Christmas may still seem a fair distance away but as we've seen in previous years, it'll be here before we know it.
Many of us begin the year with good intentions to save for the big day but fail to stick to these plans. A lot of more popular savings challenges start in January for the whole year, but you can of course begin any time you want and either stop in time for Christmas spending or continue for the full 12 months.
If you want to get a decent amount of money by the festive season, there are some easy ways to do so, as reported by Chronicle Live.
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From putting away an increasing amount of pennies to checking your bank balance and skipping some social outings, you could save more than £950 in total.
The In For A Penny Challenge
How much you could save by Christmas: £249.17
Probably the best known savings plan, this works by increasing the amount you save by just 1p per day. So you save 1p from today, 2p tomorrow, 3p on Tuesday and so on, right through to December 25, you'll end up with a whopping £249.17.
Final Number Standing Challenge
How much you could save by Christmas: Around £190
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 £190 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.
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