How to Do the $0.01 Savings Challenge for 365 Days
Want to get serious about saving money this year and improving your financial situation? This $0.01 savings challenge is a simple 365 day savings challenge that starts with you saving just $0.01. Want to know more? Read on for the full 365 day savings challenge plan to help keep you on track.
How to Create a Savings Fund Even If You’re Broke
Thought you were too broke to start a savings fun? Then the $0.01 savings challenge is just what you need. It’s the perfect savings challenge for anyone to start for many reasons. The 1 cents savings challenge or the 1p savings challenge, as it is also known, allows you to see firsthand how saving little and often adds up over an extended period of time. It doesn’t matter where you live in the world or the currency you’re using, this 365 day savings challenge is so easy that anybody can do it and by the end of the 365 days you will have saved $667.95 with very little effort. This is so easy and manageable for pretty much anyone to start, even if you didn’t think you had the spare money to save.
What is the 365 Day Savings Challenge and How Does it Work?
In this blog, you will find the full 365 day savings challenge planner below to help you keep track of how much you need to save each day, as well as tips on how and when to start this savings challenge for beginners. Before you start saving, you might be wondering how much money you will need to set aside each month in order to save $667.95 in a year, as well as how you can save over $600 in 365 days by starting with just 1 cent per day.
The 365 day savings challenge is a year-long savings challenge. Basically, you start off by saving $0.01 cent on day 1, followed by $0.02 cents on day 2, with the amount increasing by $0.01 each and every day until the end of the 365 days. This means that the minimum amount you will save is on day 1 – when you save just $0.01. Then on the last day, on day 365 you will save $3.65. The total amount you will be saving each month will change throughout the year and will gradually increase.
Here is a monthly savings breakdown to show how much you will need to save each month in order to complete this 365 day savings challenge.
| Month | Total to Save |
|---|---|
| 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 |
When is the Best Time to Start the 365 Day Savings Challenge?
You can start this savings challenge at any time of year. Ideally, you shouldn’t put off starting and there really is no time like the present. However, if you want to avoid not being able to meet the savings targets throughout the year, especially if they happen to fall at times of the year when your expenses are higher, for example the holiday season and winter heating bills etc.
Using the monthly savings breakdown above, you might find that January isn’t the best month for you to start, especially if December, aka month 12 of the savings challenge, is your most expensive month of the year. Start the challenge during a time that works for you and your financial situation. Alternatively, decide which month (a year from now) you’d like to have saved the $667.95 for and work backwards to decide your start date. You can take this challenge as many times as you like so don’t worry!
Should I Save Money in My Bank Account or is this a Physical Cash Savings Challenge?
You can use your bank account for this savings challenge or use physical cash if you prefer. It completely depends on you and what is most convenient and will enable you to actually complete the challenge. Some people prefer using real cash, whereas others prefer the convenience of transferring their money to an online savings account. There is no right or wrong answer, just pick the one that will make this challenge easy and manageable for you. If using cash/physical money for this savings challenge then you might also like this 100 envelopes saving challenge kit.
How to Do the $0.01 Savings Challenge for 365 Days
The $0.01 savings challenge starts with you saving just $0.01 on day 1, then on day 2 you’ll save $0.02 and so on. The idea is that you save just a few cents a day, every day for an entire year. By the time you get to the end of this 365 day savings challenge you’ll have saved $667.95 if you follow this exact plan. Below you’ll find the exact 365 day savings challenge plan so that you know exactly how much to save on which day.
