It’s now the new year.

All the gifts that needed giving have been given and all the food that needed eating has been eaten. Your wallet must have taken a huge hit during the holidays but now that it’s all over, you can finally breathe a sigh of relief.

Or maybe not. After all, buying gifts and hosting parties is just one component of our spending habits. If you’re easily distracted by things such as that great deal on those sneakers you’ve always wanted or that great promo package for a trip to Bali then you’re going to be scraping the bottom of the proverbial barrel soon enough, holiday or no holiday.

Fortunately, there’s an easy way to save up a respectable amount of money so that by year’s end, you still have something extra either for yourself or to add to your gift-buying stash.

It’s being called the 1p Challenge and while you can kick this off any time during the year, starting it off at the heels of the new year seems like a great way to symbolically get this resolution done.

And it’s so simple. Just set aside one penny on the first day then keep adding an extra penny each day thereafter. So if you theoretically start on January 1, you put aside 1p on that day. On January 2, you set aside 2p, then on January 3, it’s 3p, and so on until day 100. That’s when you put in £1. Then on day 101, you set aside £1.01, and so on.

Once you get to day 365, you should have a decent £667.95 (around $876.28) to your name. It’s really not too shabby as long as you’re consistent about plunking in the right amount on the designated day.

It still needs the same dedication you’d have when going on a weight-loss program or kicking off that weight-training routine but since setting aside 1p takes less effort than not eating that luscious donut, hopefully, the 1p Challenge will become the one resolution that you do get to keep by the time 2021 is ready to roll around.

 

Replaced!