Anyone trying this 1p challenge?

[Bluebutterfly90]

I came across this on Facebook and it sounds good!
Obviously it would be a bother to get it done every day, and I probably wouldn't do it physically, I would try and do it on my online banking if I can.
Just wondering if anyone else has heard of this or given it a go before?
www.standard.co.uk/lifestyle/london-life/how-to-do-the-1p-challenge-a4323246.html

I tried it last year but only got until March before I got very bored with it/forgot to transfer it etc. I might give it another go this year though and see how far I get...

It's a nice idea but sounds an absolute ball ache to do practically, doesn't it?

I've done it before and found the best way is to mix it up - not do 1p then 2p etc. I just cross off whatever change I have in my purse and try and spread out the larger amounts across the year. Some days I do a few squares other days nothing.
I've never managed to finish it but have been able to get to about £400 which is a great help!

You don't have to do it on order though. If you have £2.31 in your purse put that in and score it off the list of amounts.

Also I put extra bits in for example if I sell something on Facebook then I'll divide that money up and cross off some amounts.

Sound like to much hassle, you know most banks do a save the change scheme now, that rounds up your transactions to the nearest pound and puts it in a savings account. Very easy to set up and you can do it through the app. I know Lloyd's and Halifax do it not sure on the other banks. I easily save around anything from £15-40 a month.

I have a Monzo card and I use that to round up my change. I've transferred 60 quid onto my travel money card already just from doing this.

It’s been around for years.
Like everything else it’s easy to start with great intentions!

By the end that’s actually quite a lot a week you need to save. Ok if you have a lot of money but tend to waste it, not very workable if you are on a tight budget.

I’ve been doing the spare change roundup on Revolut for the past few months...got about €400 so far without really noticing or trying

Sounds like a stupid gimmick. It's OK starting off with pennies, but if you do make it to the end of the year, almost all the savings come in the last two months, at an already expensive time of year and if you don't get that far, and I bet almost no-one will, you'll have saved hardly anything.

Just set up a standing order to save £50 pm on payday from January and forget about it until Christmas.

If you have a Monzo account get the IFTTT app (If This Then That: a coding term). You can automatically do this then. You can even do a reverse 1p challenge so that the highest amount takes taken on 1st January and then it reduced each day.

I run and via the IFTTT app linked to my Strava app and every time I run £1 for every 1k gets moved into a pot. I saved £500 last year and upgraded my Garmin watch to the latest one that has Spotify as a reward.

I ♥️ Monzo.

Off topic but I've been thinking about a Monzo account for spending money. Is it good? Trying to curb my spending this year so plan to transfer a set amount to that account every month and use that as spends and not touch my main account.

I did it a few years ago. It was a lovely little treat at the end of the year. You have reminded me to give it another go

I did it once but in the opposite direction, so I was gradually reducing the amount I saved and ending on the pennies in December.

Now I save 10% of every payment into the bank.

It's a bit convoluted. I'd never remember what I'd put in the day before, and lose track of where I was with it all. You'd have the same effect by putting away £2 a day, or £10 a week.

Or you could just transfer £56pcm into a savings account. Why make life harder than it needs to be?

Dispy it's fab. Every time you spend it assigns a category and you can easily see what you spend (food, personal care, eating out) etc. You can set a monthly spend budget. For example, my salary goes in and I allocate X as "fun" money. It tells you if you're on track to keep within budget. You can also set budgets per category. You can set up savings pots so I have one for travel and my Strava one. You can do all sorts. It brilliant.

Just set up a standing order to save £50 pm on payday from January and forget about it until Christmas.

That's what I've done for years. Although l save £100/mth.

This year...last year .... 2019.... l had about £300 left which I'll leave for xmas 2020

I am but it's done automatically from my pre paid card account.

@CSEpicFailure Thank you! I've signed up and set up the challenge! Looks really good in the app so far.

Yay @dipsy

I’m going to give it a go
I’m also saving 50p’s and £2 coins plus I already transfer £100 a month into a savings account