TikTok hack reveals how to save over £660 a year using just 1p

Find out how to save money using the 1p Challenge. <i>(Image: Canva)</i>
Find out how to save money using the 1p Challenge. (Image: Canva)

Saving money can be a struggle for many with something always throwing your plans off and setting you back.

But now there's a handy saving hack that lets you save £667.95 in just one year using just a penny.

The 1p Challenge is a popular way for many to save but has recently gained a new audience of saving fans on TikTok.

One user, Budgetwithdee has shared her experience with the challenge, detailing her progress and seeing her fans take it up as well.

One fan wrote "Started the penny-saving challenge after seeing your video, saved almost £60 in loose coins now! Gonna need a bigger jar soon."

What is the 1p Challenge?

The idea is pretty simple and a great way to start saving if you find it tricky.

Over the course of a year (365 days) you save a penny every day.

For example, if you were to start the challenge on January 1, you would save 1p, the next day 2p, then 3p and so on.

This carries on all the way until the end of the year when you add the final amount of £3.65 which leaves you with an extra £667.95 saved.

Some people choose to collect the money in a jar and take it to the bank at the end of the year.

But many use online banking and instead transfer the extra penny every day.

You can also get a checklist that helps you stay on track for your savings.

There's plenty online available to download and print, or you can add a reminder to your phone every day.

Your Money Matters

Your Money Matters is a campaign launched by us and our sister titles across Newsquest to help you overcome the surge in the cost of living.

This year has seen a whole host of household price increases — from the energy price cap rise to surging inflation and food prices — costing your family hundreds or even thousands of pounds extra per year.

We’re making it our mission to look out for your cash, offering money-saving deals, competitions, giveaways and insightful stories from your community on the impact this cost-of-living crisis is having on our readers.

The worldwide energy crisis exacerbated by the Ukraine invasion, the financial impact of the Covid pandemic, record inflation figures and a surge in the cost of goods, fuel and travel means we will all feel the pinch.

Through our newspaper, we want to do what we can to help make your cash go further because we know your money matters.