Martin Lewis’ 1p financial savings problem could make you £600 earlier than Christmas 2024
Struggle to construct up your financial savings? Fear not, as Martin Lewis has a problem that would enable you save £600 by subsequent Christmas.
Back in 2021, the buyer professional shared his 1p financial savings problem on the Martin Lewis Money Show. And it has been a agency favorite ever since!
The TV host mentioned: “There’s a big savings community out there who do this, it’s called the 1p Challenge. Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year – by the last day of December you’re saving £3.65, so that would give you £667.95 in total.”
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(Image: ITV)
You can stash this money in a jar or create a web-based banking financial savings pot, BelfastLive reviews. If you miss a day or two, you possibly can catch up by including collectively what you’ve got missed.
Here’s how a lot you may save every month:
- January – £4.96
- February – £12.74
- March – £23.25
- April – £31.65
- May – £42.16
- June – £49.95
- July – £61.07
- August – £70.68
- September – £77.55
- October – £89.59
- November – £95.85
- December – £108.50
If you favor, you possibly can cut up the financial savings over the 12 months, establishing a standing order so no quantity will get missed. To achieve this, you may have to put aside £55.67 per thirty days which can be trickier and never as real looking because the 1p problem.
The financial savings problem will be adjusted to suit your personal monetary state of affairs. For occasion, if January is a bit tight, you possibly can push the beginning date to February. It’s additionally an effective way to eliminate all that unfastened change in your pockets or mendacity round the home.
* This article was crafted with the assistance of an AI instrument, which hurries up Daily Star’s editorial analysis. An editor reviewed this content material earlier than it was revealed. You can report any errors to [email protected]