The 1p challenge

Help
1

What happens to the 1p challenge on 31December? Does it revert to 1p on 1Jan?

2

I presume it just keeps going, so you’ll be at £3.66, £3.67 etc

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3

I hope that is NOT the case. I thought it was an annual challenge to save £671.61 in 365 days so it should revert back to 1p again on 1st Jan? Otherwise, there would be no end to it and I would be bankrupt!

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4

I believe it restarts from reading other peoples comments on here. I guess there’s only one way to find out for certain though and there’s not long to wait now :slight_smile:

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5

It restarts

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6

As @Rat_au_van informs, it restarts - assuming you are talking about the IFTTT integration?

That integration processes the day number of the year in pence for automatic transfer from your main account to a designated pot. So if it was active for today you’d see £3.45 transferred because today is day 345 of 2020. 01-January is day 1 of 2021, so even if you let the same IFTTT activation continue through 2020 and into 2021, you’d see a transfer of £3.66 on 31-Dec-2020 and then a transfer of £0.01 on 01-Jan-2021, then £0.02 on 02-Jan, and so on.

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7

And the same concept applies to the £1 per week challenge - hard reset on Jan 01.

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8

Great idea. In a few days time, because I did both challenges, I’ll have over £2k put aside. I’m certainly going to leave it run in 2021. R-

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9

Thanks for your help everyone. As I had hoped, it should restart from 1st Jan.
Stay safe.

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10

I’ve been doing the 1p challenges this year. However, it’s filled up my transaction history to such an extent that it’s now much harder to look through and find other transactions.

I think that next year, I’ll instead attempt to save some cash on a weekly or monthly basis.

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11

There’s a weekly savings challenge but I’ve not seen a monthly one. You might have to setup a scheduled deposit into a pot for that one.

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12

Yes, that would be my approach. Otherwise the transaction history just becomes incomprehensible.

13

I had a similar problem too. I also had the issue where I kept finding that what I had left in my budget for the month was more than what I had in my actual bank account. I soon realised it was the cumulative effect of putting the money away every day, I didn’t take that into account when budgeting. I started to spend time figuring out how much I would need to put aside for the month in order to keep it going, at which point it became more trouble than it was worth.

Absolutely amazing way to save though.

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