Christmas 2023 could pay for itself if you follow the simple savings schedule.
If soaring energy bills and rising supermarket prices reduced your festive spending last month, there could be a clever way to save for this Christmas without putting too much pressure on your budget at the start of 2023. You could build an impressive cash pot worth £667.95 by Hogmanay if you follow the daily or monthly guide to the ‘one penny savings challenge’.
The only drawback to this savings plan is that the amounts increase as the year goes on, but hopefully the cost of living crisis will begin to ease soon, meaning more people will have a bit more money to put away. Although the challenge officially start on New Year's Day by setting aside 1p, it's easy to catch up during January due to the small amounts involved - you start by saving 1p, then 2p, then 3p a day – right the way up to £3.65 on the last day of December.Top Money Stories Today 12-month daily savings plan Follow this penny savings plan:On the final 365th day, drop in £3.65 and it's time to cash in your jar.
How much you can expect to save each month Following the 1p a day savings challenge from January 1 means you should have these amounts in your fund at the end of each month.
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