Everyone around you is making new year's resolutions, and setting outlandish savings goals for the new year. You'd love to join in, but all you can think about is how much your bank balance suffered over Christmas.
If you want to start saving in 2021 in a way that's realistic, why not take on a challenge that starts by saving just 1p?
The 1p Saving Challenge is a year-long challenge you can start on the 1st of January 2021. It involves saving a little money every day, starting with 1p. The next day you save 2p, the day after 3p. On December 31st, you’ll set aside £3.65 and end up with a total of £667.95 in savings!
It’s an ambitious but achievable way to slowly build up your savings. And it’s gained a cult-like following among money bloggers like Skint Dad and the Monzo Saving Squad!
How to do the 1p Saving Challenge with Monzo
To do the 1p Saving Challenge with Monzo, you’ll need a Monzo account. Download the app and open an account for free if you don’t have one already!
It works using a service called If This Then That (IFTTT), that lets you automate your Monzo account.
Head to the 1p Saving Challenge on IFTTT
Log into Monzo and agree to some terms
Choose a Pot you’d like to put your savings in
Tap ‘Save’ to get started!
We’ll move the money into your Pot every day for you. All you have to do is watch the pennies and pounds add up!
When you connect your Monzo account to IFTTT, we’ll ask you to give IFTTT permission to do things like move money into Pots. But don’t worry, IFTTT will only do what you’ve explicitly asked it to, when you set up a challenge like this one.
Good luck! 💪