If you started the year with good intentions to save for this Christmas but have fallen by the wayside, we've some fun suggestions to help keep your interest going and get back on track.
Recent findings from the Bank of England reveal that 34% of UK adults have no savings or less than £1,000 in their account as families are hard hit by the cost of living crisis. But if you want stop living from payday to payday, regularly putting money away is the only way to gain financial stability.
A lot of more popular savings challenges start in January for the whole year, although you can of course start any time you want and either stop in time for Christmas spending or continue for the full 12 months. But if you fancy getting more creative and want to get a decent amount for Christmas starting now, why not try one of the challenges below, devised by Pete Ridley at Car Finance Saver.
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The In For A Penny Challenge
How much you could save by Christmas: £164.71
Probably the best known savings plan, this works by increasing the amount you save by just 1p per day from June 1. So you save 1p on June 1, 2p on June 2, 3p on June 3 - right through to November 30, when you should end up with £164.71 in time for Christmas shopping.
Final Number Standing Challenge
How much you could save by Christmas: Approx. £227
The final number standing requires savers to check their bank balance daily, a great habit as 57% of the UK population cannot confirm how much they hold in their bank accounts. Once the balance is checked, the ‘final number standing’- requires savers to save the last number of their balance. For instance, if your balance was £1,259, you would save £9, or £5 if your balance was £165. By law of averages, this will save the average person £227 by December 23. If that's too dauting, you could just save the odd pennies, so if your balance is £356.71, you could opt to save 71p or even just 1p, although clearly the gains won't be as big.
Pay Not To Be There Challenge
How much you could save by Christmas: £513.52
According to recent research, the average consumer spends £73.36 on a night out with friends. If you are missing a night out, save what you would have likely spent. If its an event, save the cost of the ticket or entry fee. Skipping one night out each month, between now and December will save you a total of £513.52 based on average spend.
Not This Week, Next Week Challenge
How much you could save by Christmas: Over £100
This biweekly challenge sees participants deposit multiples of £4 every other week into their savings for six weeks, then start at the beginning again. So:
- Week 1: £4
- Week 2: £0
- Week 3: £8
- Week 4: £0
- Week 5: £12
- Week 6: £0
Although this challenge is less intimidating than saving every week, the amounts get bigger as the cycle repeats, so be prepared to lose £12 every six weeks.
Do you save for Christmas throughout the year? Join in the conversation below
Envelope Your Savings Challenge
How much you could save by Christmas: £5,050
Clearly any challenge that will net you more than £5,000 is not for the faint-hearted - and this one is completed in only three months. To take part, number 100 envelopes from one to a hundred and shuffle. Pick one envelope each day and fill it with the amount shown. Over the course of 3 months, this will save £5,050. If you want to go large but this is too much for you, think about adjusting the challenge to suit your finances. Choose just a couple of envelopes a week, or even just one. You could also reduce the number of envelopes to 50.
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