Money expert shares 5p savings technique to put away over £3,000 a year

Brits can boost their bank balances with a straightforward daily 5p saving trick. They could ramp up savings by a hefty £3,400 in a year.

Finance pundits from Money to the Masses, Damien Fahy and Andy Leeks, have explained savvy saving techniques could transform dreary days into, well, loads of money. The idea has echoes of the viral 1p challenge from lockdown.

Leeks proposes a new spin with the 5p challenge that could significantly increase savers' funds. His philosophy is simple.

He said: "The 5p challenge, this is where you increase the amount you save every day by 5p. So you start with 5p, the next day you go 10p, the next day 15p and so on.

"If you continue that for a whole year, you'll actually end up saving £3,400." Nice.

Adventurous savers might be enticed by the more complex Weather Wednesday challenge. The game involves checking the week's peak Wednesday temperatures and stashing away an identical number of pounds.

Sharing further insights, Andy added: "On a Wednesday you go in, you say; 'Oh, it's a high of 19.' So you put £19 away."

For those strapped for cash, there's a simpler option of saving according to the day's low temperature. Damien set up MoneytotheMasses.com in 2010 to help consumers with their personal finances. He has 20 years of experience in the sector.

More than four million people a year use the website. Among many things, he launched a free Money MOT tool desgned to help people improve their financial future in just a few minutes.