The supercharged 1p challenge to retire at 50

Link to calculator used

The 1p challenge is designed to help folks save money through the year. Quite simple on day 1 you put away 1p, on day 2 you save 2p, on day 3 you save 3p, each day increasing your saving by a penny, when you get to day 365 you are putting away £3.65 and through the year you would have saved over £650.

This got me to thinking what if I pushed this onto my goal of when I am 50, this is currently 2,165 days away (the countdown clock is at the bottom of the blog) it would mean saving over £20 a day at the end of the challenge, but what would it work out to? The answer £23,446.95 Which I thought was amazing, Imagine being able to do that?

So, I have made a plan, on each Wednesday, I will walk to town, which will also add miles to my health regime so a double win, I then transfer the money I have saved from my £3 at work each day, and the totals from the 7 days, so today as it is day one it would be £54.01 (£54 from the non spending at work and a penny from the challenge) but I will round it up to the nearest pound, every little helps. Each month the interest will be added from the savings account so all helps bundle up the total.

Also, from time to time I get different items to sell. I recently won a mobile phone from work. So will take that to cash converters and put that money away as well.

My goal as you will see by the panel on the right hand side is to raise a certain amount of money by my 50th birthday. It will be made up of an actual figure which is money actually saved and put away and a projected figure.

Here is a possible projected figure.

£3 each working day not spent on sweets. 200 days a year times 6 years equals £3,600

1p challenge if completed £23,500 rounded up as today not putting in a penny but a pound.

interest £500 this will be more at the end of the project when a larger amount is saved.

Shares, based on current value and the shares have in the past been double their current price, so I am hoping they will double in value after the 5 years £15,000

projected £42,100 from these figures. my aim is for £50,000 by the age of 50

Wish me luck.