A popular money-saving challenge known as the Monzo 1p challenge could help savers accumulate £667.95 by next Christmas. The challenge involves starting with a 1p saving on day one, increasing by 1p each day, so day two is 2p, day three is 3p, and so on for 365 days.
One Reddit user praised the scheme for helping them afford a new phone after their previous device broke before the festive period. The user managed to save £540, which covered the cost of a £562 phone, and said: 'Thank God for Monzo 1p challenge. Phone broke within a day of withdrawing the money... Phone arrived today. No more potato phone and all within budget.'
The total saved does not include interest, so participants could end up with slightly more. Monzo also runs prize draws for those who complete the challenge and opt in, offering chances to win cash prizes up to £10,000.
Participants can pause the challenge and catch up on missed days later, or even withdraw money and redeposit it. To join, you need a Monzo personal account and must start the challenge before the end of January.
