Savers start by setting aside £1 on the first week, then £2 on the second week, then £3 on the third week, and so on.
The challenge sees savers setting aside what they saved the week before while adding another pound a week later. After a year of doing this, savers could end up with a £1,378 savings pot.
On the challenge, Mat Megens, CEO and founder of HyperJar previously said: “Sometimes, healthy competition can be a great method of motivating yourself – especially if you do it with a friend or family member.”
Alternatively, Mr Megens continued: “You can also try the pound-a-day challenge, or create your own game.”