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If you follow the 1p savings plan throughout 2026, you should have saved over \u00a3667 by the end of the year.(Image: Getty Images )<\/p>\nSetting aside \u00a35 before the end of January could help kickstart your savings pot for 2026.If you follow the 1p savings plan throughout 2026, you should have saved over \u00a3667 by the end of the year.(Image: Getty Images )<\/p>\n
The start of a new year is the best time to implement changes and look at ways to boost your finances over the next 12 months, especially if you’ve gone over your Christmas budget. One of the simplest savings<\/a> hacks involves putting pennies away every day which gradually becomes pounds as the year progresses.<\/p>\n By sticking to the ‘1p savings challenge’, you could build up a handy savings pot worth \u00a3667.95 by December 31, 2026. However, even if you only saved until the end of November, you would still have put away an impressive \u00a3559.45 which could take the pressure off buying presents next Christmas.<\/a><\/p>\n The \u20181p challenge\u2019 – as it\u2019s often referred to – is probably one of the simplest and best-known ways to build your money<\/a> pot for winter 2026. It\u2019s also a great way to get into the habit of saving every day by starting small and focusing on the end result.<\/p>\n READ MORE: Five money resolutions to boost your finances by the end of next year<\/a>READ MORE: Money tips and tricks to help boost your bank balance in the New Year<\/a><\/p>\n The best bit is, because the daily savings amount in January won\u2019t impact your finances too much, you can easily catch up or start at the end of the month instead – all you\u2019ll need to do is set aside \u00a34.96.<\/p>\n The only downside to this savings plan is that the amounts increase as the year goes on. It might be worthwhile knowing the amounts due per month and setting the money aside as soon as you get paid.<\/p>\n 1p challenge monthly savings plan<\/p>\n Here’s a full breakdown of how much to put away by the end of each month to reach the savings goal:<\/p>\n How the penny challenge works<\/p>\n To start the savings challenge, you just have to put away a penny a day (at first), which gradually grows to pounds as the months roll by so at the end of the year, you will have saved enough money to start 2027 with a few hundred pounds tucked away.<\/p>\n Although the challenge officially starts on New Year’s Day by setting aside 1p, it’s easy to catch up during January due to the small amounts involved – you start by saving 1p, then 2p, then 3p a day – right the way up to \u00a33.66 on the last day of December.<\/p>\n If you follow the schedule, by December 31, 2026 you will have saved a grand total of \u00a3667.95<\/p>\n 12-month daily savings plan<\/p>\n Follow this penny savings plan:<\/strong><\/p>\n From Day 100 add:<\/strong><\/p>\n Double the amount on day 200:<\/strong><\/p>\n Continue until day 300, then add:<\/strong><\/p>\n Flip it round to suit your financial situation<\/p>\n Alternatively, you could reverse the order in which you save – if you have the cash to spare and think that will work better for you.<\/p>\n This would mean setting aside \u00a3108.50 in January, which gradually decreases as the year goes on ending with a December payment of \u00a34.96. MoneySavingExpert.com created a handy guide for this method last year which will work again in 2026 – you can find here.<\/a><\/p>\n Join the conversation on our Money Saving Scotland Facebook group<\/a> for money-saving tips, the latest State Pension and benefits news, energy bill advice and cost of living updates.<\/p>\n Sign up to our Record Money newsletter and get the top stories sent to your inbox daily from Monday to Friday with a special cost of living edition every Thursday – sign up here<\/a>.<\/p>\n You can also follow us on X<\/strong> (formerly Twitter) @Recordmoney_<\/a> for regular updates throughout the day or get money news alerts on your phone by joining our Daily Record Money WhatsApp community<\/a>.<\/p>\n\n
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