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For many people, A new year is a new beginningmaking personal and professional resolutions. But some may also be considering financial solutions 2026whether it’s spending less or saving more.
Every year, more and more people take on the Penny Savings Challenge to help them do just that, from The first day of 2026.
This trend is gaining popularity every year, Help savers pack their belongings At the end of the year, they may not realize that the money has been saved, more than £660.
The year-long challenge works by saving 1p on the first day, then 2p on the second day, 3p on the third day and so on.
By day 30 savers will have saved £4.64, by the time they are halfway through the challenge they will have saved £168.36 and by day 365 they will have saved £667.95.
However, by day 300, savers will be saving more than £3 a day, which is more impressive than just a few cents. For this reason, some people choose to work the challenge in reverse, starting at a maximum of £3.65 and working their way down.
This challenge is supported by Martin Lewis‘ money rescue expert The (MSE) team describes it as “a smart, fun and relatively easy way to accumulate an amazing amount of money.”
Former MSE writer Molly Mileham-Chappell described how she and her husband successfully completed the challenge a few years ago, saying: “Completing this challenge alone saved me £667.95 over the year, so between the two of us, we saved £1,335.90 in 12 months. If you can afford to take part, please give it a try.”
To make the challenge easier, digital banks Monzo Customers will once again be allowed to register for challenges on their app. This will see a certain amount of funds deposited for instant access savings Automatic accounting every day.
Receive a free partial share worth up to £100.
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Receive a free partial share worth up to £100.
Capital is at risk.
Terms and conditions apply.
advertise
Participants who successfully complete the challenge before the end of the year will also be entered into a £10,000 prize draw.
Marc Sfeir, product director at Monzo, said: “Last year we saw over a million people take part in the savings challenge, proving that small steps can lead to big wins.
“In 2026, we’re making it even more meaningful – with new levels, higher interest on savings and, of course, taking back the chance to win £10,000. Helping people grow their money with confidence and develop habits that make their money work more effectively is part of our mission.”
Customers can start a challenge on the app at any time until January 31, 2026, and can withdraw their deposit, pause or stop the challenge at any time.