I know lots of you are big fans/experts already! But we’ve put together a quick post explaining how to do the 1p Savings Challenge for anyone who hasn’t heard of it yet or wants to try doing it automatically with Monzo and IFTTT
In my hunt for this on IFTTT, I came across the £1 savings challenge Similar concept but much more aggressive
£1 per week on an increasing basis It’s great, if I can stick with it (and it’ll get difficult) I’ll have £1378 at the end of the year
Great push from Monzo to get the word out about the way Pots and IFTTT can work together.
What I would say is what I’ve seen on twitter especially is that people are a little adverse to the permissions you agree to with IFTTT - maybe this could be addressed by Monzo so some more assurance is given to those who are a little uncomfortable with the permissions?
I love the penny challenge although I’m fairly certain I won’t make it past mid-November, that pot will be used for black Friday most likely!
And if you want to catchup… or do it in reverse, here are the current totals… (includes weekly/monthly breakdown cos I was bored)
@bea, I’d definitely have used this as an opportunity to shout about pot goals “You can see your progress against the 1p savings challeng using Monzo’s Pot Goals”
Not sure if its intentional, but Weeks 26 and week 27 are the same amount. By week 52 shouldn’t the amount be £52?
Thank you! I must’ve messed up when I split it into two columns I’ve rectified that and updated the screenshot
Can’t use IFTTT with Joint Accounts though
Great to see monzo pushing IFTTT, hope we get more triggers though.
Feeling the heat from dozens, i wonder
I’ve been scooping it up weekly and dropping it in my Marcus account, might as well pick up a few more pence from the interest
I’ve locked my 1p Challenge Pot. IF I can, on 1st January I’ll hopefully dump it (or some of it) to Marcus as well. Next year I’ll do it in reverse I think.
I like this, and I was in the process of replicating the spreadsheet when I realised that it relies on quite hefty deposits in the last weeks of the year. There’s no way I could do this, so I’ve adjusted the premise so it peaks mid-year and then drops again. The return isn’t as hefty, but I think it’s more workable:
Yep, def don’t want IFTTT to access all of my data.
Would be a lot cooler if Monzo created it.
IFTTT is of course entirely opt-in. Having spent an extensive amount of time working with them, they are culturally a similar company to Monzo and take privacy seriously.
Although the permissions list on the sign-in page is quite large, in practice IFTTT only currently are allowed by Monzo to access a subset of the things listed. We wanted to ask for wide up-front approval so that if we want to add more triggers and actions in future, you won’t be forced to sign in again and re-approve.
Are you possibly able to provide the spreadsheet for this please, would love a tracking spreadsheet in that format!
Here you go
I’ve exported my Google Sheets version and uploaded it
Does this work with joint bank accounts?
Just wish it worked with Joint accounts.