The 365 Day 1p Challenge 2023

enthusiasticsaver

geordiejon said:

Please add me to the list. Thank you. 

Welcome.  You are number 63

enthusiasticsaver

New joiners numbers are as follows:

Ms Moon           61
wllcnur              62
geordiejon         63
SLJohnson 22   64

Welcome to all. 

enthusiasticsaver

CazzieLT said:

enthusiasticsaver said:

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? 

Hi ES!

I will declare my saved monthly total on the last day of the month if that works for you? I see you like us to declare in bold and amazingly I've just worked out how to do that (I'm a total techno-wally so I thought I'd be spending the month of January working that out!)

£3.64 popped in for today to make £7.29 already! xxx

Last day of the month sounds perfect and glad you have managed to  find out how to embolden text.  All the formatting tools are above the comment box on my laptop but I appreciate it is sometimes different on phones and ipads etc. 

Pennyrounder

Please can you add me to this challenge - thanks 

enthusiasticsaver

MsMoon said:

I see that there is a calculation above for the monthly amount. Does anyone have the weekly amount if I started with 1p on the 1st Jan as I would like to transfer it weekly into my account rather than monthly?

I don't have the weekly amount I am afraid so you will need to add up the 7 numbers for each day as you go.  There probably is a formula for it somewhere but it is easy enough to add up just the 7 numbers  so I will do that as we go if that helps? This assumes you are starting with .01 on 1st January. 

Week 1 will be 28p
Week 2 will be 77p 
Week 3 will be 1.26
Week 4 will be 1.75

Week 5 will start on 29 January. 

enthusiasticsaver

Pennyrounder said:

Please can you add me to this challenge - thanks 

Of course.  You are number 65

purplevamp

As I'm putting my money into my online account I'd rather put in the whole amount for the month rather than 1p here, 2p there, etc.  I'm also doing it at each end of the totals, that way it won't be such a shock to my bank account at the end of the year 😆

January's total is £58.40

enthusiasticsaver

purplevamp said:

As I'm putting my money into my online account I'd rather put in the whole amount for the month rather than 1p here, 2p there, etc.  I'm also doing it at each end of the totals, that way it won't be such a shock to my bank account at the end of the year 😆

January's total is £58.40

Great idea @purplevamp.  I am doing the same with just one transfer a month.  I will update the sheet for you now and thank you for doing this in bold so it is easily visible. 

fishcakes

Thank you for doing this challenge.  I’ve decided to do the 1p challenge. I’ve already started and I’ve had a rummage through coats.  Looking forward to seeing how everyone  gets on. Xx 

mark55man

enthusiasticsaver said:

MsMoon said:

I see that there is a calculation above for the monthly amount. Does anyone have the weekly amount if I started with 1p on the 1st Jan as I would like to transfer it weekly into my account rather than monthly?

I don't have the weekly amount I am afraid so you will need to add up the 7 numbers for each day as you go.  There probably is a formula for it somewhere but it is easy enough to add up just the 7 numbers  so I will do that as we go if that helps? This assumes you are starting with .01 on 1st January. 

Week 1 will be 28p
Week 2 will be 77p 
Week 3 will be 1.26
Week 4 will be 1.75

Week 5 will start on 29 January. 

Tried to work a formula out but that got complicated, then I looked for patterns and doh! there is quite a simple one. 

Basically you pay 7p more on each day than the previous week.  So each week is 49p  (7 x 7p) more than the previous week.  So just look at your previous weekly payment and add 49p to it.

So week n will be 28 + 49(n-1)

or more simply

Week n is - 49n - 21 or  7*(7*n-3)