5p a day saving challenge

By Ellen Coughlan For Mailonline.

The clever challenge starts with saving just 5p on the first day and slowly increasing the amount you put aside by 5p on each day of Sign up for free to get the latest North East news and updates delivered straight to your inbox. We have more newsletters. Many households will currently be trying to save up some cash after the expense of Christmas - but given the ever-rising cost of living , scraping some savings together may feel out of reach for some. One mum has shared her smart method of putting money away in a challenge that could help people to save thousands in without being too daunting a task.

5p a day saving challenge

The new years challenge could help you pocket thousands of pounds to spend next Christmas. Sign up for our daily newsletter to get the day's biggest stories sent direct to your inbox. We have more newsletters. Beth, who goes by budgetingmum on TikTok, showed how saving 5p on one day, then adding an extra 5p the following and continuing with an extra 5p each consecutive day, you could potentially garner up thousands of pounds. The TikTok content creator wrote: "Here's a new years savings challenge for you, I can't believe how much it all adds up to. If you started today saving 5p and then every day add an additional 5p this is what you'd have by the end of the year!! This means the challenge would involve saving 5p the first day, then 10p the second, then 15p and so on. However, if you feel like adding an extra 5p on each day might be too expensive later on in the year, one commenter advised doing it the other way around. She wrote: "Start backwards and put the largest amounts in on date one and it gets cheaper as the year goes on". Many may recognise the saving hack as a more extreme version of the 1p saving tip previously backed by money-saving expert Martin Lewis. While this is a cheaper alternative, it ultimately means that you will save far less in comparison. Sign up for our daily newsletter to get the day's biggest stories sent direct to your inbox More Newsletters. Subscribe Please enter a valid email Something went wrong, please try again later. More Newsletters.

One person suggested that for those who don't tend to carry cash, they can instead transfer the small amounts into a bank account to see the money build up. Ad Feature Prepping for early parenthood?

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To make sure you never miss out on your favourite NEW stories , we're happy to send you some reminders. Click ' OK ' then ' Allow ' to enable notifications. TikToker Beth - aka budgetingmum - took to her page where she revealed how to complete the 5p saving challenge. In the video, Beth explains how the challenge works. Starting with 5p on day one, you'll need to add an additional 5p every day of the year. Beth told The Sun: "Although some of the days seem like a big ask, you are saving a huge amount of money so this would be the perfect challenge for those wanting to save for things like holidays. One person wrote: "Oooh I like this one! Beth also explained it could work via bank transfer, for those who rarely carry cash or five pence pieces. Topics: Life , Money , TikTok.

5p a day saving challenge

Find it hard to save and not sure where to start? Try a savings challenges to make planning for the future a little more interesting. Guides My Money 8 challenges to help you save money. Whether you want to prepare for a holiday, buy a new pair of shoes or set money aside for a rainy day — find more interesting ways to save. The 5p money saving challenge The 5p money saving challenge is simple. You increase the amount you save everyday by 5p. So, starting with 5p, then the next day 10p and 15p and so on. You can also try this the other way round. The 1p money saving challenge The 1p saving challenge is very similar to the 5p challenge. You start by saving 1p on the first day, then 2p on the second day and so on.

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Jurgen Klopp. Woman, 32, who died in horror motorway crash was 'wonderful' manager at Bolton pub. She captioned the video: 'Here's a new years savings challenge for you, I can't believe how much it all adds up to. Many households will currently be trying to save up some cash after the expense of Christmas - but given the ever-rising cost of living , scraping some savings together may feel out of reach for some. Tynemouth businesses impacted by cycle lane works may get support from council. Show Me No thanks, close. Invalid email Something went wrong, please try again later. Prince William looked 'regal' compared to 'rockstar' Prince Harry during their separate appearances at the Show Me No thanks, close. The clever challenge starts with saving just 5p on the first day and slowly increasing the amount you put aside by 5p on each day of And I always make sure I give it to

The new years challenge could help you pocket thousands of pounds to spend next Christmas.

County Durham vet issues safety warning after Gateshead Jack Russell puppy gets head stuck in metal bin lid. The budget mum told The Sun: 'Although some of the days seem like a big ask, you are saving a huge amount of money so this would be the perfect challenge for those wanting to save for things like holidays. Thank you for subscribing! Sign up for free to get the latest North East news and updates delivered straight to your inbox More Newsletters. Real Life. One person wrote: 'l started yesterday and now have 15p. King Charles. Someone else said: 'I've started the 1p challenge today…emptied the loose change out my purse and have already done up to day 41…good way to save. DWP Universal Credit rule change coming into force could see your payments stopped. The clever challenge starts with saving just 5p on the first day and slowly increasing the amount you put aside by 5p on each day of I'm going to attempt this. Teachers at Newcastle school to strike for six days over pension dispute. And I always make sure I give it to Gateshead gran jailed for revenge attack with metal spanner after daughter catastrophically injured.