11 Jun 2019

Do the 1p Savings Challenge monthly and save £667.95 a year

The 1p Savings Challenge usually involves saving a little bit of money, every single day. Normally, it starts by setting aside 1p. Then next day you save 2p, the day after 3p, and so on.

But rather than saving every single day, we’ve seen lots of people in our 1p Savings Challenge community taking on the challenge monthly instead.

Doing the 1p Savings Challenge this way is useful if you get paid monthly. So you can set aside your savings every payday.

And you’ll still have £667.95 set aside at the end of the challenge!

Do the 1p Savings Challenge monthly with Monzo

You can do the 1p Savings Challenge monthly with Monzo by creating a Pot and putting the right amount in every month.

  1. Download the Monzo app
  2. Head to the Account tab and create a Pot (a place where you can set aside your savings from the challenge)
  3. Move the right amount of money into your Pot every month (as soon as you get paid or whenever works for you)

Use the chart below to find out how much you need to add.

Month How much to save Running total
January £4.96 £4.96
February £12.74 £17.70
March £23.25 £40.95
April £31.65 £72.60
May £42.16 £114.76
June £49.95 £164.71
July £61.07 £225.78
August £70.68 £296.46
September £77.55 £374.01
October £89.59 £463.60
Novemeber £95.85 £559.45
December £108.5 £667.95

You can even set a goal of £667.95 for your Pot. And lock it for a year to make it harder to dip into the money.

Join the 1p Saving Challenge group

If you’re doing the challenge, join our 1p Savings Challenge group on Facebook to keep each other motivated! Good luck 💪

Join the 1p Saving Challenge group


To start the 1p Savings Challenge, download Monzo today!

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