If you are anything like me, now that this years Christmas is over I start thinking about the next years Christmas. We have a huge family to buy for, so shopping early and putting away small amounts of cash helps me keep on top of my finances at Christmas. To help everyone save a little bit extra for next year, I have put together a printable Penny Saving Challenge!
What is the Penny Saving Challenge?
The idea of the Penny Saving Challenge is to save a little each day, adding just 1p more as you go along.
1st January – save 1p
2nd January – save 2p
3rd January – save 3p and so on!
Saving over £50 a month can seem quite daunting, so breaking it down into smaller amounts over the year can help make it a little easier. Just by putting away a little bit each day, you would have £667.95 by the end of next year!
You can download a copy of the Penny Saving Challenge here.
One idea I love is printing it off and sticking it to a jar or money tin. That way you can tick off each day and you wont be tempted to take anything out.
Another idea is doing it in reverse – so starting with the larger amounts now and gradually reducing what you put in a everyday.
I have also put together some alternatives…
Save a set amount each month
Rather than putting pennies in a tin each, why not just divide £665 by 12 and put that away instead. This works out to be £55.40 a month. You could even set up a standing order so it’s put straight into a savings account.
Save a set amount a day or weekly
This could be £1 a day, or even £10 a week!
This weekly version saves £10 a week – saving a huge £520 in a year! If you fancy doing this you can download a copy of it here.
If you’re not sure how much you want to save, there’s some blank copies below so you can add your own amount.
Not ready to start just yet?
Not to worry – here’s a version of the penny saving chart that you can start at any date.
You can download it here.
What else can I do to help save some money?
Everyones circumstance are different. The main thing to do is what works for you. This could be saving little but often, or putting away one big payment every month. As with most things, life happens and is unpredictable so whatever you do don’t feel guilty for missing a payment every now and then.
I have helped cut the cost of our Christmas by…
- Regularly shopping during sale periods and hiding it away until it is needed.
- Comparing prices at different retailers – a sale doesn’t always mean it’s the best price.
I have put together a few more guides that will help prepare you for Christmas shopping and saving 2018:
If you have any money saving hints, tips or advice I would love to hear them!
As always, make sure to follow The Little Bargain Hunter on facebook to keep up to date with new bargains!