Small savings, big rewards: how to turn 1p into £670.95 by the year’s end!

If you’re feeling the pinch of rising living costs, saving money might seem impossible. But what if saving could be fun and effortless?  

With these simple, clever strategies, you can stash away cash without even noticing! 

1p challenge – one penny at a time  

Found 1p buried deep in your pocket? Great! Tuck it away safely, and tomorrow, save 2p. The next day, 3p, then 4p, 5p, and so on. By the end of the year, this small but steady habit will help you save a whopping £670.95! 

Spare change jar – or round-up apps 

If the 1p challenge sounds too fiddly, try this. Toss all your loose change into a jar. You’ll be amazed at how quickly it adds up, especially after a month, or even a year. 

Alternatively, if you’re short on cash, apps like NatWest Round Ups  can automatically round up your purchases to the nearest pound and send the difference straight to savings.  

Simply pay with your debit card or contactless device for something, say a coffee for £2.30, and NatWest will round it up to the nearest pound and send the spare 70p to your savings account.  

£5 note challenge – watch your fivers grow  

Got £5 in your purse? Instead of spending it, set it aside. You’ll be surprised by how quickly those fivers add up. And, if you’re feeling really flush, throw the occasional £10 into the stash.  

52-week challenge – save more as the year goes on 

Start by saving £1 in the first week, £2 in the second week and so on. By the end of 52 weeks, you could have £1,378 saved up!  

Or, why not shake it up and reverse the challenge? Start with £52 in week one and scale down, so you tackle the biggest amounts while you’re still motivated.  

No-spend challenge – save without sacrificing essentials  

Pick a week to focus on spending only on essentials. That means no takeaways, no Amazon splurges and no nights in the pub. Put the money you would have spent straight into your savings.  

This challenge isn’t just great for saving, but it’s an eye-opening way to see how much small daily habits really cost. 

Weather Wednesday – let the forecast decide your savings  

Now this one is definitely different. Check the temperature every Wednesday and save the amount in pounds. If it’s 14°C, pop £14 into your savings. It’s unpredictable and fun. Though be warned, you may develop an obsession with the weather forecast. 

Subscription audit challenge – stop paying for what you don’t use  

Many of us are guilty of it – paying for subscriptions we long longer use. In fact, research by Citizen’s Advice estimates unused subscriptions cost us £688m in the last year.  

Spend an hour auditing your subscriptions and cancel the ones you don’t need. Then, redirect that money into your savings account. It’s surprisingly satisfying to see those funds build up. 

And don’t forget, when you decide to cancel, you have certain rights. Learn how to cancel subscriptions without a headache.  

Envelope challenge – one envelope at a time  

Grab 100 envelopes and label them with amounts from £1 to £100. Pick a random envelope each week and save the amount written on it. If you complete the challenge, you’ll have £5,050 by the end of 2026. It’s a big goal, but totally worth it in the end.  

‘Pay yourself first’ – automate your savings  

Each time you receive any income, commit to setting aside a percentage, whether it’s 5%, 10%, or more. Treat it like a non-negotiable bill. You can even automate the process, so it’s hassle-free. 

Feeling inspired? Why not come up with your own unique savings challenge? Better still, share it with us, especially if it turns out to be effective.  

Saving doesn’t have to be boring, it’s about finding what works for you!