So what is the penny saver challenge? It's a simple money saving exercise that will have you over £600 better off by the end of the year. You simply start with saving 1p on the first day then increase it by 1p every day. So for example 1p, 2p, 3p, 4p, 5p, 6p, 7p so you'll have 28p saved after this. You keep saving like this each day and increasing by a penny so that on the last day of the year you come out with £667.95 in your pocket!
I honestly didn't think you could save so much by putting away so little but the numbers don't lie. Also because you are putting such a small amount away each day you're less likely to notice such an impact on day to day living which is really good. It of course means you'll have a healthy little sum of money at the end of the year to do with as you please. Maybe use it for Christmas, some home decorating, a staycation here in the UK (you can have a 3 day staycation here for as little as £300 for a family of 4, that's including breakfast and trips out). There's no amount of things you can't do with this money and I bet it'll come in handy.
I'm definitely going to give the penny saver challenge a go myself as I could so do with saving a few pennies this year. We plan to continue doing our monthly travel trips as a family so these extra pennies would come in so handy.
If you have any other money saving challenges or ideas you know about please do share in the comments below as it's good to hear of new ways to save some cash. 2018 is the perfect year to start getting your savings in shape and looking healthy.
This is a sponsored post. All opinions are my own.