old sweet jar for saving and am planning on spending the money on some spring sunshine in the form of a holiday. I hope your saving goes well. I like your idea of mixing it up, I have been considering doing something similar so that it doesn't cost me a fortune in December.
ReplyDeleteIt's good to hear of someone else doing this challenge. I think a holiday is a great idea to spend the money on, definitely worth saving for and it will spur you on.
DeleteMy husband saves his loose change, I think so he doesn't have to carry it about with him, but it does get dipped into if change is needed for bus fare or something at school xx
ReplyDeleteMick always used to have holes in his pockets from carrying loose change about. It's always handy to have some silver and copper to hand when you've got kids at school, there's always something they need it for.
DeleteI think mixing it up and maybe putting the larger amounts in over the course of the year is a good idea, money just seems to drain away so quickly in December!
ReplyDeleteLisa x
I'm trying to do the larger amounts early on in the year, it should be quite easy to keep things going then. It will be nice to have an amount to spend on a treat at the end.
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