I saved £667.95 in just one year using the 1p savings challenge backed by money expert Martin Lewis – and barely noticed the money leaving my account
Four words typically echo throughout January each year – New Year, New Me. With the indulgences of the festive season behind us, many are turning their attention to fitness and dieting. However, what often slips people’s minds is that a new gym membership or healthier meals can be expensive during a period when finances are stretched.
So, it was a pleasant surprise at the start of 2026 to discover £667.95 in my account, ready to be spent on whatever I desired. The best part? This money came from funds that I barely noticed departing from my account initially.
It all began exactly a year ago when I joined Monzo’s 1p challenge – a scheme particularly favoured by Martin Lewis.
What is the 1p challenge?
The concept is quite simple. On the first day of the challenge, you save 1p.
On the second day, you save 2p, the third day 3p, and so forth until you’ve completed 365 days of the year.
The maximum amount that will ever be deducted from your account is £3.65 – on the very last day of the challenge. By the end of the challenge, you’re left with a grand total of £667.95.
You never have to fret about withdrawing a large sum from your everyday account; you just need to ensure there’s a maximum of £3.65 available.
How I achieved it
While the amounts are relatively manageable, remembering to save every single day might seem a bit daunting.
Fortunately, Monzo handled all the legwork for me. Once configured, it will automatically move the escalating sums from your current account into a virtual savings “pot”.
You can even earn interest on your savings if you subscribe to the premium accounts such as Monzo Extra, Perks, Max or Max + Family.
What if I don’t bank with Monzo?
Whilst the digital banking application proved invaluable for me, there are numerous other resources available to help you reach this target.
Martin Lewis’ Money Saving Expert website offers a straightforward downloadable table. You can mark off one box daily to monitor your progress.
For those with piles of loose change lying about, you could attempt the challenge physically – by depositing increasing amounts of change into a piggy bank or sealed jar each day.
Setting daily reminders on your mobile to transfer the funds might also prove effective.
Alternative approaches to complete the challenge
If daily saving still appears too demanding, there are additional strategies to reach the crucial £667.95. You could opt for monthly savings instead, which may prove more practical.
The figures you’d require are as follows:
- January: £4.96
- February: £12.74
- March: £23.25
- April: £31.65
- May: £42.16
- June: £49.95
- July: £61.07
- August: £70.68
- September: £77.55
- October: £89.59
- November: £95.85
- December: £108.50
Alternatively, you could sidestep saving the largest amount during December, traditionally the most expensive month, by reversing the sequence:
- January: £108.50
- February: £95.85
- March: £89.59
- April: £77.55
- May: £70.68
- June: £61.07
- July: £49.95
- August: £42.16
- September: £31.65
- October: £23.25
- November: £12.74
- December: £4.96
