You could save £667.95 a year if you start the simple money saving challenge on January 1
Martin Lewis has previously spoken about the challenge on ITV(Image: ITV)
The 1p money challenge, backed by Money Saving Expert Martin Lewis, could help you save more than £650 by the end of 2026 if you start saving in January. Running for a number of years, the challenge aims to help you save throughout the year while barely noticing – at least to begin with.
Personal finance guru Lewis supports the scheme which works by saving 1p on January 1, 2p on January 2, 3p on January 3 and so on throughout the year. By starting with a tiny number and gradually increasing the amount you put away, it results in a significant chunk of money saved by the end of the year.
The challenge starts on January 1, 2026 and runs until December 31, 2026. But even if you decide to stop saving in November, you will have already racked up more than £500 to help with the pressures of Christmas.
One great thing about the 1p challenge is that you get to choose which way to save. You can either:
- Put a reminder on your phone – This will help you remember to put away money every day, even after a long day at work.
- Set up a standing order – You can move the cash into a savings account or set up daily instalments. Bear in mind that this could get tedious as you’d have to log into your bank account daily.
- Go traditional – A more traditional way would be to use a piggybank or a jar. However, because of how much cash and coin use has reduced, this could be a bit challenging.
Speaking previously on the ITV Martin Lewis Money Show, Mr Lewis said: “Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year – by the last day of December you’re saving £3.65, so that would give you £667. 95 in total.”
If you find yourself getting behind and not being able to make the savings each day, here is how much it works out to each month so you can catch up on the challenge if you fall behind.
1p challenge monthly savings plan
- 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
- Final savings – £667.95