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 these 1p saving challenge versions instead?
So many people have now 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.
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 ones I’ve drawn up that are even easier to do!
Happy saving – say goodbye to being skint!
365 day 1p saving challenge
Why not try the weekly saving challenge but 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 had 2016 and we’ll get in 2020).
Take a look at this trackable chart, click to open in a printable PDF and challenge yourself to save over £650 before the end of the year!
Updated 2018 edition
By popular demand, we’ve updated the Skint Dad 1p Savings Challenge so it all 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 less 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.
Undated 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!
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.
Related articles:
- 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
- Easy saving for 2016
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.
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 – here are some tips to keep you on track so you can still save £667.95 by the end of the year.
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.
