The personal finance website founded by Martin Lewis, MoneySavingExpert.com (MSE), has outlined a straightforward and "relatively painless" method for Brits to build a savings pot of £667.95 throughout 2026. The strategy, known as the 1p savings challenge, is designed to incrementally grow your savings habits day by day.
How the 1p Daily Savings Challenge Works
The mechanics of the challenge are beautifully simple. You begin on the 1st of January by saving just a single penny. On the 2nd, you save 2p, and on the 3rd, you save 3p. This pattern continues every single day, increasing the amount saved by one additional penny. By the time you reach the final day of the year, December 31, you will be putting away £3.65.
If followed diligently, this daily accumulation results in a total yearly saving of £667.95. The MSE team emphasises that the system is flexible. If you miss a day or decide to start later in January, you can easily catch up by depositing the sum of all the missed days' amounts. For instance, starting on January 5th would mean an initial deposit of 15p (1p+2p+3p+4p+5p), followed by 6p on January 6th.
Flexible Saving Methods and Digital Help
You are not tied to physically dropping coins into a jar each day, though that is one option. MSE suggests using a downloadable chart to track your progress. For those who prefer digital banking, setting up a daily transfer is another approach. The experts also offer convenient alternatives for those who find daily transactions cumbersome.
"You could put away the month’s total in one go if you prefer," MSE advises. "Alternatively, you could split it equally over 12 months and set up a standing order." This monthly method would require a payment of £55.67, a rounded figure that actually gives you a 9p bonus over the challenge period.
Customers of the digital bank Monzo can access an automated version of the challenge through their app. Furthermore, Monzo's Extra, Perks, and Max account holders can "level up" the challenge in 2026 by opting to save 2p or 4p on day one, thereby doubling or quadrupling the final pot.
Other Popular Savings Challenges to Consider
For those seeking different targets, MSE highlights other effective savings methods. The classic £1-a-day challenge nets you £365 over a full year. Another popular option is the weekday-only challenge.
This involves saving £1 on Monday, £2 on Tuesday, £3 on Wednesday, £4 on Thursday, and £5 on Friday, skipping the weekends. This weekly total of £15 adds up to a substantial £780 over the course of the year, providing an even larger financial cushion for 2027.
The core message from Martin Lewis's team is clear: building savings doesn't have to be daunting. By starting with tiny, manageable amounts and increasing gradually, the process becomes almost effortless, turning small change into significant sums.
