Save £667.95 a year with the 1p Saving Challenge

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 :smile:

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In my hunt for this on IFTTT, I came across the £1 savings challenge :stuck_out_tongue_winking_eye: Similar concept but much more aggressive :boom:

£1 per week on an increasing basis :yum: It’s great, if I can stick with it (and it’ll get difficult) I’ll have £1378 at the end of the year :sunglasses:

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Hey Beatrice,

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!

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And if you want to catchup… or do it in reverse, here are the current totals… (includes weekly/monthly breakdown cos I was bored)

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@bea, I’d definitely have used this as an opportunity to shout about pot goals :grin: “You can see your progress against the 1p savings challeng using Monzo’s Pot Goals” :wink:

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Not sure if its intentional, but Weeks 26 and week 27 are the same amount. By week 52 shouldn’t the amount be £52?

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Thank you! I must’ve messed up when I split it into two columns :see_no_evil: I’ve rectified that and updated the screenshot :sunglasses:

Nice spot :smiley:

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Can’t use IFTTT with Joint Accounts though :sob:

Great to see monzo pushing IFTTT, hope we get more triggers though.

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Feeling the heat from dozens, i wonder :thinking:

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

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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:

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Yep, def don’t want IFTTT to access all of my data.
Would be a lot cooler if Monzo created it.

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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.

IFTTT will only access your data when there’s a need to (because you’ve set up an applet). The data they can access is also highly time-limited (48 hours of transactions, for example). They use the data in line with their privacy policy. You can go to ifttt.com/privacy to view an export of all the data they hold on you or delete all the data at any time.

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Are you possibly able to provide the spreadsheet for this please, would love a tracking spreadsheet in that format!

Here you go :slight_smile:

I’ve exported my Google Sheets version and uploaded it :raised_hands:

Does this work with joint bank accounts?

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Unfortunately not :sob:

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Just wish it worked with Joint accounts. :frowning: