Christmas is an expensive time of year – and if parties, holidays and nights out are back on the agenda in 2021, it’s like to be even costlier.
One way to take the sting out of paying for the festive season could be with this simple savings challenge that will see you pot £671.61 over a year – or £650 by Christmas.
It works by saving 1p on 1st January, 2p on the 2nd and increasing every day until getting to £3.65 on the last day.
Of course to have the full amount of £671.61 ahead of Christmas 2021 you might need to double up your pennies here and there – or you could save it all for a big New Year celebration or holiday.
You can print out a good old-fashioned template on paper to track your progress or even use banks like Monzo to start a savings pot on your phone.
Its mobile banking app will move the money into your pot for you, so you don’t have to worry about forgetting to save every single day.
Some savers like to switch things round by getting the bigger amounts out of the way as soon as possible, starting with £3.65 and working back to 1p.
For a more challenging option, you can switch the pennies for pounds, and save a total of £1,378 by the end of the year.
Rather than every day, savers could also put £1 in their pot the first week, £2 in the second week and so on until reaching £52 on the final week.
It’s an ambitious but achievable way to slowly save a chunk of money by the end of 2021.
However you do it, it’s sure to take the stress out of paying for next Christmas when – hopefully – your social calendar will be sparkling again after Covid.