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.
Win £222 towards your 2022 savings goals
For the rest of January we’re sharing our favourite methods for saving money – and giving you the chance to win £222 towards your 2022 savings goals with #MonzoTopUpMyPot!
Just show us what you’re saving for to be in with a chance to win:
🍯 Create a Pot
🍯 Set a goal for how much £ you want to save
🍯 Screenshot your Pot and tweet it, or post it it to your Insta feed
🍯 Tag us and use #MonzoTopUpMyPot
The prize draw closes at 12am on Monday 31st January 2022.
We’ll choose winners at random once the competition ends, and only contact them through our verified social accounts or in-app chat.
The draws’s only open to Monzo current account customers in the UK, who are 18+.
Find out more and read the Ts&Cs. Good luck!