1p Savings Challenge (UK)
Save 1p on day one, 2p on day two and keep going to £3.65 on the last day of the year. You finish with £667.95, and the tracker below lets you scale the step up.
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How does the 1p Savings Challenge work?
The 1p savings challenge works by saving one penny more each day for a year: 1p on day 1, 2p on day 2, up to £3.65 on day 365. That adds up to £667.95, or £671.61 in a leap year. Many people do it in reverse, starting at £3.65, so the smallest amounts fall in December.
How the 1p savings challenge works
The 1p savings challenge is a year-long habit built on tiny amounts. Each day you save one penny more than the day before. Day 1 is 1p, day 50 is 50p, day 100 is £1 and day 365 is £3.65. The sum of all 365 deposits is £667.95.
It is popular in the UK because it starts so small that almost anyone can begin today. The catch is that the amounts grow steadily, so the last three months carry far more than the first three.
The tracker above does the maths. Leave the step at 1 for the classic challenge, or enter 2 to save 2p more each day, which doubles the total to £1,335.90.
- Pick a start date. 1 January is traditional, but any day works.
- Choose where the money goes, such as a jar for coins or an easy access savings account.
- Each day, add that day's amount in pence, or transfer it in your banking app.
- Tick off the day on a printed tracker or in an app.
- Top up any missed days before the end of each month.
How much do you save each month?
January adds just £4.96, while December adds £108.50. That rise is why many people stop in the autumn. Seeing the monthly amounts in advance helps you plan, especially around Christmas.
By the end of June you will have saved about £165. The second half of the year adds the remaining £503.
The reverse 1p challenge
In the reverse version you start at £3.65 on day 1 and save 1p less each day, ending at 1p. The total is the same £667.95, but the heavy months come at the start of the year and December costs you only £4.96.
It suits people who start in January with plenty of motivation and want the challenge to get easier as Christmas approaches.
| Quarter | Classic (1p rising) | Reverse (£3.65 falling) |
|---|---|---|
| January to March | £40.95 | £288.45 |
| April to June | £123.76 | £209.30 |
| July to September | £209.30 | £127.42 |
| October to December | £293.94 | £42.78 |
| Full year | £667.95 | £667.95 |
Some people also shuffle the amounts and pick any unticked day's number each morning. That keeps the total at £667.95 while letting you choose a small amount on a tight day.
Tips that help you save
- A daily brief with practical ways to save
- Spot recurring subscriptions worth cutting
- Watch your savings show up in your net worth
1p savings challenge printable tracker
A printable tracker is a grid of 365 small boxes, each labelled with its amount from 1p to £3.65. Twelve monthly blocks on one or two A4 pages work well. Colour in each box as you save.
Useful checkpoints to add to your tracker:
- Day 100: £1.00 deposit, £50.50 saved so far
- Day 200: £2.00 deposit, £201.00 saved so far
- Day 300: £3.00 deposit, £451.50 saved so far
- Day 365: £3.65 deposit, £667.95 saved in total
If you would rather not print anything, set up a savings goal of £667.95 in EMOH Pay. The app works in pounds and 147 other currencies, so you can log each deposit and watch the goal fill up next to your budgets.
Coins in a jar or a savings account?
Saving in coins is satisfying, but by December you are adding over £3 a day, and a jar of coppers gets heavy. Some banks limit coin deposits or ask for them to be bagged, so check with yours before the jar fills up.
Transferring the amount digitally is simpler. An easy access savings account, a regular saver or a cash ISA all keep the money separate and earning interest. The overall annual ISA allowance is £20,000; check GOV.UK for the current rules before you open one.
Tips for finishing the 1p challenge
- Batch it. Instead of saving every day, transfer a week's worth each Sunday or a month's worth on payday.
- Plan for autumn. From October the monthly total is close to £90 or more. Line it up with your budget early.
- Pair it with a spending challenge. A no-buy challenge in the autumn can free up cash for the bigger months.
- Step up next year. If the 1p challenge felt easy, try the 52-week money challenge or compare other savings challenge ideas.
- Keep budgets in one place. Our budgeting app guide for the UK covers how EMOH Pay works with pounds for tracking spending, budgets and goals.
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Get started free➜1p Savings Challenge (UK): frequently asked questions
How much do you save with the 1p challenge?
The classic 1p savings challenge saves £667.95 over 365 days. In a leap year it saves £671.61 because of the extra day. The next leap year is 2028.
Is the 1p challenge the same as the 365-day savings challenge?
It is the same idea. The 365-day savings challenge is the North American version in cents and dollars, and it saves $667.95.
Can I start the 1p challenge mid-year?
Yes. Start on any date and run it for 365 days. You can also catch up by saving the missed days in one go, though that means a larger first deposit.
What should I do with the £667.95?
Common uses are Christmas presents, a holiday fund, a starter emergency fund or paying down a credit card. Decide before you start so you have a reason to keep going.
Can I double the 1p challenge?
Yes. Saving 2p more each day doubles the total to £1,335.90. Enter 2 as the step in the tracker to see the figures.
Sources and further reading
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