Should 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 a substitute?
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. Should you haven’t, it’s fairly easy, so let me clarify.
The concept behind the cash saving problem is that you simply save an rising quantity per week for every week of the yr. 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 yr.
The primary few weeks are clearly simple as you’ll should put away £10 out of your funds. Nevertheless, by the top of the yr, 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.
Should you’re skint, this will get actually arduous!
For me, this goal simply appears slightly bit too far out of my consolation zone. Though we’d be capable to make the financial savings initially inside just a few months, our funds simply wouldn’t stretch anymore, and we’d fail.
If these are the type of targets that you simply’ve been 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 technique to inspire 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 maintain going.
By the top of the yr, you’d have saved £667.95 – all beginning with 1p.
Whereas many individuals like to begin on the first of January, you may being the problem at any level of the yr.
Skint Dad’s 1p saving problem for 2024
As a substitute of making an attempt to over-save, why not attempt the same saving problem by saving only a penny at a time (nonetheless rising 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?
Nicely, one penny provides up shortly.
In a yr, it can save you almost £700 by placing simply 1p away on day one, 2p on day two….you get the concept.
For a standard (365 day) yr, 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 individuals within the UK have financial savings of lower than £100, in response to 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 fashionable problem, and it’s modified how individuals are saving cash.
Within the final yr 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 complete 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 all the yr, 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 fashionable that it’s been picked up through the years by the press and a great deal of different cash websites, who clearly suppose this manner of saving rocks, which implies much more individuals can be saving cash.
2024 1p problem – free printable
By fashionable demand, the Skint Dad 1p Problem matches onto one A4 sheet.
Downloadable PDF: Skint Dad 1p Problem 2024
Downloadable Excel doc: Skint Dad 1p Saving Problem Excel doc 2024
You’re capable of tick off every of the three hundred and sixty five days as you go, and also you’re capable of observe how a lot you’ve saved alongside the way in which.
And, in the event you don’t need to print off something in any respect, use this free 1p saving problem app as a substitute to trace all the cash you set apart
In a intercalary year, whereas some individuals 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 terms 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 the start of the yr, however just a few of you’ve began to battle.
Don’t get postpone!
We’ve received loads of tricks to maintain you on observe so you may nonetheless save £667.95 by the top of the yr.
One technique to give your saving journey some additional hearth is to determine on a selected saving aim.
You’ll be additional motivated not just for the sake of spending much less but in addition by with the ability to do or have stuff you didn’t suppose had been attainable.
And, to assist get your financial savings transferring even sooner, The Cash Builders has loads of concepts to assist develop your cash sooner with ideas round incomes extra out of your profession or discovering the proper aspect hustle.
For extra inspiration, listed below are some bucket record adventures that can enable you to visualise what is feasible, even whenever you’re beginning with pennies!
Wish to save in a different way? Attempt another financial savings problem
No date 1p saving problem – to make use of at any time of the yr
Should you’re a fan of our outdated 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 arduous to avoid wasting a bigger sum of money in December?
With Christmas looming, having more money to avoid wasting may very well be a bit powerful for some so, by fashionable 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 yr
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 a substitute, why not do that tailored model. Relying on how a lot you’ve received spare every month, this can be a bit arduous whenever you attain the ultimate weeks. The final month you must 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 aware
Saving cash might be powerful!
Should you don’t have a ton of additional money left after paying all of the payments, placing something away can look like an actual stretch.
In case you 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 a substitute – you’ll nonetheless obtain a £600 saving!
I feel this may be the best one to do. I do know the concept of saving with a 52-week problem appears to be like 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 yr
Downloadable Excel doc: Save £650 a yr
Clean template – 52 week saving problem
If you wish to save kind of every week, then you definately don’t should do the quantities I recommend. As a substitute, 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
Straightforward cash saving
The 1p financial savings problem isn’t for everybody.
As a substitute, save your cash with the Chip app.
Chip works out how a lot you may afford to avoid wasting, with out leaving you skint.
Discover out extra in our Chip evaluation.
Keep in mind, every picture might be opened as a PDF for straightforward printing or you may obtain them totally free as a spreadsheet. Should you’re frightened about downloading the paperwork, please contact me and I’d be joyful to e mail you the doc as a substitute.
Associated articles:
Don’t simply consider these saving targets as one thing you must begin on 1st January as a New Yr decision, and even on the primary of any month.
There aren’t any dates on among the charts they usually have been left off on function.
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 at all times searching for distinctive methods to earn slightly additional.
