The Penny Challenge: A fun way to save money (2024)

FAQs

The Penny Challenge: A fun way to save money? ›

The premise of the Penny Challenge is simple: You start by saving one penny on day one, two pennies on day two, three pennies on day three, and so on. Each day, you increase the number of pennies you save by one until day 365, where you will save $3.65. By the end of the year, you'll have saved a total of $667.95!

The 1p saving challenge is a popular money saving challenge where you make a minimal daily deposit to grow your savings over time. This challenge requires you to save 1 penny on the first day, gradually increasing the amount by adding 1 penny each day, and maintaining the daily incremental increase for 365 days.

1p challenge

That means on day 1, you save 1p, then add a penny for each subsequent day, until you're saving £3.65 by the last (365th) day. Doing this over the course of a year means you can save up £667.95! The 1p challenge is simple to calculate and easy to stick to.

The 365-Day Penny Challenge: With this challenge, people make a daily savings deposit and increase their deposit by a penny a day. At the end of a year, they have $667.95 of savings.

By the end of a 365 challenge, you will have saved over $667.00! For the very first day, you have to save 1 penny in a specific jar that you assign to your Penny Challenge. On the second day, you have to put two pennies in the same jar, and so on.

The 365 day money challenge. The premise of the Penny Challenge is simple: You start by saving one penny on day one, two pennies on day two, three pennies on day three, and so on. Each day, you increase the number of pennies you save by one until day 365, where you will save $3.65.

The fiver challenge - save £7,000

This challenge works the same as the 52 week challenge, but you go up in multiples of £5 rather than £1. So week one = £5, week two = £10, all the way up to week 52 at £260. Alternatively, if you're not in the position to save these larger amounts, you could save £5 every week instead.

The 100-envelope challenge is pretty straightforward: You take 100 envelopes, number each of them and then save the corresponding dollar amount in each envelope. For instance, you put $1 in “Envelope 1,” $2 in “Envelope 2,” and so on. By the end of 100 days, you'll have saved $5,050.

What is the $3 savings challenge? ›

The plan is refreshingly easy, even for the math-challenged: set aside $3 in the first week and put it into a savings account. Then add another $3 each week after, so $6 is saved in week two, $9 in week three, and so on.

After one month, the penny doubling every day earns more than $5 million. Yet, notice how the bulk of the wealth was built during the final week. With compounding, as the base amount of money grows, it's easier and easier to earn magnificent sums. Unfortunately, this is just an example.

Let that sink in!

One way this challenge can work for young children is to save a penny a day. Every day they'll put aside 1p, saving £3.65 by the end of the challenge. Looking for bigger saving goals? Consider increasing the amount to 10p a day to reach a total of £36.50 in savings.

At the end of 30 days, if you double a penny every day, you will have $5,368,709.12. Why do most people choose $2 million over a penny doubled for 30 days? Most people underestimate the power of compounding, and they don't realize that doubling a penny for 30 days actually results in more than $5 million.

Save $0.01 on day one and $0.02 on day two, continuing to add another penny to your savings goal each day. The penny challenge can save you over $600 in just a year!

Check out our guide on how to budget to start getting a handle on your spending and saving. You'll end the challenge with over $1,300 saved If you successfully complete the 52-week money challenge, you'll have $1,378 set aside.

The Penny Challenge is simple. It involves people plugging a charger halfway into an outlet so that the prongs are exposed. People then take a penny and hold it against the exposed prongs.