How to save £650 with the 1p saving challenge

Feeling the pinch after Christmas? If you'd like a simple way to save some money for next Christmas have you thought about joining in the 1p savings challenge? This savings hack is making it's way around social media so I thought I'd give it a try myself –after all I may be good with money – but an extra few hundred quid in time for next December's festivities wouldn't go amiss!

The challenge is really easy you just increase the amount you put in a jar by 1p each day. For example:

Day 1 put in 0.1p

Day 2 put in 0.2p

Day 3 put in 0.3p

Because I'm starting on January 9 (better late than never!) I'm beginning by putting 45p in a jar and tomorrow (January 10) I'll start at 10 pence and try and stick to doing it every day so that I don't get confused! It really does add up as on day 100 you'll be putting in £1, day 200 £2 and day 300 £3. On December 31, 2020 put £3.66 into the jar (2020 is a leap year) which will give you a total saving of £668.96 for the year.

This savings tip is so simple. The only difficulty is finding the change as I'm used to paying for most things on card! I don't usually spend as much as £650 on Christmas itself but the money can be saved for anything like a holiday or even your January tax bill.

Have you got any money saving hacks you'd like to share? Broke in Bristol – & beyond is on Facebook, Instagram and Twitter. Don't forget to follow for all the latest deals, discounts and days out. More from Broke in Bristol:

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11 easy ways to save £1,000 over the next year.