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:


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


(Danny) #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:)