366 Penny Challenge

craftyali

I am still paying off debt. I have seen the 366 Penny Challenge (where you save an increasing amount, ending up with more than £700 by the end of the year) and would love to do that, so I have a fixed budget for Xmas 2016.

Would it be more sensible to put that amount towards paying off credit card debt?

TIA, Ali x

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greensalad

If Christmas spends are inevitable, then it always makes sense to save for them.

I save towards my car MOT because I know it has to happen, it's non-avoidable.

£700 for Christmas presents is quite a lot though, it would be more sensible to reduce that amount so you can do half debt and half Christmas spend.

craftyali

Good point. I will work out how much I do need to spend on Xmas, and then save for that. Ali x

Jcooh

Hello Crafty Ali,

What is the 366 penny challenge? Is there anywhere I can find some info on it?

Thanks

Jacko_amz

I am doing the penny challenge to although I'm doing it every Sunday and just adding up the weeks worth!

Mines going in the emergency fund 😊

Jcooh search skint dad 365 penny challenge in Google xx

Jessiepig

I have started the 1p a day increase and have worked out the amount each week for the entire year😊 ( sad I know lol😜 ). So far I have put all of Jans and Febs in a sealed tin and randomly put odd bits in. I feel like I'm achieving loads already. Want to complete December early to open for prezzies and food.🎄🍺🍷🍗

Jessiepig

Also How do I edit my signature pls. Haven,'t been on here is a while and it's so out of date lol

stirling-gorilla

Yeah can we have a bit more info on the challenge would like to do this so I can have a wee bit money for the end of the year.

Baileys_Babe

I have decided to do the challenge in reverse 366p - 1p so that way if I loose focus at some point during the year I will already have a decent sum saved, which should also help motivate me. I started on the 1st January and I ready have over hundred pounds. I'm using mine to fill up the emergency fund and then I am going to start saving for a big family once in a life time holiday, which will probably take me a few years to fulfill.

stirling-gorilla

Just looked into this - count me in, also just a wee pointer should this not be in the challenge section?

For others this is simple and breaks down as this

Day 1 put a penny away then Day 2 put 2p away then
Day 3 - 3p
Day 4 - 4p

and so on, I'm going to be starting this today and I will be backdating things to the start of the year so I will need to put £12.25 away then tomorrow put 50p away for it.

Jessiepig

Jcooh wrote: »

Hello Crafty Ali,

What is the 366 penny challenge? Is there anywhere I can find some info on it?

Thanks

Hi, if you started it from Jan 1st you put in 1p on first and 2p on second and so on. Therefore on day 100 you would put £1 in and on day 101 you put £1 and 1p in.
Hope this helps