ThePenny Challenge can help you save more than $600 this year by giving you 1 extra penny a day.

Saving your pennies can make a difference.If you are doing the penny challenge, there is a lot.

The money-saving challenge will help you put aside $667.97 in a year, or $671.61 for a leap year.Follow these steps to participate in the challenge.

Add one cent to the amount you saved the day before.You would add $0 to your savings on the second day.On day three, you would add more and more.

You are not simply saving one penny a day.You would end up with only $3.65 in savings if you did that.It's pretty pointless.

Adding an additional penny to what you deposit each day is the key to growing your savings with this challenge.If you add the penny from the first day to the second, your total will be $0.After making your daily savings deposit, you will have a total of $0.06.

For the first week of the penny challenge, here is how much you would deposit each day.

Your money will grow over the course of the year as you start out with small amounts.You don't have to worry about having a lot of money to build your savings because the daily saving amounts are nominal.

It's important to have money in the bank.You can get great ideas about how to build your savings in ThePennyHaunter Daily.

If you stick with this money-saving challenge for an entire year, you would end up with a total of $667.95.We did the math.

You could use that money to pay down debt or add to your emergency fund.It could be used for a future vacation or shopping spree.

You should plan out how you will use your savings.It will serve you great motivation to stick with this challenge all year long if you have an end goal that really matters to you.

It is easy to get this challenge started if you have spare change, but it gets harder as the days go by.

If you put your savings aside once a month, you can hack the challenge.You won't face the struggle of coming up with exact change each day if you group your savings for the month and make one deposit.

Pay yourself first by making your monthly savings deposit.You don't have to think about saving if you schedule automatic transfers from your checking to your savings account.

By the end of the year, you will have over $600 to spend, if you let the money sit in your account without making any withdrawals.