When you’re determined to begin saving some cash however don’t know the place to start, how about making an attempt the Skint Dad 1p Saving Problem as an alternative?
First created at Skint Dad in 2015/2016, that is the unique 1p Saving problem (up to date for 2024 – plus it’s a intercalary year!)
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Many individuals have heard of the 52 week saving problem. When you haven’t, it’s fairly easy, so let me clarify.
The thought behind the cash saving problem is that you simply save an growing quantity per week for every week of the 12 months. In week one, you save £1; in week two, you save £2; in three, you save £3 till you’re saving £52 by the final week of the 12 months.
The primary few weeks are clearly straightforward as you’ll need to put away £10 out of your funds. Nonetheless, by the top of the 12 months, you’ll be down the whole every week of £49, £50, £51, £52 (£202!!) – that’s some huge cash for any month, not to mention December.
When you’re skint, this may get actually onerous!
For me, this goal simply appears a bit of bit too far out of my consolation zone. Though we’d be capable of make the financial savings initially inside a number of months, our funds simply wouldn’t stretch anymore, and we’d fail.
If these are the form of targets that you simply’ve been taking a look at however really feel such as you’re setting your self as much as fail, then suppose once more!
What’s the 1p Saving Problem?
We wished to discover a enjoyable and simple strategy to encourage ourselves to have some cash put apart.
We created the 1p Saving Problem, the place you merely save 1p on day one, 2p on day 2 and hold going.
By the top of the 12 months, you’d have saved £667.95 – all beginning with 1p.
Whereas many individuals like to begin on the first of January, you possibly can being the problem at any level of the 12 months.
Skint Dad’s 1p saving problem for 2024
As an alternative of making an attempt to over-save, why not attempt an analogous saving problem by saving only a penny at a time (nonetheless growing every day)?
So, there are a few of you saying, “Only a penny? Are you loopy? There’s no probability you’d save something saving a penny a day!”
However may I?
Properly, one penny provides up rapidly.
In a 12 months, it can save you practically £700 by placing simply 1p away on day one, 2p on day two….you get the concept.
For a traditional (365 day) 12 months, it can save you £667.95; in a intercalary year, like 2024, it can save you £671.61.
How a lot has been saved?
Greater than 16 million folks within the UK have financial savings of lower than £100, based on a research by the Cash Recommendation Service.
With out even making an attempt, the 1p saving problem can simply see you hit £100 in financial savings!
It is a actually common problem, and it’s modified how persons are saving cash.
Within the final 12 months alone, if everybody who accessed our free 1p saving problem printable managed to avoid wasting the complete quantity, there could be a collective financial savings whole of…
…drum roll, please…
£36,837,442.50
£36 million kilos!
Now, I’m not saying that everybody hit on the print button or that everybody managed to avoid wasting for the complete 12 months, however simply think about in the event that they did.
It simply goes to indicate the potential sum of money we may collectively save – simply by saving your pennies!
Plus, the Skint Dad 1p problem has been so common that it’s been picked up over time by the press and a great deal of different cash websites, who clearly suppose this manner of saving rocks, which implies much more folks shall be saving cash.
2024 1p problem – free printable
By common demand, the Skint Dad 1p Problem suits onto one A4 sheet.
Downloadable PDF: Skint Dad 1p Problem 2024
Downloadable Excel doc: Skint Dad 1p Saving Problem Excel doc 2024
You’re in a position to tick off every of the twelve months as you go, and also you’re in a position to monitor how a lot you’ve saved alongside the way in which.
And, in case you don’t need to print off something in any respect, use this free 1p saving problem app as an alternative to trace all the cash you set apart
In a intercalary year, whereas some folks get to have a birthday for the primary time in 4 years, others suppose it’s fortunate for a lady to suggest to a person. In the case of a financial savings problem, it means it can save you extra.
It can save you an additional £3.66 in a intercalary year, that means the whole it can save you is £671.61. We adjusted the printable for an additional day for financial savings in 2024 and can share the 365 chart once more in 2025.
Need assistance with the 1p problem?
