One million pennies challenge

Lizling

You do realise that even if you get a penny in your change every single day, it'd take you 2740 years to save up a million?

LynseyLou_2

Yup, I can do maths ;-) I realise that the idea is crazy but the savings principles underneath it that is the important part. I will probably have spent some of the money by the time the million has been reached (if it is ever reached haha) but I think it is a fun idea!

LynseyLou_2

SailorSam wrote: »

I heard a phone-in competion on the radio once, with a prize of £1 million. When a woman won it they told her 'cos of cut backs at the Bbc they wouldn't be able to pay it all in one go but she'd receive it in installments, of 1p per year.
That must have been about 10yrs ago, i wonder is she still getting her money.

Wow! Is that actually true?

LeaLea89

LynseyLou wrote: »

Yup, I can do maths ;-) I realise that the idea is crazy but the savings principles underneath it that is the important part. I will probably have spent some of the money by the time the million has been reached (if it is ever reached haha) but I think it is a fun idea!

Fantastic!! I love this idea! Count me in as attempting it too!

nursemaggie

I have just taken everything below 20p out of my purse it comes to the grand total of 45p you may save a little if you have time on your side but I think the penny will have ceased to be legal tender well before you reach £10,000.

SailorSam

LynseyLou wrote: »

Wow! Is that actually true?

Yes it's true.
Billy Butler on Radio Merseyside. He was talking about giving away the biggest prize ever given away on radio and when this woman got excited after she'd won it, he told her ...... Oh by the way we're only sending you 1p a year.

Sanne

Reminds me of an old custom in Germany - bridal shoes were traditionally paid with collected "Pfennige" (the equivalent to the penny).
I remember starting to collect as a girl and already had a fair amount... until they introduced the Euro and ruined my plan, lol.

Good luck with your plan

Archi_Bald

Completely looney idea, for a number of reasons. Having several hundreds, let alone several thousands, lying about without earning interest for several years means you are losing lots to inflation.

Normal savers would look to maximising their interest, and then compound interest, in the most tax efficient manner.

Also, where are you going to keep the money? Would you keep several thousands in used £20s in your house?

dale_cotterill

Archi_Bald wrote: »

Completely looney idea, for a number of reasons. Having several hundreds, let alone several thousands, lying about without earning interest for several years means you are losing lots to inflation.

Normal savers would look to maximising their interest, and then compound interest, in the most tax efficient manner.

To be fair, the OP states;

"I am going to put my pennies into a savings account and watch them grow into pounds. "

Archi_Bald

Ah sorry, I had overlooked that minor detail

Less of a looney idea then