In principle, if you save a penny a day for a year you'd have £3.65 (or £3.66 on leap years) however, we can easily stretch this penny a day a little further and turn it into hundreds of pounds (or dollars if you're from the US)
As a result, at the end of the year, you'd have enough for the likes of Christmas food, a vacation or a splurge in the January sales.
Whatever you're looking to save for allow me to explain how the penny a day challenge can help.
Expanding The Penny A Day For A Year Challenge
So, as I said in the introduction if you simply saved 1p a day for a year you'd have £3.65 or £3.66 on leap years.
However, if you increase the amount you save by 1p every day, the amount you'll get to by the end of the year is actually much higher.
So, for example…
If on the 1st January you save 1p
On the 2nd January, you save 2p
3rd of January 3p and so on…
You'll be adding £3.65 to your savings post on the final day (New Years Eve)
However, these somewhat small amounts can actually add up to a substantial sum.
£667.95 to be exact.
To find out how it works check out this Google sheet I created.
The link copies the sheet onto your own Google drive allowing you to enter the date and other data as you wish.
I've left the date blank to encourage you to start the penny a day challenge as soon as possible rather than waiting for the new year. The sooner you start, the sooner your savings pot will be filled.