How to turn your pennies into HUNDREDS of pounds

Are you ready for the penny challenge?

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Are you ready for the penny challenge?

If you're in the habit of discarding pennies, losing them in-between your sofa cushions, or dropping them oh-so-casually, you need to listen to this. First off, think about everywhere in your house you might find pennies, and then start a little penny box/bucket/bag because trust us, you're going to be thankful for the extra cash.

So, next time you see a penny, maybe you really should pick it up - we can't guarantee you good luck - but it might just tip you over the amount needed for a nice little fund that could pay for a nice little holiday or wardrobe makeover.

Created by money experts at Magic Freebies, the penny challenge starts this month for the rest of the year and will see you come out with at least £600. We're listening...

The Penny Challenge

How it works

It is essentially you putting away a single copper every day. And if you start now, by December 31st, you'll have £667.95 in your pocket.

Begin by putting 1p in your penny box on day one and then you gradually put in more according to the day. (If you're starting today, you'll need to match the date with pennies, so if it was the 10th January, you'd put in 10 x 1p coins.)

So, for example, on day one, you'd put in £0.01, day two, £0.02 and by day three, you'd put in £0.03. Basically, by day 100, you'll be putting in £1, and then £1.01 and so forth. Then, by day 200, you're doubling it and putting £2 in on day 201, £2.01 on day 201 etc.

And yes, by the 300th day, you're putting in £3 and then £3.01 on day 301. On the last day of the year, you will put in £3.65 and this could amount to a shiny £667.95.

Hoorah, go you!

(But, don't forget that the new UK £1 coin will enter circulation in March 2017 so don't bury away your old £1 for too long!)

Delphine Chui