Pain-Free Money Saving

January 17, 2017

 

 

I saw this idea the other day and it seems to be a really pain-free way to save money. Every day you save pennies based on the day of the year. It works like this:

  1. Get yourself a container to save your pennies (piggy bank, money box, jar, empty box etc)

  2. On day 1, you add 1p to your box

  3. On day 2, you add 2p to your box… Carry on like this for every day throughout the year

  4. On day 100, you add £1.00 to your box

  5. On day 365, you add £3.65 to your box

  6. By the time the year is over, you’ll have saved £667.95

When Christmas is over and you’re feeling the pinch, this is a great way to be able to start your saving without too much pain as you’ll literally only be saving pennies per day. However, as the year progresses, it may get more difficult because by the time December comes around you’ll be putting away over £100 during the month. Here are a couple of options to consider to get over this:

  1. If your savings pot only runs from January to the end of November, you’ll have saved £559.45 which would come in really handy for that extra expenditure at Christmas

  2. You could still have a savings pot on the go but alter the amounts or regularity of saving:

  • If you saved £1 per day, your savings pot would be £365 at the end of the year (this would also be a lot easier to work out if you got behind with putting your pennies in your savings pot!)

  • If you saved £10 per week, your savings pot would be £520 at the end of the year

 

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