If you’re desperate to start saving some money – for any occasion – but your budget can’t stretch to £1 a week in the 52 week saving challenge, how about trying the Skint Dad 1p saving challenge instead?
So many people have heard of the 52 week saving challenge. If you haven’t it’s quite simple, so let me explain.
The idea behind the challenge is that you save an increasing amount per week for each week of the year. In week one you save £1, week two you save £2, three you save £3 until you’re saving £52 by the last week of the year.
The first few weeks are obviously easy as you’ll have to put away £10 from your budget.
However, by the end of the year, you’ll be down the total each week of £49, £50, £51, £52 (£202!!) – that’s a lot of money for any month, let alone December.
If you’re skint, this can get really hard!
For me, this target just seems a little bit too far out of my comfort zone.
Although we’d be able to make the savings initially within a few months our budget just wouldn’t stretch anymore and we’d fail.
If these are the kind of targets that you’ve been looking at but feel like you’re setting yourself up to fail then think again!
The challenges can be easily adapted for the skinter people of the world and the Skint Dad 1p Saving Challenge are even easier to do!
Happy saving – say goodbye to being skint!
Skint Dad’s 1p saving challenge for 2020
Instead of trying to over-save, why not try a similar saving challenge by saving just a penny at a time (still increasing each and every day).
So there are some of you saying, “Just a penny? Are you crazy? There’s no chance you’d save anything saving a penny a day!”
But could I?
Well, one penny adds up quickly.
In a year, you can save nearly £700 by putting just 1p away in day one, 2p in day two….you get the idea.
For a normal (365 day) year you can save £667.95 and in a leap year, you can save £671.61 (like we have in 2020).
How much has been saved?
There are more than 16 million people in the UK who have savings of less than £100, according to a study by the Money Advice Service.
Without even trying, the 1p saving challenge can see you hit £100 in savings really easily!
This is a really popular challenge and it’s changed how people are saving money.
In the last year alone, if everyone who accessed our free 1p saving challenge printable managed to save the full amount, there would be a collective savings total of…
…drum roll, please…
£36,837,442.50
£36 million pounds!
Now I’m not saying that everyone hit on the print button, or that everyone managed to save for the entire year, but just imagine if they did.
It just goes to show the potential amount of money we could collectively save – just by saving your pennies!
2020 1p saving challenge – free printable
By popular demand, the Skint Dad 1p Savings Challenge fits onto one A4 sheet.
Downloadable PDF: Skint Dad 1p Saving Challenge
Downloadable Excel doc: Skint Dad 1p Saving Challenge
This’ll help save your printer ink, paper use and will mean fewer things to lose.
We’ve still got all the best features that you’ve told us you love.
You’re able to tick off each day as you go and you’re able to track how much you’ve saved along the way.
Need help with the 1p saving challenge?
Many people started the 1p saving challenge at the beginning of the year but a few of you have started to struggle.
Don’t get put off!
We’ve got plenty of tips to keep you on track so you can still save £667.95 by the end of the year.
2020 is a leap year
We get an extra day in 2020.
Some people get to have a birthday for the first time in four years, others think it’s lucky for a woman to propose to a man.
For us – it means an extra day of saving money.
In a leap year, you can save an extra £3.66 in the year, meaning the total you can save is £671.61. We are not adjusting the printable to save for the extra day, so you can choose if you want that bit extra saving.
Undated 1p saving challenge – to use at any time of the year
If you’re a fan of our old formats, we’re not going to get rid of them – don’t worry.
Here are the previous versions:
Downloadable PDF: Skint 365 Saving Challenge
Downloadable Excel doc: Skint 365 Saving Challenge
Backwards 1p saving challenge
Do you think you’ll find it too hard to save the larger amount of money in December?
With Christmas looming having extra money to save may be a bit tough for some so, by popular demand, I have turned the whole savings template backwards.
This means you’ll start by saving £3.65 on day one, £3.64 on day two and by the last few days you’ll be putting away just pennies.
Undated to use at any time of the year
Downloadable PDF: 365 Backwards 1p Saving Challenge
Downloadable Excel doc: 365 Backwards 1p Saving Challenge
365 Pennies – Saving Weekly
Saving daily will get harder as each day goes on (does anyone have that many coppers?!)
Instead, why not try this adapted version (plus this only takes one page to print). Depending on how much you’ve got spare each month, this may be a bit hard when you reach the final weeks. The last month you need to save £101.79 to hit the target.
Downloadable PDF: Penny Saving Challenge Weekly
Downloadable Excel doc: Penny Saving Challenge Weekly
Save £650 – for the budget conscious
Saving money can be tough!
If you don’t have a ton of extra cash left after paying all the bills, putting anything away can seem like a real stretch.
If you have a tight budget I know just how difficult it is to have changing amounts coming out of my bank each week. As saving can prove difficult, how about just saving the same amount each week instead – you’ll still achieve a £600 saving!
I think this can be the easiest one to do. I know the idea of saving with a 52-week challenge looks quite fun, but saving the same amount is far easier in terms of budgeting and it’s easier to set up a standing order.
Downloadable PDF: Save £650 a year
Downloadable Excel doc: Save £650 a year
Blank template – 52 week saving challenge
If you want to save more or less each week then you don’t have to do the amounts I suggest. Instead, use this template 52 week saving challenge crib sheet and enter your own figure.
The balance will work out your annual savings amount for you.
Downloadable Excel doc: Template 52 week saving challenge
Easy saving
When you save this away in your savings account you’ve got the added bonus of interest being added. Depending on how high your interest rate it, you’ll get a bit extra added on too – it all helps!
Alternatively, you could look to save the money with the Chip app to work out how much you can afford to save, straight from your bank.
Remember, each image can be opened as a PDF for easy printing or you can download them for free as a spreadsheet. If you’re worried about downloading the documents please contact me and I’d be happy to email you the document instead.
£16 free after cashback
Get your savings off to a great start.
Join the Skint List newsletter where each week we’ll be sharing exclusive content, money-saving guides, extra income ideas and awesome competitions.
We’ve also managed to blag an exclusive £16 cashback offer from Quidco for our new subscribers.
Related articles:
- 3 Simple Tips to Save Money When You Normally Struggle
- Saving Your Change with a DIY Money Box
- 5 Ways to Save Money Without Even Trying
- How to Save Money When You Live Paycheck to Paycheck
Don’t just think of these saving goals as something you need to start on 1st January as a resolution, or even on the first of any month.
There are no dates on some of the charts and they have been left off on purpose.
This then gives you the option to start them on any day, week or month that suits you.
Ricky Willis is the original Skint Dad. A money-making enthusiast, father, and husband to Naomi. He is always looking for unique ways to earn a little extra.
