Lifestyle

1p saving challenge: how to save over £650 by next Christmas

Christmas and the festive period makes December an expensive month – the Bank of England estimates UK households spend over £800 more in December compared to other months.

If you’ve felt the pinch this year, there’s a viral hack that can help you save just over £650 by next Christmas, helping ease the festive financial strains.

The ‘1p challenge’ is designed to help people save £667.95 in 365 days – or £668.96 by the end of 2020, which is a leap year.

How does the 1p challenge work?

To begin the 1p challenge, put one penny in a cash jar on January 1, followed by two pence on January 2 and three pence on January 3. For example:

Day 1: Put in £0.01

Day 2: Put in £0.02

Day 3: Put in £0.03 and so on.

Each day increase the amount by 1p so by day 100 (April 9, 2020) you’re putting in £1, day 200 (July 18, 2020) you’re putting in £2 and day 300 (October 26, 2020) you’re putting in £3.

On December 31, 2020 you should put £3.66 into the jar (2020 is a leap year) which will leave with a total saving of £668.96 for the year.

Simple, yet effective!