Penny A Day Spending

Like many others, I’ve been taking on the Penny A Day savings challenge.

If you’re not sure what it is then here we go for a quick summary…

Going Up - Jan 1st you save 1p. Jan 2nd you save 2p. Jan 3rd you save 3p. Feb 1st you save 32p.

Going Down - Jan 1st you save £3.65. Jan 2nd you save £3.64. Jan 3rd you save £3.63. Feb 1st you save £3.33.

This year I started off doing this manually, starting at 1p and working up. Then IFTTT support came in to automate this which has been great (but I would like the ability to change the time that this triggers!).

I will be running this again next year, but in reverse to see how that pans out.

If you have been doing this for a whole year, come Dec 31st you’ll have £667.95. So my question is…

What will you do with it?

IFTTT links below…


I’m going to start this in the new year, Will probably just use as my Xmas presents budget.

Hopefully locked pots will be available soon :smiley:

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I was supposed to do this year but forgot to keep up with it… :older_man:
How did you manage to keep up with it? Just daily reminders or did you cheat if you’d forgotten any one day?

Might try and do it next year on top of my regular savings.

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IFTTT does it automatically :wink:

Take on the 1p Savings Challenge


I do it via IFTTT as well, and then when the pot gets to £50 transfer the money into a savings account. I was wondering if it would automatically start again on January 1 or whether I will have to set it up again?

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It should start again. Of course you can turn the applet off.


I cheated and worked out the total contribution for the month, making one monthly payment.

I need to disable the applet as I left it running, but frequently run my account at ~£0 keeping money in pots until it’s needed. I get a failed notification almost every morning :speak_no_evil:


I’ve just signed up to IFTTT just to try this. Let’s see how it goes!!

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Enjoy Richard, and good luck! :moneybag:

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I started in Jan manually then switched on IFTTT, I move the money to the little ones savings account so it earns a little interest and something for when they are older.

Will keep this running next year as well.


I went up until September, then it got a bit too much for me, so have used the going down version since then.

Save me £400 out of nowhere though and will do the same again. I love the IFTTT just for that. Agree though, would love to change the activation time from 8am!

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Ah-ha!!! :male_detective:
Guess I’ll be switching on that applet on Jan 1st !
Thanks for highlighting that one for me. :raised_hands:

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Is it possible to automate a payment? Eg when it reaches £20 pay off part of my Visa bill?

Do we know if this works on Joint Accounts? :thinking:

Not currently, as there are no pots for Joint Accounts. I would also imagine a bit of tweaking will be needed by Monzo on the IFTTT recipes to select the account.

Not quite sure how I didn’t manage to work that one out myself :man_facepalming:t2:


I like you was late to the party and therefore started the challenge in June, so I am now almost 200 days in,

Doing this manually every day is now properly embedded into my routine, never missing a day, I kind of want to see if I can keep going aiming for a second year.

I’ve just described this to my friend and he doesn’t understand the logic behind it. :joy::joy: In his mind, why not just split the savings into £55 a month or so instead of starting little and then having your cashflow heavily disturbed around Christmas.

I argued that I guess it’s down to peoples preferences and willpower. Anyone else got other arguments to add (I do see his point to be fair, but I am not dismissive of this idea like he is)

Do it back to front.

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