The 1p challenge backed by Martin Lewis will save you more than £600

Taking part in the 1p challenge could help you save £667.95 by the end of 2025.

The 1p challenge, backed by financial journalist Martin Lewis, has been running for a number of years and aims to save a good chunk of money throughout the year by saving small amounts each day.

The financial expert supports the scheme which works by saving 1p on 1 January, 2p on 2 January, 3p on 3 January and so on throughout the year.

By starting with a tiny number and gradually increasing the amount you put away, it results in a significant chunk of money saved by the end of the year.

The challenge starts on 1 January 2025 and runs until 31 December 2025. But even if you decide to stop saving in November, you will have already racked up more than £500 to help with the pressures of Christmas.

Cash (coins and notes) — You can catch up at the end of each month if you fall behind -Credit:Copyright Unknown

One great thing about the 1p challenge is that you get to choose which way to save. You can either:

Go traditional – A more traditional way would be to use a piggybank or a jar. However, because of how much cash and coin use has reduced, this could be a bit challenging.

Speaking previously on the ITV Martin Lewis Money Show, Mr Lewis said: “Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year – by the last day of December you’re saving £3.65, so that would give you £667. 95 in total.”

If you find yourself getting behind and not being able to make the savings each day, here is how much it works out to each month so you can catch up on the challenge if you fall behind.

1p challenge monthly savings plan

Month	Set aside
January	£4.96
February	£12.74
March	£23.25
April	£31.65
May	£42.16
June	£49.95
July	£61.07
August	£70.68
September	£77.55
October	£89.59
November	£95.85
December	£108.50
Total saved	£667.95

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