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Thursday, 7 January 2016

365 day penny challenge - UPDATE

Last year i posted about doing a penny a day challenge. The aim was to save up all the money for Christmas in one go without the need to stress about it. It worked out so well that i thought i would do an update and show you all how it went.

Firstly lets go back to the beginning. What is the 365 day penny challenge?

Its quite simple. Find a tin, open a bank account or a pot for money and save a penny a day. The idea is that each day more goes in than the day before and on day 365, if done correctly, you will have over £650. 

So how did i do?

I actually had 4 tins on the go at once as it worked much less than originally intended to save. We had a 50/50 experience but it has given me the push needed to focus more this year.

Tin 1 & Tin 2 - Saving account's for both the kids

This i stopped tracking to be honest. We put money away monthly into their savings account as we found that easier than putting money in a tin daily. What we did do was to keep adding spare change to them both so that they had a chunk at the end of the year to out in their accounts. Split between them, they ended up with £128 each which i thought was great considering it was just extra money we had left over. We didn't miss it and we topped the kids savings accounts up.

Tin 3 - Our Savings 

This one we did manage to complete. I was pleasantly surprised when we opened it as we had nearly the full amount. We intended to put this into our savings account for emergencies but decided to use it towards Christmas. We ended up buying everything we wanted to buy for Christmas, all the food including treats we do not usually buy and replaced our old decorations with new ones. This will be one i continue again each year just because its been nice having all the financial stress taken away. 

Tin 4 - Bankruptcy. 

We didn't manage this one. We managed to save up until June but was then given a section 21 and we had to put all our spare money into moving. We didn't open the tin though so plan to carry on saving for this and hopefully start the bankruptcy process the beginning of next year. As we are getting married later in 2017, it is important that we get this sorted before the big day, so this is our number one tin savings tin this year. 

All in all i found saving using pennies simple and didn't feel that we noticed the money going out. For the last 6 months we have been saving up 5p's into a piggy bank so would like to continue that. The hardest part we found was changing the money up. My bank would only accept 10 bags a time and we didnt want to take it to a coin star machine because they take a fee.. Usually i wouldn't mind, but i was very proud to have saved all this money and wanted it all for us :) 

You can read more about the 365 penny challenge here 

How did you do? Would you try this yourself? What would you save up for?

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