The 10-cent money challenge that could save you more than HK$6,500 by Christmas 2021


If you'd like to be more financially responsible this year, here's a simple way to increase your bank balance with very little effort!

Karly Cox |

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It may not look like much, but you'll be amazed at how quickly your savings will grow!

People in Britain have been talking a lot recently about the 1p saving challenge. The idea is to save a very small amount of money every day, starting on January 1, and increasing the amount by a penny (HK$0.10) each day.

It's an idea that translates brilliantly to Hong Kong dollars, too, and a great way to start a healthy habit of saving. 

Saving can be tricky, or vague, or difficult to remember, or scary because you might feel you can't afford to save money you need to spend. But when it's such a small amount, you can gradually build your savings day by day, without too much pressure on your wallet.

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Here's how it works. Find a container and a place for it in your bedroom where you'll see it regularly. A big glass jar is ideal, but a piggy bank, a plastic container, a shoe box, or a very strong Ziploc bag all work just as well.

And then start dropping your 10-cent coins in. Today (January 1), you deposit just 10 cents. On January 2, it's 20 cents, on January 3, 30 cents, and so on throughout the year.

  • Day 1: 10c
  • Day 2: 20c
  • Day 3: 30c

If you're starting the challenge late, that's fine! Just take a look at the date, and either start by depositing the day's amount (For example, if you're beginning on January 13, you will start off with HK$1.30) or go back and calculate how much you should have deposited each day beforehand and make up the difference (Jan 1 would have been 10 cents, Jan 2 would have been 20 cents ... if you're starting on the 13th, you can save HK$9.10 to catch up).

Instead of stressing out about resolutions, celebrate what you are grateful for

The amounts you save each day will increase gradually, of course:

  • Day 150: HK$15
  • Day 151: HK$15.10
  • Day 152: HK$15.20

2020 is a leap year, so that means 366 days of saving, and on December 31, you'll deposit your final amount, of HK$36.60. We've got an Excel document here that will help you keep track of your savings.

If you stick to the plan, and make the correct deposit every day this year, you'll have saved HK$6,716.10!

Then, in 12 months time, take all your coins to the bank or the HKMA coin truck, and enjoy your savings!

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