As the new year dawns, many of us pledge to get fitter or eat better, but these resolutions often come with a hefty price tag. However, one savvy individual started 2026 with a welcome financial boost, discovering £667.95 saved and ready to spend, thanks to a simple hack endorsed by money saving expert Martin Lewis.
What Is The 1p Savings Challenge?
The principle behind the strategy is remarkably straightforward. You begin by saving just a single penny on the first day. The following day, you put away 2p, then 3p on the third, and so on, incrementally increasing the amount each day for a full year.
By the 365th and final day, you are saving £3.65. While that is the most you will ever need to set aside in one go, the cumulative effect is powerful. After completing the cycle, the total saved amounts to an impressive £667.95.
How Technology Made Saving Effortless
The writer of the original piece credits digital bank Monzo for making the process seamless. After a simple setup, the bank's app automatically transferred the escalating daily amount from their current account into a dedicated savings 'pot'.
This automation meant the money was saved without any daily manual intervention, making it painless to build a significant sum. Monzo customers on premium accounts like Extra or Max can also earn interest on their growing pot.
Completing The Challenge Without Monzo
You do not need a specific bank to benefit from this challenge. Martin Lewis's Money Saving Expert website provides a free, downloadable chart to track your progress day by day.
For those who prefer a tangible method, using a jar or piggy bank and physically adding coins each day is a viable alternative. Setting a daily phone reminder to make a manual transfer is another effective way to stay on track.
If saving daily seems too demanding, you can adapt the challenge to a monthly schedule. This involves setting aside larger sums once a month, with the amounts calculated to still reach the £667.95 goal by year's end.
You can follow the traditional ascending order, or reverse it to save the heftiest amount in January, avoiding a large outgoing during the expensive December period.
The key takeaway is that building a substantial savings buffer doesn't require drastic lifestyle changes. With a disciplined, incremental approach championed by experts like Martin Lewis, anyone can create a financial cushion with money they barely notice leaving their account.
