The '$0.01 challenge' could help you save $667 by Christmas 2020

The '$0.01 challenge' could help you save $667 by Christmas 2020

We could all do with a nifty trick to save us hundreds of dollars after the festive season. Let's face it, we've spent the last few weeks buying presents for our loved ones and for all the Secret Santas we've been roped into - and it's probably made a significant dip in our bank balance.

If you can relate, you might benefit from the $0.01 challenge - as it could save you an incredible $650 by Christmas 2020. I mean, look at it like this, it could really help you out when the next festive period rolls around.

So what exactly is the $0.01 challenge?

Well, it's a pretty simple yet ingenious way to save $667 over a year by putting aside a small portion of your cash each day - starting with $0.00 and gradually adding more to the original amount. By saving small amounts of money every day for 365 days, you'll build up your savings while doing very little for it.

Or you could be lucky enough to find money in an abandoned soda machine! In fact, a father and son discovered hundreds of dollars hidden in this abandoned vending machine:

How does the $0.01 challenge work?

On the first day, you'll put aside $0.01 and on the days following, put aside the amount equivalent to the day:

Day 1: Put aside $0.01

Day 2: Put aside $0.02

Day 3: Put aside $0.03

Continue until...

Day 100: Put aside $1.00

Day 101: Put aside $1.01

Day 102: Put aside $1.02

Meet the woman who goes to extreme lengths to save money including peeing in a jar so she doesn't have to flush the toilet:

Double it on day 200...

Day 200: Put aside $2.00

Day 201: Put aside $2.01

Day 202: Put aside $2.02

And continue until the 300th day...

Day 300: Put in $3.00

Day 301: Put in $3.01

Day 302: Put in $3.02

On the last day of the year (31 December) add £3.65 to your savings and you should end up with £667.95 in total.