The 1p Saving Challenge involves saving a little bit of money, every single day.
It usually starts by setting aside 1p. Then next day you save 2p, the day after 3p, and so on. After a year, you’d be setting aside £3.65 on the final day and have a total of £667.95 in savings. The idea is that over time, you get used to setting aside money and building saving into your day.
Take on the challenge backwards
But we’ve also seen lots of people in the Monzo community taking on the challenge backwards! And starting by setting aside £3.65 and reducing the amount by 1p every day.
This means the challenge gets easier (rather than harder) over time. And the most challenging weeks won’t coincide with expensive times like Christmas. It’s great if you want to go hard while you’re still motivated, then ease up as the year goes on.
The best part is you’ll still have £667.95 in savings at the end of the challenge!
How to do the Reverse 1p Saving Challenge with Monzo
If you use Monzo, you can do the challenge automatically with help from IFTTT.
Head to the Reverse 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 make a new one)
Tap ‘Save’ to get started!
We’ll move the money into the Pot you chose every day automatically.
You could even set a goal of £667.95 for your Pot, so you can track your progress throughout the year!
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 or ‘applet’ like this one.
If you’re doing the challenge, join the 1p Savings Challenge group on Facebook to get daily updates and keep each other motivated!
How to do the Reverse 1p Savings Challenge manually
You also can do the challenge by using off a chart, moving the money manually and ticking it off every day.
Just print off the one below and start from the bottom!
You could even try ticking off random amounts if you want to spread the cost across the year.
Join the 1p Saving Challenge group
Join the 1p Saving Challenge group on Facebook to share your ideas and find tips from other people taking it on too. Good luck! 💪
To start the Reverse 1p Saving Challenge, download Monzo today!