Saving Money - 1 Penny / cent at a time!
So if you are like me the prospect of starting to save money probably seems impossible and a big old waste of time, because you have no money so what's the point?
Sound familiar? Well I am going to tell you that you are wrong, well in part anyway. Yes saving 20% of your income or whatever the recommended amount at the moment is probably is an impossible task right now, but that doesn't mean you can start to save some money to get you started.
The Penny / Cent Challenge
The penny challenge is an excellent challenge aimed at saving beginners and it is really simple in it's basis. You save 1p on January 1st, 2p on January 2nd 3p on January 3rd and so on and so forth until you get to December 31st where you save £3.65. If you complete the challenge you will have £667.95 or $667.95 or whatever currency you save! This is one of the best ways to save money as it is simple and straight forward and take you in baby steps.
However there is one serious flaw in it in that you are saving a hell of a lot in December, which for most people in the world or at least in the west, this is an expensive time of year. Unless you are on a spending ban like me.
So my altered version of the penny challenge allows you to save any of the amounts in any order, so if you are having a rough week you can save a few penny's if you are doing well you can save £20. As long as you tick each box on the printable you will still have saved £667.95, I have also added 8 bonus amounts that if you achieve these you will have a lovely £700 saved.
It is entirely up to you what you spend the money on, if you want to save a bit quicker and use it for Christmas (if you celebrate Christmas), that is an option. Or if you have debts to pay I would highly recommend you pay it off your highest interest charging debt. If you don't have debt's to pay off then you now have the start of an emergency fund, retirement fund or whatever else you want to save for.
If you manage well with this challenge, why not up the anti next year and double the numbers, can you save £1400 in a year, I bet you can if you really set your mind to it.
I save mine in penny jar which can't be opened but this works just as well if you use online banking and transfer money to a savings account daily.