Every penny counts

Benjamin Franklin. Benjamin Franklin’s line from Poor Richard’s Almanack also rings true of this expression. Franklin took on more of Herbert’s approach by saying, “ A penny saved is two pence clear.” Franklin, being an astute businessman, never actually believed an unspent penny would automatically turn into revenue.

The well-known 1p challenge is a money saving method that lasts 365 days. It works by increasing the amount you save by 1p each day of the year. On the first day of the challenge, you save one penny. This rises to two pennies on the second day, three pennies on the third, four pennies on the fourth, and so on.

If you saved a penny a day for a year you would have $3.65. If you did the penny challenge instead, you would have $164.71 after 6 months and $667.95 after 1 full year. Saving money is hard!

Explore Niki Ellis’s board “Every penny counts”

Easy money-saving tips that will help you cut the monthly bills
1 Save first, spend later. Pay yourself first.
2 Don’t pay interest on your credit card debt.
3 Stay on track.
4 Use an incognito browser.
5 Don’t splurge on payday.
6 Get savvy with your savings.

☆Cancel unnecessary subscription services and memberships.
☆Automate your savings with an app.
☆Set up automatic payments for bills if you make a steady salary.
☆Switch banks.
☆Open a short-term certificate of deposit (CD)
☆Sign up for rewards and loyalty programs.
☆Buy with cash or set a control on your card.