How I Saved over £3000 in a Year with the Penny Challenge and Its Variations
How to Supercharge Your Savings Without Thinking About It
I have heard various financial guru’s talk about being frugal and giving up on little luxuries such as cappuccinos in the mornings. However, this approach of frugality to create a better financial future never resonated with me. I loved my coffee and getting a trained barista to make it for me felt like a small luxury that I could definitely afford. “I would rather earn more than squeeze myself into these petty saving tricks” was my thought process.
At the beginning of 2018, I was skeptical when a friend introduced me to the Penny Challenge while we were catching up over a beer. However, I decided to give it go anyways. It was the season for setting new year resolutions after all.
Although the article is written using the British currency, the Penny Challenge works the same way and can be adapted regardless of the currency you are using.
What Is the Penny Challenge?
For those who are new to the concept, essentially the penny challenge works by putting 1 penny increments into a saving account or a piggy bank every single day for a year. You start with 1 penny on Day 1 followed by 2 pennies on Day 2 and…
