Savvy savers who started an ‘easy’ challenge at the start of the year have moaned they are being ‘bankrupted’ by trying to keep up in December.
At the start of 2025, UK-based digital bank Monzo launched its 1p savings challenge for the second year running, with more than a million people joining the programme by the end of January.
The Monzo 1p challenge was first launched in 2024 to help users automatically build their savings penny by penny over the course of 365 days, resulting in a lump sum of £667.95 at the end of the year.
The bank, which solely works through an app, is especially popular among younger generations.
Those who join the challenge have 1p taken out of their balance and put into savings on the first day of the year, followed by 2p on the second day, 3p on the third, and so on.
But while those who were initially drawn to the idea of small amounts of money being squirrelled away, many are now taking to TikTok to grumble about the growing figure they are having to commit every day.
With just over 30 days to go until the end of 2025, money-savers are lamenting that they’re putting in more than £3 per day into their savings pot, every single day.
One, @queencecy_, who is from London, joked that the challenge was ‘bankrupting’ her.
A TikToker who goes by the handle @queencecy_ took to the platform to share her gripes about the Monzo 1p saving challenge, which she joked was ‘bankrupting’ her
‘So I’ve got a bone to pick with Monzo, right,’ she said in her video, which she filmed as she walked down a street wearing black headphones and a lime green scarf.
‘Is anyone doing this 1p, save a penny for a year? Amazing! I can save a penny for a day. Duh.
‘Anyway, that’s what I thought. 1p at the beginning, 5p, 10p, whatever. Fine.
‘£3 and 9p left my account this morning. £3.10 is going to leave my account tomorrow. £3.11, et cetera, et cetera.
‘In what world, in this economic crisis, can I afford to spend £3 and whatever [pence] per day into a savings account?’
The London-based content creator acknowledged she would end the challenge with £667.95, but that didn’t stop her from griping about Monzo ‘sneaking in there’ alongside other charges, such as those from Transport for London.
‘I get it, and I’m happy and I’m saving, and I’m young and I’m saving,’ she added.
‘But f***, there has to come a point and maybe I’ve reached it because no one’s going to be getting Christmas presents at this rate.’
In the comments, others also quibbled about the challenge, with one person admitting they were only still in it as they hoped to win the £10,000 prize draw Monzo automatically signs users up for if they take part.
Another content creator Tasha Penney also shared her struggles with the savings challenge as the amount of money being put away each day increases to over £3
‘£3.24 today, I’ve got this far, not long to go and [delusional] thinking I’ll get the £10,000 for being loyal to the challenge,’ they wrote.
Another confessed: ‘The only thing keeping me going is the £10,000 prize that I’m convinced I’m going to win (I have £16 until payday).’
TikTok content creator Tasha Penney also shared a photo of herself with a thousand-yard stare and text over the image that read: ‘This Monzo 1p savings challenge is getting a little too serious.’
‘What makes them think I have £3 to give everyday [crying emoji],’ she added in her caption.
Tasha’s post also drew hundreds of people who were both amused by her struggle but also found it relatable as they were going through it as well.
‘The first week was cute. Now Monzo is demanding my kidneys,’ one commenter declared.
Another wrote: ‘If I’m being honest, it always pauses because I never have enough money and I always catch up when I get paid.’
Other TikTok users lamented their struggles with the 1p saving challenge, although many were still glad to be saving money
‘I’m in the £3 a day part and [your] girl is STRUGGLING,’ a third said, while a fourth added: ‘I’m glad it’s not just me in the trenches.’
Several people said they wished Monzo would implement a reverse challenge that started with a higher figure of daily savings and slowly reduced down to 1p as the year went on.
However, there is actually a way to do exactly this that not many people know about.
While Monzo does not offer an automated reverse 1p saving challenge, the bank said on its website that users can create one for themselves via the If This Then That (IFTTT) app.
By downloading the IFTTT app and searching for ‘Reverse 1p Saving Challenge’, you can connect it to your Monzo account and create a savings pot that will begin at £3.65 on the first day you start it and end on 1p after 365 days.
At the end, you will also have saved £667.95 but it won’t feel like such a huge pinch every day as the year comes to a close.
