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!
By setting money aside little and often, the idea is you’ll find it easier to make room in your budget for saving, and start a habit you’ll hopefully continue.
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!
How to do the 1p Savings Challenge with Monzo
Before you start, you’ll need a Monzo account and an app called IFTTT. It stands for ‘If This, Then That’, and lets you link your Monzo account to other apps and set up rules to move your money around automatically.
Head to the 1p Saving Challenge and tap ‘Get Started’
You’ll need to log into Monzo and agree to some terms
Choose which Pot you’d like to put your savings in
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 doing it in reverse so you start by saving £3.65 and decrease the amount you save every day instead.