Martin Lewis reveals simple 1p saving challenge which could save you £700

5 January 2023, 14:48 | Updated: 10 January 2023, 08:54

By Naomi Bartram

@naomibartram

Money Saving Expert Martin Lewis has explained how a simple 1p savings challenge could see you make hundreds in 2023.

Martin Lewis has revealed a tip to help you save money throughout the year.

With the cost of living crisis affecting millions of people across the UK, now Martin Lewis has revealed his 1p saving challenge.

Writing in his newsletter, the Money Saving Expert explained how putting away just a small amount per day could help you bank nearly £700 by the end of the year.

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The challenge sees you save a penny more each day for a whole year - so you start by saving 1p on January 1, then 2p on January 2, then 3p January 3 and so on.

The highest amount this will go up to is £3.65 which you will put away on December 31 2023.

If done correctly, you should end up with £667.95 by the end of the year.

But don’t worry if you’ve already missed the first few days, as you can simply catch up by adding together the totals of each day you missed.

So if you start on Sunday 8th January, you could add 36p on your first day, and then carry on the challenge as normal on 9th January, when you'd save 9p.

The financial website, founded by Martin Lewis, calls the method a "clever, fun and relatively painless way to amass a surprising sum."

There are a few ways you can do the challenge including using a jar and actually putting money in it.

But if you don’t use cash, you could transfer the cash depending on how much your bank allows you.

Monzo allows customers to transfer increasing amounts automatically into a separate virtual 'pot' on a daily basis.

You could also try saving monthly instead, which would mean you are putting the following amount away:

• January - £4.96
• February - £12.74
• March - £23.25
• April - £31.65
• May - £42.16
• June - £49.95
• July - £61.07
• August - £70.68
• September - £77.55
• October - £89.59
• November - £95.85
• December - £108.50

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