The 365 Day 1p Challenge 2023

Anna_v

Thank you.

AntoMac

Hello @enthusiasticsaver #4 checking in.
My total at end of December is £131.12, having started at beginning of November. Doing it based an random number generating but have deliberately taken out some of the larger amounts before it starts to become expensive. Thanks

mark55man

enthusiasticsaver said:

mark55man said:

Happy new year.  I found a penny down the sofa as I was tidying up before going to bed.  So that is Jan 1 sorted (not a formal report back ES) 

Good start @mark55man   Are you intending to report at the end of each month?  I assume you are going forward starting with January? 

Hi ES.  My method- I generated 365 random numbers against payment amounts 1..365 then I sorted the random numbers in order to scramble the associated payments.  Then I grouped the payments into amounts in excess of £20 and I will use notes and coins to pay these into a sealed tin.  I will report back each time I make a payment which will be between once a week and once a fortnight. 

I will try and match the cash with other savings from my 2023 focus on frugality so I'm not just cannibalising other savings but that won't change the schedule

Have I made it overcomplicated - YES - does it work for me, also YES - will it be simple for you - also hopefully yes.  

As I've got all mathsy on you - readers may be interested that the formula for calculating how many pennies you should have saved by day "n"  is n*(n+1)/2  

Anna_v

I have done January and February….shall be adding money as I go along, hopefully be at least a month in advance.
Anna_v

CazzieLT

Hello everyone! #53 here!

Fascinating to see the many different ways that everyone is approaching the challenge - how great that people can make it work for them however they want to do it and at the end hopefully we all finish up with a tidy sum to spend or save as we wish! 

This is my 5th year of doing this challenge. The 1st year I did it with good old cash in a sealed tin (pre-COVID when cash was still a thing!) but since 2020 I've done it virtually. I've always worked backwards so that the easier amounts come closer to Christmas! I do it all on a daily basis so just popping by to report that my first £3.65 is now safely nestled in my e-savings account! Can't wait to watch it grow and also to watch all of your journeys through the challenge and get to know you all too.

Happy New Year and happy saving! xxx

enthusiasticsaver

AntoMac said:

Hello @enthusiasticsaver #4 checking in.
My total at end of December is £131.12, having started at beginning of November. Doing it based an random number generating but have deliberately taken out some of the larger amounts before it starts to become expensive. Thanks

Well done.  I have updated the spreadsheeet with £131.12 for December 2022 for you then.  Sounds like you have your plan sorted. 

enthusiasticsaver

mark55man said:

enthusiasticsaver said:

mark55man said:

Happy new year.  I found a penny down the sofa as I was tidying up before going to bed.  So that is Jan 1 sorted (not a formal report back ES) 

Good start @mark55man   Are you intending to report at the end of each month?  I assume you are going forward starting with January? 

Hi ES.  My method- I generated 365 random numbers against payment amounts 1..365 then I sorted the random numbers in order to scramble the associated payments.  Then I grouped the payments into amounts in excess of £20 and I will use notes and coins to pay these into a sealed tin.  I will report back each time I make a payment which will be between once a week and once a fortnight. 

I will try and match the cash with other savings from my 2023 focus on frugality so I'm not just cannibalising other savings but that won't change the schedule

Have I made it overcomplicated - YES - does it work for me, also YES - will it be simple for you - also hopefully yes.  

As I've got all mathsy on you - readers may be interested that the formula for calculating how many pennies you should have saved by day "n"  is n*(n+1)/2  

OK I think it sounds simple enough for me to understand although presumably the formula only works if you are working forward? I have just checked it assuming "n" to be day 10 as that was easy and you are correct.  Useful if you are saving in order.  

Look forward to the first report in a week or fortnights time then. 

I assume you like playing around with numbers then?  I do too. 

enthusiasticsaver

CazzieLT said:

Hello everyone! #53 here!

Fascinating to see the many different ways that everyone is approaching the challenge - how great that people can make it work for them however they want to do it and at the end hopefully we all finish up with a tidy sum to spend or save as we wish! 

This is my 5th year of doing this challenge. The 1st year I did it with good old cash in a sealed tin (pre-COVID when cash was still a thing!) but since 2020 I've done it virtually. I've always worked backwards so that the easier amounts come closer to Christmas! I do it all on a daily basis so just popping by to report that my first £3.65 is now safely nestled in my e-savings account! Can't wait to watch it grow and also to watch all of your journeys through the challenge and get to know you all too.

Happy New Year and happy saving! xxx

Sounds like you are a real pro at this if you have been doing it for 5 years.  I do understand the mentality of doing it backwards especially if you are saving for Christmas.  I am doing the 365 challenge for Christmas too so this 1p challenge is to go towards a holiday in 2024 or 2025. 

Is anyone else ticking off the chart or colouring in the boxes on the chart or a spreadsheet?  I like the visual impact of the ticks on the chart.  

Good to hear you have paid in your first payment.  I assume that it is best for me to update the spreadsheet at the end of each month then with the total you have saved over the month? 

enthusiasticsaver

Anna_v said:

I have done January and February….shall be adding money as I go along, hopefully be at least a month in advance.
Anna_v

Well done @Anna_v 

On the first post of this thread there is a link to a spreadsheet which I will be updating as people report but ideally I would ask that you post in bold on the thread with your reference number.  If you have added January and February in full presumably that is a total of £17.70 if you are saving in the classic fashion? 

So that would be number 54 (ie you) reporting £4.96 for January and £12.74 for February? 

Is that correct?

hemster01

I’m no. 32 and going to do it backwards today I think so most money in for Jan…. Decreasing down to dec. hope that’s ok. Thanks