Tips and Tricks

The Penny Challenge – Save $667.95 in a Year

“A penny saved is a penny earned”

Have you heard this saying before? Perhaps many times from past generations? I have, and it’s only recently that I discovered this famous quote to be true.
 

This Penny Challenge is literally just that! 

 
It’s a simple way to save $667.95 in a years time – all with a penny. YET. Since we don’t have pennies here in Canada anymore, Canadians could e-transfer the money every few days which actually makes it more simple because it’s not a daily conscious effort.

Or, if you are like me and still find pennies everywhere, you could do this and do a little housekeeping too. Actually, we haven’t had pennies here for a LONG TIME now, and I still fnd them everywhere!

So, this challenge would be more focused for my readers residing in the United States that still have loads of pennies still laying around. Yet don’t worry my Canadian readers, I have another awesome savings challenge for you as well!

For my fellow Canadians and for those that want to save a little more than this, check out these other money savings challenges that I suggest.

 

The Penny Challenge Printable

 

The daily savings for this penny challenge is so little, the maximum you’ll have to set aside is just $3.65 in one day. For many, that’s what you’d spend on a daily coffee, and most don’t even blink at that. So penny-save away, really, could it get any easier?!!

This is a fun printable penny savings challenge where you can save over 600 dollars in one year just by savings pennies a day. You can save hundreds of dollars a year with just some simple change laying around waiting.

Click here to download and print The Penny Challenge and save $667.95 in one year!

 

Penny challenge

 

 

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13 Comments

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  2. I love that you took the time to share with me and others. May your family continue to be blessed.

    Thankfully,
    Tonjia Washington

  3. I don’t understand. If I save one penny per day for a year i will only have $3.65 How does it become $667.95?

    1. Day 1= 1 penny
      Day 2 =2 pennies
      Day3 = 4 pennies
      Day 4= 8 pennies
      Day 5 = 16 pennies
      Day 6= 32 pennies
      Day 7 = 64 pennies
      Day 8 = $1.28 pennies
      Day 9=$1.56 pennies
      Day 10= 3.12 pennies
      Then you just follow the days and double each day.

      1. No you don’t. You just add an extra penny every day. If you doubled it every day using that formula, day 11 would be 6.24, day 12 would be 12.48, etc. You would be in the maybe tens of thousands or hundreds of thousands by the time the 365th day got here.

    2. Because each day when you add the money up it gets to this final amount 1+2+3 etc so add the end of day 3 you would have 6 cents altogether

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  5. There have been a LOT of savings challenges over the years, most of which require more money than this. Granted, at the end of the year, you’d have more savings BUT, this is one that anybody can do. I am sharing with my family and my co-workers. My kids are just now getting to be on their own so this can be a simple money management tool for them. Thank you for taking the time to share this great chart. It holds folks accountable to themselves and each other.

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