The 1p saving challenge!


(Jack Donovan) #1

So, I’m doing a great thing with my pot. I’d love to be able to do this automatically soon though… As at the moment I have to do it daily myself.

It’s called 365 saving :slight_smile:

Day one - 0.01p in the pot.
Day two - 0.02p in the pot
Day three - 0.03p in the pot. Etc…

And guess what. In 365 days you have 667.95

Hope this helps :heart_eyes:


365 Day Money Saving Challenge 💱
How do you use Pots?
If you haven't moved over, what's stopping you from making Monzo your main bank?
Possibility to setup an automatic "challenge" saving on Pots
How do you use Pots?
Automating Pots - The Technical Details
(Herp Derp) #2

Decent!

I am gonna do this!

EDIT:

Link to site with more downlables


(Kevyn) #3

Wouldn’t it be quicker to do this in weekly or monthly steps? Maybe its just me :grin:.


(Jack Donovan) #4

Glad to help mate. I can’t save, at all. So this is really helping me :joy:


(Jack Donovan) #5

Kind of, its really for people who struggle to save, and obviously the most you put away in one day is £3.65 which most people spend on a coffee

Alot easier to put away small amounts per day than big chunks, which somebody might spend on something else :smiley:

Edit : if it was automatic though… :kissing: the whole point is that you don’t notice you are saving :smiley:


(Leonard) #6

I did a similar thing a few years ago to help me get into saving. I did the £1/week thing (so Week 1: £1 , Week 4: £4 etc.) but did it in reverse, so the first week £52 so that it’d get easier with each week (and that I wouldn’t struggle when it came round to Christmas time!) Ended up saving around £1.3k!

I think these savings plans are really good to help people start saving and if we could set up an automatic saving plan in Monzo that’d be awesome!


(Toby William Shaw) #7

If you like that then you should check out something called Plum. Plum is a tool which links to your bank account and automatically takes small amounts out of your balance every few days. Roughly the amount you might spend on coffee. After 1 month I’d saved like £60 without even realizing. You can also set your saving style.

Give it a go. If you do, use my referral link. https://friends.withplum.com/r/2NNg86

Reminds me very much of Monzo actually :slight_smile:


(Toby Toller) #8

I used to love Plum, but until it integrates with Monzo I don’t have any use for it.

I don’t love it enough to keep using my HSBC account in any way!


(Toby William Shaw) #9

I fully get that (also, we have the same first name JS)

I tried to add my Monzo account yesterday but realized you can’t just add account details, they have to actually support the bank.


#10

I do this :+1:

On the first of each month I just put the whole months savings into a Pot :honey_pot:


(Herp Derp) #11

So we are on day 44 meaning we should have save £8.19 correct?


#12

Day 45. £10.45.


(Dan Bennett) #13

This would be cool, if automated saving was a thing. There is no way I’m going to remember to do this every day! :laughing:


(Rhys Short) #14

I’d love it to be automatic. Currently I have my phone remind me to do it every morning.


(Geoff Pascoe) #15

I like the idea, but why would you put it in a pot? If you’re going to put money away and you’re not going to touch it for a year you may as well put it in an account that earns interest.


(Jack Donovan) #16

I dread to think how much interest you would earn on that amount nowerdays. It would have to be an instant access savings account so you are looking at around 0.5% if you had 600 in a 0.5% account for a year, you would earn £3… Starting at £0.01 and ending with 600 odd, is going to earn me a Freddo. I’m sure Monzo would send me one if I asked


(Geoff Pascoe) #17

You could put it in a Nationwide current account and earn 5%. There’s many options that would earn you way more than 0.5%


(Jack Donovan) #18

I don’t want one. :joy: interest is a dying thing. The young generation don’t give a shit about interest.

It’s all about saving what you can.


(Toby William Shaw) #19

Totally agree. In my generation we don’t care about deferred gratification. We want it instantly. If we know that to get a good amount of interest we have to commit to a whole year of savings then it will just put us off all together. So much easier to just put a certain amount of money away and when you need it you know exactly how much I’m gonna get when I want to withdraw it. Probably sounds stupid but it’s just the way we live now.


(Richard Cook) #20

Really interesting idea! How are people getting on with it so far?

(And I moved this to our Financial Chat board. It’s exactly the kind of thing we want to see here :slight_smile:)