Many individuals began the 1p saving problem at first of the 12 months, however a number of of you’ve began to battle.
Don’t get postpone!
We’ve received loads of tricks to hold you on monitor so you possibly can nonetheless save £667.95 by the top of the 12 months.
One strategy to give your saving journey some further hearth is to resolve on a particular saving objective.
You’ll be further motivated not just for the sake of spending much less but in addition by with the ability to do or have belongings you didn’t suppose had been attainable.
And, to assist get your financial savings shifting even sooner, The Cash Builders has loads of concepts to assist develop your cash sooner with suggestions round incomes extra out of your profession or discovering the right facet hustle.
For extra inspiration, listed below are some bucket record adventures that may allow you to visualise what is feasible, even once you’re beginning with pennies!
Wish to save otherwise? Strive another financial savings problem
No date 1p saving problem – to make use of at any time of the 12 months
When you’re a fan of our previous codecs, we’re not going to eliminate them – don’t fear.
Listed here are the earlier variations:
Downloadable PDF: Skint Dad 1p Problem
Downloadable Excel doc: Skint Dad 1p Problem
Backwards 1p saving problem
Do you suppose you’ll discover it too onerous to avoid wasting a bigger sum of money in December?
With Christmas looming, having extra cash to avoid wasting may very well be a bit robust for some so, by common demand, I’ve turned the entire financial savings template backwards.
This implies you’ll begin by saving £3.65 on day one, £3.64 on day two, and by the previous couple of days, you’ll be placing away simply pennies.
No date model to make use of at any time of the 12 months
Downloadable PDF: 365 Backwards 1p Saving Problem
Downloadable Excel doc: 365 Backwards 1p Problem
365 pennies – saving weekly
Saving every day will get more durable as every day goes on (does anybody have that many pennies laying round?!)
As an alternative, why not do that tailored model. Relying on how a lot you’ve received spare every month, this can be a bit onerous once you attain the ultimate weeks. The final month it is advisable to save £101.79 to hit the goal.
Downloadable PDF: Penny Saving Problem Weekly
Downloadable Excel doc: Penny Saving Problem Weekly
Save £650 – for the funds acutely aware
Saving cash could be robust!
When you don’t have a ton of additional money left after paying all of the payments, placing something away can seem to be an actual stretch.
You probably have a good funds, I do know simply how tough it’s to have altering quantities popping out of my financial institution every week. As saving can show tough, how about simply saving the identical quantity every week as an alternative – you’ll nonetheless obtain a £600 saving!
I believe this may be the best one to do. I do know the concept of saving with a 52-week problem seems to be fairly enjoyable, however saving the identical quantity is much simpler by way of budgeting and it’s simpler to arrange a standing order.
Downloadable PDF: Save £650 a 12 months
Downloadable Excel doc: Save £650 a 12 months
Clean template – 52 week saving problem
If you wish to save kind of every week, then you definately don’t need to do the quantities I counsel. As an alternative, use this template 52 week saving problem crib sheet and enter your personal determine.
The stability will work out your annual financial savings quantity for you.
Downloadable Excel doc: Template 52 week saving problem
Simple cash saving
The 1p financial savings problem isn’t for everybody.
As an alternative, save your cash with the Chip app.
Chip works out how a lot you possibly can afford to avoid wasting, with out leaving you skint.
Discover out extra in our Chip overview.
Bear in mind, every picture could be opened as a PDF for straightforward printing or you possibly can obtain them totally free as a spreadsheet. When you’re nervous about downloading the paperwork, please contact me and I’d be comfortable to electronic mail you the doc as an alternative.
Associated articles:
Don’t simply consider these saving objectives as one thing it is advisable to begin on 1st January as a New Yr decision, and even on the primary of any month.
There aren’t any dates on a number of the charts and so they have been left off on objective.
This then offers you the choice to begin them on any day, week or month that fits you.
Ricky Willis is the unique Skint Dad. A money-making fanatic, father, and husband to Naomi. He’s all the time searching for distinctive methods to earn a bit of further.
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