The 1p Saving Challenge involves saving a little money every day, starting with 1p. The next day you save 2p, the day after 3p. After a year, you’ll be setting aside £3.65 on the final day and have a total of £667.95 in savings! In a leap year, you’ll save £671.61.
By setting money aside little and often, the idea is that you’ll find it easier to make room in your budget for saving, and start a habit you’ll hopefully continue.
The challenge has been popularised by bloggers like Skint Dad and the Monzo Community love it!
Skint Dad's 2018 1p Savings Challenge 😎— Skint Dad (@SkintDad) January 1, 2018
Not only is it an easy way to save; if you manage to complete to whole 365 days of savings, you'll have a tidy sum of £667.95 saved 😮
Get your free printables here >> https://t.co/onxOVNYSWQ
Happy savings & a very happy New Year! 😁 pic.twitter.com/r6LiAlIQNn
How to do the 1p Saving Challenge with Monzo
You can do the challenge by printing off a chart, moving the money manually and ticking it off every day. But if you use Monzo, you can do it automatically with help from IFTTT.
- Head to the 1p Saving Challenge on IFTTT and tap ‘Get Started’
- You’ll need to log into Monzo and agree to some terms
- Next, choose which pot you’d like to put your savings in (or go to your Monzo app to make a new one)
- Tap ‘Save’ to get started!
We’ll move the money into the pot you chose every day automatically.
You can try different variations of the 1p Saving Challenge too, like saving £1 every week or doing it in reverse, starting with £3.65 and decreasing the amount you save every day instead.
You can find a list of all the options in our community, and see how other people have been getting on!
To start the 1p Saving Challenge, download Monzo today!