1p savings challenge

boingy

dinosaur66 said:

if only when i was a young boy every time i got a penny i saved it instead of buying 4 blackjacks

You must be old. I only got three for a penny. Or two fruit salads. 

mouse477

I have my own 'version' of the 1p challenge. I keep my own record of income and expenditure throughout the year. When money comes in I round down to the nearest pound and, conversely, when I pay out I round it up to the nearest pound. At the end of the year I take the bank balance away from my book's  and have a little money extra, which goes towards my holidays.This year I 'made' £367!!

CliveOfIndia

bestoffer said:

Started the 1p savings challenge today in two accounts but wondered if anyone knew how much one would save in a year by doubling up each day , ie. 1p,2p,4p,8p and so on.

It's a similar question to the old "Grains of rice on a chessboard" puzzle.  Place 1 grain of rice on the first square of a chessboard, 2 on the second, 4 on the third, 8 on the fourth, etc.  You end up with more grains of rice than exist in the whole world.

And that's just counting up to 64 (number of squares on a chessboard).  Doing the same thing going up to 365 (days in a year), and you'd easily have enough to buy the latest and greatest I-Phone

https://en.wikipedia.org/wiki/Wheat_and_chessboard_problem

Abbafan1972

if you have a Monzo account - there is a savings pot in there you can activate and it saves the money automatically for you. I spotted it the other day and you have to do it by 31st January. There is a prize draw for £10k ending on the 9th Feb.