The Penny Challenge: How You Can Save Over $600

Birds eye view of penny jar overflowing stock photo
John_Brueske /

If you’re struggling to save money, consider jumping on the penny challenge. Successfully completing this TikTok trend can pad your pockets with an extra $667.95.

What Is the Penny Challenge?

To play the penny challenge, you must save a small amount of money each day for a year. On the first day, put aside one penny. On the second day, add two cents to your growing treasure trove. Each day, you should add an additional penny to your daily contribution. That means you’ll stash away three cents on the third day, four cents on the fourth, five cents on the fifth and so on.

Keep in mind that you’re not saving one penny each day for 365 days — that would only net you $3.65.

Daily Contributions

Having a hard time visualizing what this looks like? Use the following table to map out the first 10 days of the penny challenge.

Day Contribution Total Amount Saved
1 $0.01 $0.01
2 $0.02 $0.03
3 $0.03 $0.06
4 $0.04 $0.10
5 $0.05 $0.15
6 $0.06 $0.21
7 $0.07 $0.28
8 $0.08 $0.36
9 $0.09 $0.45
10 $0.10 $0.55

Monthly Contributions

The penny challenge works because of the small incremental changes involved. Just about anyone can afford to save a penny or two. After a while, the amount snowballs into a real chunk of change. By then you’ve hopefully acclimated to the new habit.

Make Your Money Work for You

But, what if you’re busy? Or forgetful? Skipping a day can prove a real psychological setback. That’s not to mention pennies just aren’t that common anymore. When was the last time you held one in your hand? 

Making a monthly contribution can help you build a solid savings habit while taking away some of the stress that comes with making daily contributions. You can use the table below to figure out how much money you should put away each month to stay on track with the penny challenge.

Month Contribution Total Amount Saved
January $4.96 $4.96
February $12.74 $17.70
March $23.25 $40.95
April $31.65 $72.60
May $42.16 $114.76
June $49.95 $164.71
July $61.07 $225.78
August $70.68 $296.46
September $77.55 $374.01
October $89.59 $463.60
November $95.85 $559.45
December $108.50 $667.95

Where Does the Money Go?

Wherever you want it. The beauty of the penny challenge is that there’s no special setup. You don’t have to download an app or open a new bank account.

You can set aside the money in your piggy bank or under your mattress. You could also deposit it directly into your savings account, or invest it in stocks, bonds, CDs or cryptocurrency. A considerable advantage to depositing it into an interest-yielding account is that it will grow beyond your contributions.

Make Your Money Work for You


Building a savings habit doesn’t have to be hard. The penny challenge makes saving fun and simple. You can use the penny challenge to meet your own savings goals or teach your child or another younger family member the importance of saving early and consistently.

By the end of the year, you should have more than $600 that you can contribute to a college fund, a house or another worthy cause.

Make Your Money Work for You


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