Who’s up for the 1p Saving Challenge?
Skint Dad brought this saving tip to light and what a tip it is if it’s continued for an entire year!
The challenge starts off by saving 1p on the first day, 2p on the second day, 3p on the third, and, well, you get the point.
The concept is ingenious. It starts relatively light and as the days go on, and you become more invested, the saving intensity picks up – while still being manageable. The last week is going to be the most demanding period of the challenge, but the end result will be something to be proud of.
What’s great about this challenge is that you don’t have to limit yourself to a specific date, you can start it whenever you want and you’ll still save a staggering £667.95 over 12 months.
Not too shabby for starting with just a penny!
Adding a little at a time will build an incredible sum. By the end, a juicy £667.95 will be in your savings pot to spend or for you to continue saving.
How the credit union can help
The founding principles of credit unions carry a mission to encourage personal saving and nothing makes us happier when we see people taking initiative to add to their nest egg.
We also know how tempting it can be to dip into a savings pot as well as how frustrating it can be when there’s nothing left to dip in to.
This is why we want to offer you a safe place that you can deposit your money and keep it aside for when it really matters.
Every month you take part in the challenge, deposit what you’ve saved into the credit union.
We only allow withdrawals once per month to give you a head start in achieving your saving goals.
Another great advantage of opening an account with us is that we offer a PrizeSaver account. It’s an instant access savings account with a monthly prize draw – you could win up to £5,000 every month.
Click the link below to join and we’ll be able to walk you through how you can make the most out of a credit union savings account.
Tricks and tips for the 1p Saving Challenge
- If you’ve got a couple quid in your pocket, why not add it to your savings and tick off a few days at a time.
- You don’t need to tick off days in chronological order – let’s say your pocket change comes to £3.66, you can tick off day 1 and day 365.
- If you know you’ve got more money when you start, why not do the challenge in reverse? Make your saving journey easier as the days go by.
- You can deposit your savings into the credit union. We offer a savings account called the PrizeSaver which lets you win up to £5,000 just by saving with us!
