The constant flow of direct debits leaving your bank account can be enough to make anyone feel overwhelmed.
Each month, it feels like my hard-earned cash is simply disappearing into the pockets of various companies, with the amount increasing year on year due to inflation and the rising cost of living.
The concept of managing money can be daunting, even for those who consider themselves financially savvy. Budgeting and saving have always seemed like a monumental task.
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So when I saw a tweet at the start of the year about the potential savings from Monzo's 1p Saving Challenge, it felt like a manageable way to start saving.
The 1p Saving Challenge involves putting away a small amount of money each day, starting with just 1p. The next day you save 2p, then 3p the day after that.
By the end of the year, you'll be setting aside £3.65 on the last day and will have saved a total of £667.95. This year, thanks to the leap year, I'll save at least £671.61, reports Bristol Live.
Setting up a Monzo pot is straightforward enough, but remembering to deposit those pennies in the pot every day was a bit of a challenge. So I set up a daily reminder at 8pm to put in the funds, and although there's been some days where I've deposited money twice in one day if I've forgotten, it's probably the most dedication I've shown since binge watching all 16 seasons of Criminal Minds for the fourth time.
Three months have now passed, almost the 100th day of the challenge, and although the current total may not reflect a billionaire's bank account - £47.87 - it's a daily reminder of this little achievement ever increasing. Instead of keeping my savings in a regular Monzo pot, I swapped it for one of the Neobank's Instant Access Savings Pot, which has an AER (annual equivalent rate) of 4.10%.
Since opening the pot in January I've earned 13p, which may seem small, but a little boost to the final total.
Elsewhere in the app, I've set up three other pots - Travel Pot, Car Fund, and a Coin Jar - whose deposits aren't as regimented. Being able to visualise where my money is, is incredibly helpful for a visual learner, like myself.
And if you're ever tempted to dip in, there's a handy lock you can turn on that means you can't withdraw the funds.
Monzo's 1p Saving Challenge starts small and builds up, making the prospect of saving a substantial amount less daunting and keeping you focused on your end goal. With TikTok teeming with financial hacks, tips, tricks and advice, there's no shortage of suggestions being thrown our way.
You don't need to invest in all those envelopes or a new finance planner, but if that's your preferred method of saving, then find what works for you. Banking apps are usually free to download, as is opening a debit or credit card, or an ISA, so you have all the tools at your disposal.
The Monzo 1p Saving Challenge suits me because my job requires me to be constantly alert and always on my phone, and after three months, I can see the value in stashing away those pennies.
In an attempt to create the illusion that I'm a 'functioning adult', I've also set up an Excel Spreadsheet for my own annual personal budget (using a template, naturally). This means I'm now constantly noting down transactions if I forget to get a receipt, hoarding when I do get receipts, and obsessively checking the 'Cash short/extra' total at the bottom of each month's column.
Last month, simply by keeping track of my finances, I managed to save £277.79.
The rising cost of living is a reality we can't ignore, and when former cabinet minister George Freeman confesses he left his role last year because he couldn't afford his mortgage on a ministerial salary of £120,000, it paints a bleak picture for the rest of us. Homeownership or making any significant purchases seems increasingly out of reach for young people as the months go by.
As the wealth gap widens with each generation, concerns about money, bills and savings become more pressing.
I'm not suggesting that the Monzo Savings Challenge will miraculously inflate my bank balance - though that would be welcome - but I have a clear plan for that money. After three months of commitment, I may only have £50 saved, but now I'm dealing in pounds rather than pennies, so hopefully, the savings will start to accumulate.
If you're feeling anxious about your lack of savings or are overwhelmed by financial worry, take a look at Monzo's blog post on the 1p Saving Challenge.
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