Monzo 1p challenge
Discussion
Is anyone else doing this? It's a savings pot on Monzo, I started nearly a year ago, and it moves over 1p, then 2p, then 3p and so on each day from the main account to the savings pot. Mine ends on January 6th, I've had an email this morning to say I'm on track, on the end date the transfers will stop and the interest will go to 0% so move it to the regular account. Day 350, £3.50 went over today, £620.06 of the £667.95 goal. Not bad for basically doing nothing other than making sure there's money in the main account.
ThingsBehindTheSun said:
It's hardly free money though is it, the majority of this money comes out of your account in the last few months.
Someone I worked with tried to explain this to me a few years ago, I just don't see the point.
People are sSomeone I worked with tried to explain this to me a few years ago, I just don't see the point.
t with money. They won t notice a quid or two every day but they would notice moving £100 a month over or whatever it becomes near the end. It s exactly the sort of product banks produce only for Brits I m sure of it, everyone else would realise it s just moving money from one account to another. The growth must be tiny here so it’s essentially going to be all your own contributions.
OP go learn about compound growth, that may get you in the mood for investing.
Edited by okgo on Monday 22 December 10:00
okgo said:
People are st with money. They won t notice a quid or two every day but they would notice moving £100 a month over or whatever it becomes near the end.
It s exactly the sort of product banks produce only for Brits I m sure of it, everyone else would realise it s just moving money from one account to another. The growth must be tiny here so it s essentially going to be all your own contributions.
OP go learn about compound growth, that may get you in the mood for investing.
You have just perfectly described the person I work with. Some examples of his financial accumen.t with money. They won t notice a quid or two every day but they would notice moving £100 a month over or whatever it becomes near the end. It s exactly the sort of product banks produce only for Brits I m sure of it, everyone else would realise it s just moving money from one account to another. The growth must be tiny here so it s essentially going to be all your own contributions.
OP go learn about compound growth, that may get you in the mood for investing.
1)Moaning that he has no money and then proceedes to tell me they spend £100 a weekend on lunches out, have a cleaner, full Sky package, company car instead of the allowance etc (had no idea about how much BIK it was costing him).
2)When his company car had to go back I said take the allowance and lease yourself, there was a deal for a Kia Xceed for £169 a month at the time. Few weeks later he had agreed to another company car, a VW T ROC because his wife didn't like the Kia. I worked out the VW was costing him £550 a month in loss of allowance and BIK.
3)When talking about how much salary sacrafice I pay into our company pension he told me he pays nothing as it is a waste.
4)Moving house and then moving again less than two years later as his wife wanted to live closer to her family. I dread to think how much that cost in fees and stamp duty.
The level of financial understanding is scary in this country, I would argue the government like it that way.
Sadly, teaching financial literacy at Schools would cost the economy billions in lost revenue.
I sold cars / car finance for 6 years and the state that people get themselves into is eye-watering. The worst group, by a long way was the middle classes. Sub-prime finance on everything to keep up appearances
I sold cars / car finance for 6 years and the state that people get themselves into is eye-watering. The worst group, by a long way was the middle classes. Sub-prime finance on everything to keep up appearances
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