Day 1 = $0.01
Day 2 = $0.02
Day 3 = $0.03
Day 4 = $0.04
Day 5 = $0.05
Day 6 = $0.06
Day 7 = $0.07
Day 8 = $0.08
Day 9 = $0.09
Day 10 = $0.10
Day 11 = $0.11
Day 12 = $0.12
Day 13 = $0.13
Day 14 = $0.14
Day 15 = $0.15
Day 16 = $0.16
Day 17 = $0.17
Day 18 = $0.18
Day 19 = $0.19
Day 20 = $0.20
Day 21 = $0.21
Day 22 = $0.22
Day 23 = $0.23
Day 24 = $0.24
Day 25 = $0.25
Day 26 = $0.26
Day 27 = $0.27
Day 28 = $0.28
Day 29 = $0.29
Day 30 = $0.30
Day 31 = $0.31
Day 32 = $0.32
Day 33 = $0.33
Day 34 = $0.34
Day 35 = $0.35
Day 36 = $0.36
Day 37 = $0.37
Day 38 = $0.38
Day 39 = $0.39
Day 40 = $0.40
Day 41 = $0.41
Day 42 = $0.42
Day 43 = $0.43
Day 44 = $0.44
Day 45 = $0.45
Day 46 = $0.46
Day 47 = $0.47
Day 48 = $0.48
Day 49 = $0.49
Day 50 = $0.50
Day 51 = $0.51
Day 52 = $0.52
Day 53 = $0.53
Day 54 = $0.54
Day 55 = $0.55
Day 56 = $0.56
Day 57 = $0.57
Day 58 = $0.58
Day 59 = $0.59
Day 60 = $0.60
Day 61 = $0.61
Day 62 = $0.62
Day 63 = $0.63
Day 64 = $0.64
Day 65 = $0.65
Day 66 = $0.66
Day 67 = $0.67
Day 68 = $0.68
Day 69 = $0.69
Day 70 = $0.70
Day 71 = $0.71
Day 72 = $0.72
Day 73 = $0.73
Day 74 = $0.74
Day 75 = $0.75
Day 76 = $0.76
Day 77 = $0.77
Day 78 = $0.78
Day 79 = $0.79
Day 80 = $0.80
Day 81 = $0.81
Day 82 = $0.82
Day 83 = $0.83
Day 84 = $0.84
Day 85 = $0.85
Day 86 = $0.86
Day 87 = $0.87
Day 88 = $0.88
Day 89 = $0.89
Day 90 = $0.90
Day 91 = $0.91
Day 92 = $0.92
Day 93 = $0.93
Day 94 = $0.94
Day 95 = $0.95
Day 96 = $0.96
Day 97 = $0.97
Day 98 = $0.98
Day 99 = $0.99
Day 100 = $1.00
Day 101 = $1.01
Day 102 = $1.02
Day 103 = $1.03
Day 104 = $1.04
Day 105 = $1.05
Day 106 = $1.06
Day 107 = $1.07
Day 108 = $1.08
Day 109 = $1.09
Day 110 = $1.10
Day 111 = $1.11
Day 112 = $1.12
Day 113 = $1.13
Day 114 = $1.14
Day 115 = $1.15
Day 116 = $1.16
Day 117 = $1.17
Day 118 = $1.18
Day 119 = $1.19
Day 120 = $1.20
Day 121 = $1.21
Day 122 = $1.22
Day 123 = $1.23
Day 124 = $1.24
Day 125 = $1.25
Day 126 = $1.26
Day 127 = $1.27
Day 128 = $1.28
Day 129 = $1.29
Day 130 = $1.30
Day 131 = $1.31
Day 132 = $1.32
Day 133 = $1.33
Day 134 = $1.34
Day 135 = $1.35
Day 136 = $1.36
Day 137 = $1.37
Day 138 = $1.38
Day 139 = $1.39
Day 140 = $1.40
Day 141 = $1.41
Day 142 = $1.42
Day 143 = $1.43
Day 144 = $1.44
Day 145 = $1.45
Day 146 = $1.46
Day 147 = $1.47
Day 148 = $1.48
Day 149 = $1.49
Day 150 = $1.50
Day 151 = $1.51
Day 152 = $1.52
Day 153 = $1.53
Day 154 = $1.54
Day 155 = $1.55
Day 156 = $1.56
Day 157 = $1.57
Day 158 = $1.58
Day 159 = $1.59
Day 160 = $1.60
Day 161 = $1.61
Day 162 = $1.62
Day 163 = $1.63
Day 164 = $1.64
Day 165 = $1.65
Day 166 = $1.66
Day 167 = $1.67
Day 168 = $1.68
Day 169 = $1.69
Day 170 = $1.70
Day 171 = $1.71
Day 172 = $1.72
Day 173 = $1.73
Day 174 = $1.74
Day 175 = $1.75
Day 176 = $1.76
Day 177 = $1.77
Day 178 = $1.78
Day 179 = $1.79
Day 180 = $1.80
Day 181 = $1.81
Day 182 = $1.82
Day 183 = $1.83
Day 184 = $1.84
Day 185 = $1.85
Day 186 = $1.86
