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366 Day 1p Challenge 2020

edited 22 January 2020 at 11:22AM in Debt-free Wannabe Challenges
267 replies 27K views


  • Can i join please?

    I saw this on another blog site and have decided to do the challenge a bit more flexibly. So my plan is to pay off any amount on the grid.
    I don't always have cash so i have done both a money pot for loose change as i come across it and i have also got a savings account that i am transferring the money into. My plan is to track what I have put in and then every time i get to £50 i will transfer to my overdraft and reduce it. The interest is too much to wait til the end of the year, but it will help me get on top of the debt quicker. Having a regular reminder of putting money aside and not spending everything i have will help my mindset. Usually when i have money it gets spent asap. When my overdraft is cleared i will use the rest to spend on xmas at the end of the year.
    Declutter 2020 - 267/2020 :j
    PAYDBX 2020 £4933.65/£11,384.65 :T
    365 Saving challenge #37 £50/£671.61
  • lar90lar90 Forumite
    22 posts
    10 Posts First Anniversary
    Can I join please? I'm going to do it in a random order and tick off the spreadsheet to allow for days/months that are tighter than others. I know it doesn't allow for the full year but I'd like to use it for next Christmas.
    Starting Debt (May 2019) - [STRIKE]£19116[/STRIKE] Current (Nov 19) £12237
    Very - £350/£550 | Argos - £342 | TC Overpayment - £150/500 | Overdraft - £2000
    CC - £6471/£15866
  • Yes please! This will pay for Christmas 2020!
  • gettingtheresometimegettingtheresometime Forumite
    6.3K posts
    Tenth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
    lar90 wrote: »
    Can I join please? I'm going to do it in a random order and tick off the spreadsheet to allow for days/months that are tighter than others. I know it doesn't allow for the full year but I'd like to use it for next Christmas.

    What I do is do it in order but if I save/pay off a large amount I tick off boxes that add up to that amount (if that makes sense) working backwards.

    As an example I paid off £23 from sales on eBay so I ticked off 3.66 (I've added one day as this year is a leap year) etc and the box that equates to the balancing amount
    Lloyds OD / Natwest OD / PO CC / Wescott / Argos Card / JD Williams cleared :) thanks to the 1 debt v 100 day challenge
  • 10059221005922 Forumite
    174 posts
    Seventh Anniversary 100 Posts
    I'm in, set it up with IFTTT on Monzo so no effort required
  • ButtiButti Forumite
    5K posts
    Part of the Furniture 1,000 Posts
    I'd like to join too please. Holiday in the US in December!!

    B x
    Debt LBM (08/09) £11,641. (08/12) £22,734. (12/20 )£1630
    Diary 'Butti's journey : A matter of loaf or death'.
    Diary 2 'The whimsical tale of the Waterbed of Debt'
    48% off mortgage[/COLOR]
    'one day I will be rich and famous…for now I'll just have to settle for being poor and incredibly sexy'. Vimrod Member of MIKE'S :cool: MOB
  • Can I join please? Had already decided to do this after reading it about it elsewhere, love the idea of the spreadsheet and think I will just tick of random days depending on what's in my purse.
  • DJB343DJB343 Forumite
    44 posts
    Part of the Furniture Combo Breaker
    0.50p into the pot today!
    DEBT - £34,469 | £15,979 REMAINING - GETTING THERE
  • UnseenGhostUnseenGhost Forumite
    49 posts
    10 Posts Photogenic
    I decided to tick off a few days in one go and so have transferred £3.85 into my savings account :)
    366 Day Penny Challenge 2020 #15 - £671.61/£671.61
    Virtual Sealed Pot Challenge 2020 #15 - £556.83//£550

    Always looking for tips to save.
    Currently saving to hopefully move out of my family home in the next year or two!
  • edited 3 January 2020 at 9:59AM
    elsiepacelsiepac Forumite, Board Guide
    2.1K posts
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 3 January 2020 at 9:59AM
    Firstly I want to make sure you've all seen the the first post has been updated with the brilliant MSE spreadsheet created specially for us! Thank you MSE Molly for this and your very comprehensive blog post about the challenge!

    Welcome soupy600, MostlyFine, AH67, IvysMom, MSE Molly, jammydidgersandrhl, lar90, doshnumpty, 1005922, Butti, Rainsey and MSE Tine! Please check the second post for your challenge numbers.

    Lassieh already added you earlier up the thread - you are number 24.

    Great stuff CazzieLT, and my pleasure, I love a good challenge!

    Well done DJB343, squirrelgirl, IvysMom, MSE Molly and UnseenGhost for putting away those pennies!

    jammiedodgersand rhl sounds like a great plan and how lovely to be able to pay off your overdraft just by putting these little bits aside!

    1005922 that sounds great, you'll be able to forget about it until suddenly at the end of the year you'll have a brilliant stash! I know MSE Molly mentions about Monzo in her brilliant blog post on this challenge so great to know it's so easy!

    I had a very long day yesterday and forgot to pot anything! However I'm a few days ahead so I'm not too worried, and I will put in 2 amounts tonight when I go home to make up for it and keep my extra days "in the bank" as it were!!
    I'm using a Terramundi pot for my challenge, so that'll be fun emptying it without breaking it at the end! :eek:
    I'm a Board Guide on the Old Style, Greenfingered, Energy & Going Out Deals boards which means I'm a volunteer to help the boards run smoothly and I can move and merge threads there. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this) Any views are mine and not the official line of MoneySavingExpert.

    GC: Jan 21 £tbc/£250
    Vegan 27-8-13
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