Save £667.95 a year with the 1p Saving Challenge

Partially for me because at least for the first half of the year I won’t notice the money coming out, so it’s additional savings.

For everyone requesting access to the Google Spreadsheet I shared? I’ve set it up to be viewable from the link.

So there shouldn’t be any need to request access?

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Don’t forget it’s a leap year!

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I should probably update my spreadsheet to account for that.

I say ‘probably’ I won’t actually do that though… :joy:

I know this is an old post but it’s appeared on the blog again:

I liked the idea of these type of saving challenges however I always found that it’s easy in the beginning when it’s only £1 week 1. £2 pound week 2. But towards the ends it’s harder to find £40 to £50 a week to put away so instead I take the amount I want to save and average it out throughout the year.

E.g in your example of 1378. it’s easier to put away a set amount of £26.50 every week which would be the same amount. If you can’t start The year by putting £26.50 away a week from the get go then you definitely won’t be able to do the £40 to £52 a week needed in the months of November and December, especially during Christmas when money is tight.

Using a fixed amount I don’t need to use IFTTT and just set up a scheduled payment to a pot directly from the Monzo app to go out every Monday for 26.50.

The daily one starting at 1p I found it was also easier to average it out at £1.80 a day than start with 1p and towards the end of the year you looking for £3 everyday.

That aside these methods are getting people saving and it’s a good thing.

Or do the 1p/weekly ones in reverse?

Whatever works, all saving is good saving.

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Agree there @gmclean. I didn’t quite get myself organised to start 1 Jan - but IFTTT working now and there is a £9 start in the pot. If I can avoid dipping into it I willl have a tidy sum for the festivities.

Do I have to start the IFTTT thing off again in 2021? R-

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I don’t think so, once IFTTT rules are running they won’t stop, so in theory 1p on 1st Jan 2021 will get processed.

In theory…

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Ok. Need to first test my will power in 2020. R-

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Lock that pot, hide that pot! (I mean if you are on Android). Clearly those of us on iOS have enough willpower (or we’d be running Android phones ugh… :wink: )

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iOS here - but I appreciate the support :innocent:. R-

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