Day 187 = $1.87
Day 188 = $1.88
Day 189 = $1.89
Day 190 = $1.90
Day 191 = $1.91
Day 192 = $1.92
Day 193 = $1.93
Day 194 = $1.94
Day 195 = $1.95
Day 196 = $1.96
Day 197 = $1.97
Day 198 = $1.98
Day 199 = $1.99
Day 200 = $2.00
Day 201 = $2.01
Day 202 = $2.02
Day 203 = $2.03
Day 204 = $2.04
Day 205 = $2.05
Day 206 = $2.06
Day 207 = $2.07
Day 208 = $2.08
Day 209 = $2.09
Day 210 = $2.10
Day 211 = $2.11
Day 212 = $2.12
Day 213 = $2.13
Day 214 = $2.14
Day 215 = $2.15
Day 216 = $2.16
Day 217 = $2.17
Day 218 = $2.18
Day 219 = $2.19
Day 220 = $2.20
Day 221 = $2.21
Day 222 = $2.22
Day 223 = $2.23
Day 224 = $2.24
Day 225 = $2.25
Day 226 = $2.26
Day 227 = $2.27
Day 228 = $2.28
Day 229 = $2.29
Day 230 = $2.30
Day 231 = $2.31
Day 232 = $2.32
Day 233 = $2.33
Day 234 = $2.34
Day 235 = $2.35
Day 236 = $2.36
Day 237 = $2.37
Day 238 = $2.38
Day 239 = $2.39
Day 240 = $2.40
Day 241 = $2.41
Day 242 = $2.42
Day 243 = $2.43
Day 244 = $2.44
Day 245 = $2.45
Day 246 = $2.46
Day 247 = $2.47
Day 248 = $2.48
Day 249 = $2.49
Day 250 = $2.50
Day 251 = $2.51
Day 252 = $2.52
Day 253 = $2.53
Day 254 = $2.54
Day 255 = $2.55
Day 256 = $2.56
Day 257 = $2.57
Day 258 = $2.58
Day 259 = $2.59
Day 260 = $2.60
Day 261 = $2.61
Day 262 = $2.62
Day 263 = $2.63
Day 264 = $2.64
Day 265 = $2.65
Day 266 = $2.66
Day 267 = $2.67
Day 268 = $2.68
Day 269 = $2.69
Day 270 = $2.70
Day 271 = $2.71
Day 272 = $2.72
Day 273 = $2.73
Day 274 = $2.74
Day 275 = $2.75
Day 276 = $2.76
Day 277 = $2.77
Day 278 = $2.78
Day 279 = $2.79
Day 280 = $2.80
Day 281 = $2.81
Day 282 = $2.82
Day 283 = $2.83
Day 284 = $2.84
Day 285 = $2.85
Day 286 = $2.86
Day 287 = $2.87
Day 288 = $2.88
Day 289 = $2.89
Day 290 = $2.90
Day 291 = $2.91
Day 292 = $2.92
Day 293 = $2.93
Day 294 = $2.94
Day 295 = $2.95
Day 296 = $2.96
Day 297 = $2.97
Day 298 = $2.98
Day 299 = $2.99
Day 300 = $3.00
Day 301 = $3.01
Day 302 = $3.02
Day 303 = $3.03
Day 304 = $3.04
Day 305 = $3.05
Day 306 = $3.06
Day 307 = $3.07
Day 308 = $3.08
Day 309 = $3.09
Day 310 = $3.10
Day 311 = $3.11
Day 312 = $3.12
Day 313 = $3.13
Day 314 = $3.14
Day 315 = $3.15
Day 316 = $3.16
Day 317 = $3.17
Day 318 = $3.18
Day 319 = $3.19
Day 320 = $3.20
Day 321 = $3.21
Day 322 = $3.22
Day 323 = $3.23
Day 324 = $3.24
Day 325 = $3.25
Day 326 = $3.26
Day 327 = $3.27
Day 328 = $3.28
Day 329 = $3.29
Day 330 = $3.30
Day 331 = $3.31
Day 332 = $3.32
Day 333 = $3.33
Day 334 = $3.34
Day 335 = $3.35
Day 336 = $3.36
Day 337 = $3.37
Day 338 = $3.38
Day 339 = $3.39
Day 340 = $3.40
Day 341 = $3.41
Day 342 = $3.42
Day 343 = $3.43
Day 344 = $3.44
Day 345 = $3.45
Day 346 = $3.46
Day 347 = $3.47
Day 348 = $3.48
Day 349 = $3.49
Day 350 = $3.50
Day 351 = $3.51
Day 352 = $3.52
Day 353 = $3.53
Day 354 = $3.54
Day 355 = $3.55
Day 356 = $3.56
Day 357 = $3.57
Day 358 = $3.58
Day 359 = $3.59
Day 360 = $3.60
Day 361 = $3.61
Day 362 = $3.62
Day 363 = $3.63
Day 364 = $3.64
Day 365 = $3.65