The team behind Martin Lewis's MoneySavingExpert.com has issued a fresh call to Brits, urging them to take on a clever and straightforward savings challenge for the coming year. The initiative, known as the 1p savings challenge, offers a simple method for households to accumulate a significant sum of £667.95 by the end of 2026.
How the MSE 1p Savings Challenge Works
The mechanics of the challenge are beautifully simple. It begins on 1 January 2026, when you save just one penny. On the second day, you save 2p, on the third, 3p, and so on, increasing the amount by a single penny each day.
By the time you reach the final day of the year, 31 December, you will be putting away £3.65. If you maintain this daily incremental saving for the entire year, the total saved will be a surprising £667.95.
The MoneySavingExpert team is keen to point out that it's never too late to start. If you begin after 1 January, you can easily catch up by adding together the totals for all the missed days in one lump sum.
Practical Ways to Save Your Pennies
The MSE guide suggests two primary methods for participants to build their savings pot. The first is the traditional, literal approach: using a physical jar or piggy bank and depositing your loose change each day.
The second, deemed more realistic for many in today's digital age, involves manually transferring the daily amount into a dedicated savings account via online banking. However, they advise savers to first check if their bank permits very small daily transfers; HSBC is noted as one that does allow transfers starting from 1p.
"To do it that way, you'd have to log in to your account every day, which could be quite laborious," the team acknowledges. They therefore offer a sensible alternative: saving the month's total in one go, which, while less of a daily ritual, still achieves the same financial goal.
Why This Challenge Resonates
In an ongoing cost-of-living climate, finding painless ways to build a savings buffer is more crucial than ever. This challenge works by leveraging the psychological effect of starting with a trivially small amount, making the habit easy to adopt. The gradual increase is often barely felt in a daily budget, yet the annual result is substantial.
For those looking to boost their financial resilience without drastic lifestyle changes, Martin Lewis's 1p savings challenge for 2026 presents a proven and accessible plan. It turns the daunting task of saving hundreds of pounds into a manageable, daily penny-pinching game with a rewarding £667.95 payoff.
