Britons are being encouraged to take part in a money saving challenge in 2026 that can result in nearly £3,400 after starting with just 5p. ‘The 5p money saving challenge’, as its name suggests, sees those taking part increase the amount they save every day by 5p.
The first day will see 5p saved away, followed the next day by 10p and then 15p and so on. “If you continue this for a whole year, by the end you will have saved almost £3,400,” said Yorkshire Building Society. It added: “You can also try this the other way round.
“Start by saving £18.25 on the first day, then work your way down until you hit 5p on the last day.”
The unusual money-saving method is just one of a number of challenges it suggests to help get people started with saving their cash.
Another novel way to save is ‘the 1p money saving challenge’, which works very similarly to the 5p challenge, but with a smaller reward at the end of it.
“You start by saving 1p on the first day, then 2p on the second day, and so on,” the building society said. “By the end of the year, you will have saved a grand total of £667.95.”
Meanwhile, the ‘no-spend challenge’ is viewed as a good way to build up short-term savings at speed. It sees people going a set amount of time without paying for non-essential items, only spending on necessities such as bills and food.
Yorkshire Building Society says people can do this for as long as they want, whether that be a weekend, a week or a whole month.
“Whether you want to prepare for a holiday, buy a new pair of shoes or set money aside for a rainy day – find more interesting ways to save,” the building society says.
2025 marked another tough year for many Britons due to the cost of living, with rising food prices among the biggest reasons for people feeling the pinch.
However, there was good news earlier this month as official figures showed inflation fell sharply in November.
Consumer Prices Index (CPI) inflation fell to 3.2% in November, from 3.6% in October — the lowest CPI rate since March but way above the Bank of England’s 2% target.
Food and drinks, as well as alcohol and tobacco, were the biggest factors pulling on the overall rate of inflation last month. Food and non-alcoholic drinks inflation fell to 4.2%, down from 4.9%.
The full list of Yorkshire Building Society’s money-saving challenges can be found here.
