Amazon's 1p challenge kit loved by Martin Lewis fans could help you save £6,000 this year

The £9 Amazon kit contains everything you need to make a success of the 1p savings challenge if you're giving it a go

As 2024 gets underway many households and bill-payers will be looking at new ways to hold onto their cash, building up a saving pot for the never-ending price hikes (need we mention energy bills and phone plans) or something to dip into for a family holiday. As money challenges rise in popularity savers are raving about 'quality' £8 binder that helps 'manage money with cost of living rises'.

The simple stationery product has been hailed as a useful way for wannabe money hoarders to keep track of their money, and is rising in popularity since the surge of the viral 1p challenge, the old tip shared earlier in the week by Martin Lewis and his team at Money Saving Experts, and loved by his fans.

The challenge sees savers put 1p away on January 1 and increase it by one penny a day until the end of 2024, those that partake would have saved a hefty £670 by the end of the year. And this note-stuffing binder for just £8.99 on Amazon is proving a popular way to undertake New Year money challenges.

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The folder, fitted with plastic envelopes, allows you to store cash in different sections similar to the digital 'pots' you can set up on banking apps. It means savers can put away money for particular things like beauty treatments, meals out, emergencies and even add an envelope to follow viral challenges like the 1p feat.

The kit includes an A6 binder, PVS cash stuffing pockets, expenditure sheets and label stickers to allow you to create different saving sleeves. All features which users say help keep a physical eye on your savings, which is becoming a sought-after thing for many looking to save and keep on top of rising bills.

Something reviewers are taking to Amazon to rave about, saying the simple piece of stationery is ideal for managing money. One person said: "I’ve been looking at these for a while as I wanted to get better at managing my finances. It comes with lots of labels and plastic envelopes.

"I'm quite good as saving money but I always find something to spend it on when I reach a couple of hundred, with this I am saving for a dream holiday and it's going well so far."

Another recent buyer praised the product for helping them in the recent price hikes, as they said: ""This is ideal both if you’re teaching to manage money as I am or at the moment with the cost of living rises to enable people to get through the money whilst paying their bills."

As well as creating individual pots for treats or saving £670 in 2024 with the 1p challenge the affordable binder could also be used to follow other trending money feats. Like saving a whopping £6,890 in the £5 challenge, where you put £5 away in the first week of January and increase by £5 a week until the end of the year.

Another is the 52 weeks savings challenge which follows a similar style to the £5 challenge but is kinder on the budget as the weeks progress. Here you put £1 a week in the first week of January and up it by £1 each week, this will save you £1,378.