The idea of penny-saving is relatively new but very simple and effective. Not everyone has hundreds of pounds to put away into savings each month so this method allows for pretty much everyone to put some money aside for any treats, emergencies or large purchases and expenses. As the name suggests, all you have to do is put away 1 penny. This would be preferably each day but that depends on which method you choose. Some require daily saving while other methods are less strict and more down to luck. Of course, you could also adopt multiple methods to ensure you get the best possible outcome from your money-saving adventure and ensure your profit is as high as possible. As mentioned, there are various methods for penny-saving.
Penny Saving Challenge
Firstly, we have the penny-saving challenge. This method is simple, effective and completed daily. The idea is that you start saving on the first day of the new year putting away 1 penny. The next day, 2 pennies, then 3 pennies and so on and so on until, by the end of the year, you put away a payment of £3.65. This really isn’t a lot of money at all but, with these constant daily payments, you will have saved over £650 by the end of the year. Just think, if you didn’t need to use much of the money during the year, this £650 can be brought on over to the next year. By completing the same saving strategy, it’s guaranteed that you can potentially double your money each year. This is a perfect idea if you know you need to save for something in a few years’ time and if you’re not tempted to spend it all before then.
Penny Saving Pot
In addition, simply putting away pennies and 2 pences in a box or jar will add up slowly but surely. When you get a 1 pence piece in your change, instead of just putting it in your purse or wallet, or even worse, throwing it away, perhaps consider putting it in a safe place. This could be a box, jar, bottle or small piggy bank. Each time you get a 1 or 2 pence, repeat this. After some time, your money will build up and you’ll be able to exchange it at a bank for higher value coins or notes. This method is unlikely to make as much at the penny-saving challenge however, after the first week of the challenge, you are no longer using many 1 and 2 pence pieces so, instead you can store these safely in a separate area for savings and you can add this total onto the rest of your savings making a larger profit.
Furthermore, you can make use of other people’s lost or dropped pennies or, as they’re sometimes called, ‘Foundlings’. While walking down the street and going about your daily business, it’s likely you may come across some money on the street. Sometimes, you’ll get lucky and it may be money in the form of notes but, most of the time, you can spot small copper or silver coins lying on the ground. An excellent way to further add your savings is to pick them up. These coins can be used to make up the cost of your daily contribution to the penny-saving challenge or, instead, you can put them into your other safe, storage place and they can be used to increase your profits from the challenge.
Collect people’s Lost Change!
Strangely, you could also ask for other people’s lost change. Not strangers of course but often we see our friends and family ready to throw away their small, copper coins. Instead of them being thrown away, this is your opportunity to gain some extra coins for your savings. Simply just ask. After all, if you don’t ask, you don’t get. If a person is about to throw away their coins, they are likely to have no objections to donating it to your savings. This method won’t earn you a lot but every little coin goes a long way to your overall profit total.
Lastly, we have a very fun activity for gathering coins and that is through the use of a metal detector. This device can be expensive so this may not work if you already have one but all you need to do is go to a public place and use the metal detector to find lost change you wouldn’t have seen. Always make sure you have permission to use a metal detector before going coin hunting. This activity is fun as it’s similar to treasure hunt a child may do. Also, as well as the possibility of finding lost and dropped coins, you have the potential to find other interesting, metallic objects.
If you found this blog helpful you might also like to read about: