Are you looking to save money but need to start small? Or perhaps you want to make the most of your spare change?
The penny savings challenge and free printable are for you! Save over $600 in a year to use toward your emergency fund or beautiful money goals.
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Table of Contents
Benefits of the Penny A Day Challenge
This challenge is unique and comes with great benefits for saving!
It is Very Doable
There are great money challenges on this site, but this is the best one if you are struggling to save or your budget is tight. Anyone can start by saving a penny!
It Is Family Friendly
It works well with families because even kids can contribute to adding a penny a day!
You can also use the penny saving challenge to teach kids budgeting and money management. It’s an amazing tool for showing the power of saving over time!
It Makes Saving Fun
Saving money consistently can be boring. But a challenge turns your “I should” statements into “I can’t believe I did that!” statements.
You Are Creating A Habit
Key Takeaway: Building a savings practice is the BEST benefit of any money challenge, and because this challenge is long, you will give yourself plenty of time to build the habit. And this, my friend, is how financial empires are started.
What Is The Penny Savings Challenge?
For this challenge, you start with just 1 penny and add by 1 penny each day for a year. That’s it! At the end of the year, you will have $667.95 in your pocket. (Or $671.61 in a leap year)
What You’ll Need
- A jar to start
Decorate it with your family to get everyone invested in this challenge!
How to Do The 365 Day Penny Savings Challenge
1 Penny Money Saving Challenge
- Have your fun jar ready
- Add your pennies each day
- Record your progress on your free penny challenge tracker
- Celebrate! You are a rockstar!
Note: You ADD one penny to your total each day. (So the number of pennies will go up each day).
After 7 days you will have 28 cents. While that doesn’t seem like much, remember two things:
- It grows larger and faster from there.
- Getting to that point should be completely painless (which means you have no reason NOT to do it!)
Here is a chart to help show what your first week will look like:
By your last week, your savings jar will have this:
And you are still only putting in $3.65 on the last day. That’s very doable!
Imagine if you saved just a little bit more than the basic penny too. You’d have a great nest egg with very little effort.
Free Penny Savings Challenge Chart
Grab your free penny challenge chart tracker here. Then keep reading for ways to find the extra change and what to do with your money.
Penny Savings ChartDownload
“You don’t have to see the whole staircase, just take the first step.” – Martin Luther King, Jr.
Grab more free ways to make saving fun:
Ways to Find The Money
Here are 19 quick ways to find those pennies and coins!
1. Dig through your couches, car, junk drawer, and under the beds.
2. Check your jacket and coat pockets.
3. Empty out the coin purse.
4. Have your kids contribute from their piggy banks.
5. Have a yard sale or sell something on Facebook marketplace. (See: how to earn $300 fast)
6. Sell someone a gift card you are never going to use.
7. Dog sit, dog walk, or babysit.
8. Change your phone, internet, or tv plan. Save the difference in your jar.
9. Track your spending. Knowing exactly where your money is going will show you where you can cut back.
10. Do a no spend challenge for a day, week, or month.
Or Take cash out for your spending and then….
1. Shop for something you need at the thrift store instead of a regular store. Save the change.
2. Make your next greeting card instead of buying it. Save the difference.
3. Refuse to buy something impulsively at the store.
4. Use up the food in your home before buying new food. Save what you would have spent at the store.
5. Wait for a sale on something you need. Put the difference in your jar.
6. Save on gas money by walking, biking, or carpooling to where you need to go. (It’s healthier too!)
7. Cook at home instead of eating out. This is almost always cheaper and healthier. Save the difference.
8. Use a coupon on something you would have bought anyway.
9. Use up what you have. Almost all of us have old wrapping paper, greeting cards, purses – you name it. And in most cases, there is nothing wrong with these, we have just grown tired of them.
Use up what you have and stop buying things new and then keep the change!
*For more specific ways to save, check out the 30 Day Money Saving Challenge. It has detailed ideas to get creative with saving.
Have a Plan For Your Money
What Can You Do With Your $600+
- Use it to beef up your emergency fund
- Put it towards your next vacation
- Invest it (See how to invest $500)
- Use it (or add it to) a downpayment on your car or living space
- Get out of debt (Grab the free debt trackers in the image here)
Truly, the possibilities are endless!
If you are doing the challenge to help teach your kids, then let your family decide together how the money will be used.
*Make a money vision board to keep you motivated!
Fun Penny Saving Challenge Variations To Try
A Penny Challenge Modification
Is it too hard to remember daily? Then add up the total you need by week or by month and save that way! For example, for week one, you will need 28 cents.
It is easiest to pick a consistent day of the week (like Sundays) to deposit your money!
Reverse Penny Savings Challenge
You can do this challenge in exactly the same way but in reverse order. That means on the first day you will be saving $3.65. Then, go backwards from there.
Save At Random For the Penny A Day Challenge
Would you prefer spontaneity? Use the tracker to mark off whatever number you wish each day.
Double The Penny Challenge
Are you confident that you can save more? Try doubling your penny for some of the days or adding extra when you can. For example, your challenge could look like this:
Day 1: 1 cent
Day 2: 12 cents (you had extra)
Day 3: 3 cents
Day 4: 6 cents (you had extra, so you doubled it)
What matters most is that you are saving each day. And if you can add a bit extra when you have it, that’s icing on the cake!
Or try the
- nickel a day challenge
- 52 week savings challenge printables
- quarter saving challenge
Q And As For The Penny Savings Challenge
How much is a penny a day for 365 days?
It is 66,795 pennies. Chances are that you will be using larger coins as you move through the challenge though.
What’s the most you save In A day In This Challenge?
The most you save in a day is the last day – $3.65.
What’s the most you save in a week in The Penny Challenge?
Your last week will be your highest amount. This will total $25.34.
How much is 1 cent doubled for 30 days?
If you were to start with a penny and double the amount every day for 30 days, you end up with $5,368,709.12. It is the power of compounding!
To Consider With The Penny A Day Challenge
The penny challenge has become extremely popular on TikTok, and for good reason. It is fun, visual, and realistic for any budget. I hope you snagged the free printable and enjoy the challenge. Leave a comment after and tell me how it went!
Need More Help Saving Money? Check out These Articles:
- Best Needs And Wants Examples
- Best Tips For Living Below Your Means
- Cheap And Free Things To Do When You Are Broke
