We originally wrote this post in 2019 - we've now updated the 1p Savings Challenge for 2020! Click the link to read the post and find this year's IFTTT recipe!
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! In a leap year, you’ll save £671.61.
By setting money aside little and often, the idea is that 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 with help from IFTTT.
The challenge has been popularised by bloggers like Skint Dad and the Monzo Community love it!
Skint Dad's 2018 1p Savings Challenge 😎
— Skint Dad (@SkintDad) January 1, 2018
Not only is it an easy way to save; if you manage to complete to whole 365 days of savings, you'll have a tidy sum of £667.95 saved 😮
Get your free printables here >> https://t.co/onxOVNYSWQ
Happy savings & a very happy New Year! 😁 pic.twitter.com/r6LiAlIQNn
How to do the 1p Saving Challenge with Monzo
The 1p Saving Challenge can be done manually by printing off a chart, moving the money yourself and then ticking it off. But doing it with Monzo automates this for you, with help from IFTTT.
Head to the 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 go to your Monzo app to make a new one)
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 saving £1 every week or doing it in reverse, starting with £3.65 and decreasing the amount you save every day instead.
You can find a list of all the options in our community, and see how other people have been getting on!
To start the 1p Saving Challenge, download Monzo today! 💰