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Financial TikTok influencer Dee, who shares videos of her budgeting hacks and savings challenges on her page @Budgetwithdee, has shown her journey trying out the penny-saving challenge which can help you save over £667.95 in just one year. The 1p challenge has been around for a few years now, having originally been created by the blogger Skint Dad.

The challenge shows that by saving a small amount each day, in some cases so small you probably won’t even notice, people can build on their savings without leaving themselves for the daily expenses of modern life.

On the Skint Dad website, it explains: “If you’re desperate to start saving money – for any occasion – but your budget can’t stretch to £1 a week in the 52-week saving challenge, how about trying the Skint Dad 1p saving challenge instead? First created at Skint Dad in 2015/2016, this is the original 1p saving challenge.”

In basic terms, the idea behind the challenge is to save an increasing amount of money each day starting from 1p.

@budgetwithdee I am obsessed with this challenge and I cannot wait to see how much I save in the next 6 months ������������������ #budgeting #savingchallenge #pennysavingchallenge #budgetinguk #cashstuffingenvelopes #lowincomebudget #howtosavemoney ♬ GOOD VIBES – Ellen Once Again

For example, if you were to start on January 1 you would save 1p and on the second you save 2p, right through until the final day of the year when you would save £3.65.

You can then track your progress using a penny challenge printout which can be easily sourced on Google or you can make your own at home.

Dee has been recording her journey throughout the year on her TikTok page, as well as showing her fans how they can also make some progress when it comes to savings.

Although she started the savings challenge a little late, Dee showed how you can save even more than £667 by doubling your money on certain days.

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In a TikTok video, the budgeting influencer explained: “Since I am a bit of a late one to this, I started literally about a week ago, and what I have been doing is putting two in at a time, so two [amounts] a day basically.

“I’m trying to get this finished in time for Christmas so I can add this to my emergency fund or use it for Christmas shopping, whatever I decide to do with it.”

Dee also uses a coloured highlighter to mark off which weeks she has saved certain amounts in order to keep track of her savings.

“What I am trying to do is add more than the amount [specified],” she said. “If I can I try and do double. So if it is 60p I try and put £1.20 in. Obviously, it is tricky when it gets to the £3 [point].

“But I am basically hoping to double the amount I’ve saved or have more in there than £667. I am hoping to save at least £1,000 by Christmas.”

So far, viewers of Dee’s video say they have also had success with the challenge and were impressed by how much they had managed to squirrel away by saving loose change.

A fan named Gladys said: “Started the penny-saving challenge after seeing your video, saved almost £60 in loose coins now! Gonna need a bigger jar soon.” [SIC]

However, Katy Harrison said there are some elements of the challenge she finds difficult. The viewer wrote: “I’ve just started the penny challenge as savings for the summer holidays next year. I’m the same it’s hard to find the change.”

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