How To Stress Less And Save More Money For Christmas With The 1p Challenge
I don’t know about you, but Christmas always sneaks up on me. Every. Single. Year.
One minute, I’m sunbathing, and enjoying the last of the summer barbeques. Before I know it, tinsel and Christmas lights litter the streets, and selection boxes flood the shelves at local stores.
You know the feeling; always being short on money at this time of year, with mountains of presents to buy, and no money to buy them with. Credit cards were burnt out, waiting for the dreaded the days in January when it was time for monthly statements, to repay the debt that had been run up.
Depending on your finances, there are still really easy ways to put money away each month. This way, you can ensure you have Christmas sorted, without being hit hard financially.
The 1p Challenge
The 1p challenge, which went viral online a few years ago, is great for those who have a bit more income to play with. The aim behind it is to put 1p away each day. So, on January 1st (day 1), put away 1p. January 2nd 2p, January 3rd 3p and so on. This would give you the grand total of £671.61 by day 365 – enough for most people to comfortably pay for Christmas. This means that on day 300, you will still only be putting away a grand sum of £3 per day. However, in the latter months, putting over £3 away per day works out at over £20 per week, which can be between £80 – £100 a month. This is a lot to put away, especially so close to Christmas.
You could always reverse it, so you start day 1 with £3.65, day 2 with £3.64, so that by day 365 you are putting mere pence away per day. Or, you could set aside an equal amount of £55.97 per month, which will stay the same every month, to net you the same total by Christmas.
Alternative Saving Ideas
If these figures are still a tad over budget, saving a moderately monthly fee can still earn you a nice sum by Christmas time £10 per month brings in £120, £15 per month saves £180, and £20 per month brings in £240, which is still a great deal more than you may have had in previous years.
Of course, the hardest bit is being strict with yourself, making sure you stick to putting the money away every month, and then not touching it unless you absolutely have to. Again, the original challenge was designed to start on January 1st, but you can start whenever you want. You could make sure you have your money for black Friday, meaning your money could go even further.
Either way, if planned carefully, you can take some of the stress out of Christmas, and still have enough money left over for a cheeky glass or two of mulled wine!
And finally, remember the most important part – Christmas is ultimately about spending time with loved ones, not what you spend!
To find out other great saving tips, check out our tips on how to improve your credit score!
