How much do I need to budget each month for the 2x or 4x Saving Challenge?
Joined the Monzo 1p Saving Challenge at 2x or 4x level and wondering what you’ll need to save each month? We’ve crunched the numbers for you!
How the challenge levels work
The standard 1p Saving Challenge saves you £667.95 over a year. You save 1p on day one, 2p on day two, 3p on day three, and so on. (You can read the full details on how it all works in this article.)
But if you’ve upgraded to Extra, Perks or Max, you can multiply your daily savings like this:
2x level: save 2p on day one, 4p on day two, 6p on day three, and so on – reaching £1,335.90 by day 365
4x level: save 4p on day one, 8p on day two, 12p on day three, and so on – reaching £2,671.80 by day 365
You’ll earn 5% AER (variable) interest paid monthly. If you join the challenge at any level on or before 31 January 2026, you’ll also be in with a chance of winning £10,000. Plans from £3 a month. UK residents, 18+. Monzo personal account required. 5% AER (variable) interest on Challenge Pot if you upgrade. Challenge and prize T&Cs apply.
Your monthly budget: standard level
If you’re sticking with the classic 1p challenge (available to all Monzo customers until 31 January 2026), here’s what you'll save each month…
Month | You'll save |
|---|---|
January | £4.96 |
February | £12.74 |
March | £23.25 |
April | £31.65 |
May | £42.16 |
June | £49.95 |
July | £61.07 |
August | £70.68 |
September | £77.55 |
October | £89.59 |
November | £95.85 |
December | £108.50 |
Total saved: £667.95. If you’re on a subscription plan that earns 5% interest, you start on 1 January, and complete the full year, you’ll earn roughly £11 in interest.
Your monthly budget: 2x level
Month | You'll save |
|---|---|
January | £9.92 |
February | £25.48 |
March | £46.50 |
April | £63.30 |
May | £84.32 |
June | £99.90 |
July | £122.14 |
August | £141.36 |
September | £155.10 |
October | £179.18 |
November | £191.70 |
December | £217.00 |
Total saved: £1,335.90 plus around £22 in interest if you’re earning a 5% interest rate as an Extra, Perks or Max customer, and you complete the challenge.
Your monthly budget: 4x level
Month | You'll save |
|---|---|
January | £19.84 |
February | £50.96 |
March | £93.00 |
April | £126.60 |
May | £168.64 |
June | £199.80 |
July | £244.28 |
August | £282.72 |
September | £310.20 |
October | £358.36 |
November | £383.40 |
December | £434.00 |
Total saved: £2,671.80 plus around £44 in interest. Heads up – the 4x level gets serious quickly. You’ll hit £100+ monthly from March onwards, and December alone requires £434.
The interest adds up
If you’ve upgraded to Extra, Perks or Max, your 5% AER (variable) interest gets paid monthly straight into your Challenge Pot.
Over the full year, you'll earn:
2x level: around £22 in interest (total pot: ~£1,357)
4x level: around £44 in interest (total pot: ~£2,715)
Bear in mind that interest rates can change, so your actual earnings might be slightly different.
Making it work for your budget
Switch levels anytime: you can change between 1x, 2x and 4x whenever you need to. Your new level starts the next day. You could begin at 4x and switch to 2x or 1x when things get pricey towards Christmas – you can do it however you like.
Front-load if you can: if you want to be cautious you can move each month’s total into a regular locked Pot when you get paid.
Mind the festive months: for a lot of people, November and December are expensive months – both for the challenge, and for life. If you’re doing 4x, you’ll need over £800 across those two months on top of possibly buying presents and celebrating. Pause when needed: need a break? Pause your challenge and catch up whenever you’re ready.
Why people stick with it
December might look daunting on paper. But by then, you’ll see hundreds (or thousands) of pounds building up. That can make it easier to find the money – and the motivation!
And you’re not just saving; you’re proving you can build a habit that sticks. Whether it’s for a holiday, an emergency fund or just peace of mind, watching your savings grow feels great.
Getting started
To join the 2x or 4x levels, you’ll need Monzo Extra, Perks or Max (plans start from £3 a month).
Start by 31 January 2026 to enter the £10,000 prize draw. You’ll need to have caught up on all your daily savings by 11:59pm on day 365 of your challenge to be eligible. You’ll still be eligible for the prize draw if you switch levels, as long as you’ve saved every day and reached your final saving goal.
If you’re on a subscription plan, you’re automatically entered into monthly £100 prize draws when you stay up to date with your savings.
Ready to give it a go? If you’re already a customer you can open your Monzo app and search for ‘Saving Challenge’. Not got Monzo yet? Sign up for a free current account today.