How to save more than £670 by the end of this year: Start today with just ONE PENNY (and you won’t even notice a dent in your wallet)

• A simple trick to help you save more than £700 this year has emerged online 
• The method involves putting away an extra penny for every day of the year
• Saves 1p the first day, 2p the second, and on the final day reaches £3.65

If saving money is high on your list of New Year’s resolutions, then there’s a simple way to ensure you have a nice nest egg at the end of 2020 – without it feeling too taxing.

Rather than make drastic promises that are difficult to keep, UK parenting site PlayPennies has challenged Brits to start by saving a single penny and adding one more every day.

The money-saving approach, which lasts for 365 days, could net you almost £700 over the course of the year. 

It works by putting one penny away today and adding an extra penny every day, so that your saving matches the day of the year – for instance 1p on day one, 100p on day 100 and so on.

The scheme starts with you saving one penny on the first day, before adding a penny every day for 365 days

It means on the final day you will put £3.65 into your piggy bank, bringing the total amount saved in a year to £667.95.

Because it’s a case of saving just a few pounds each day by the end of the scheme, the plan is designed to feel accessible. 

You could also try the challenge in reverse, by starting with a £3.65 saving and working backwards.  

The parenting site suggests the money-saving approach is ‘a low impact way to work towards that holiday or wedding dress’.

Rather than make drastic promises that are difficult to keep, UK parenting site PlayPennies has challenged Brits to put aide just an extra penny everyday (stock photo)

The money will come as a welcome boost to many during the festive season, after shoppers spent millions of pounds Christmas shopping last year. 

Plus, four in 10 UK adults were expected to make the most of sales from Boxing Day, spending an average of £186 each and a total of £3.7billion, according to Barclaycard. 

Meanwhile, online sales were set to rise by 10 per cent on 2018 to £1.14billion. 

Opinium Research surveyed 2,002 UK adults online for Barclaycard between November 29 and December 3.

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