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Save 5p a day challenge

edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
IrishSeanIrishSean Forumite
335 posts
100 Posts Name Dropper
edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
Hey forum,

I was playing about with the idea of the 'save 1p a day challenge' and thought; I really need to save more, both to tackle debt and save for Christmas 2020.

As a result I worked up monthly figures for saving 5p on day 1, 10p on day 2 etc. Obviously this 'perms' up quite rapidly towards the end of the year, however the bigger savings would coincide with the likes of next year's black friday and Dec 20 Christmas shopping anyway.

For those able to reverse the savings it would start with 366 days at 5p, which is £18.30 a day, decreasing by 5p per day. Not for the faint hearted I know but it would afford the opportunity to seed savings for late 2020 and allow some (miserly rate!) interest to help boost your pot.

Anyhow, the figures I worked up were:
Month 1: £24.80
Month 2: £68.25
Month 3: £117.50
Month 4: £159.75
Month 5: £212.35
Month 6: £260.40
Month 7: £297.75
Month 8: £354.95
Month 9: £389.25
Month 10: £449.50
Month 11: £463
Month 12: £542.50

I actually calculated it Jan-Dec for myself. For any given month it's number of days remaining in year x 5p minus 5+10+15...etc for days in that month (I hope this is correct).

The total annual saving would be around £3340

Apologies if this has been done before, i'm not on all the time. I was working it up for myself and thought it might be useful for those who feel they need to save more than say £1 per day; monthly or the 1p a day challenge which comes out about £667 per year.

Good luck and seasons greetings::money:
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