The challenge aims to help you save throughout the year while barely noticing
ITV Screengrab
CAPTION: Martin Lewis Money Show 26th Nov(Image: ITV)
The 1p money challenge, endorsed by Money Saving Expert Martin Lewis, could see you pocketing over £650 by the end of 2026 if you kick off your savings in January. This long-standing challenge is designed to help you accumulate savings throughout the year without feeling the pinch – at least initially.
Financial whizz Lewis champions this scheme, which operates on a simple principle: save 1p on January 1, 2p on January 2, 3p on January 3 and so forth for the rest of the year. By starting with a minuscule amount and gradually increasing your daily savings, you’ll amass a substantial sum by year’s end.
The challenge commences on January 1, 2026 and concludes on December 31, 2026. Even if you decide to halt your savings in November, you’ll have already gathered more than £500 to ease the financial strain of Christmas.
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One great thing about the 1p challenge is that you get to choose which way to save. You can either:
Put a reminder on your phone – This will help you remember to put away money every day, even after a long day at work.Set up a standing order – You can move the cash into a savings account or set up daily instalments. Bear in mind that this could get tedious as you’d have to log into your bank account daily.Go traditional – A more traditional way would be to use a piggybank or a jar. However, because of how much cash and coin use has reduced, this could be a bit challenging.
Previously, on the ITV Martin Lewis Money Show, Mr Lewis explained: “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.”, reports the Manchester Evening News.
If you find yourself falling behind and unable to keep up with the daily savings, here’s a monthly breakdown to help you get back on track with the challenge:
1p challenge monthly savings planJanuary – £4.96February – £12.74March – £23.25April – £31.65May – £42.16June – £49.95July – £61.07August – £70.68September – £77.55October – £89.59November – £95.85December – £108.50Final savings – £667.95
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