September 15th 2024.
As the summer sun continues to shine, it may be hard to believe that Christmas is just around the corner. But with only 100 days left until the holiday, it's time to start thinking about getting prepared. While it may seem early, taking some time now to plan and save can greatly reduce the stress and financial strain that often comes with the holiday season.
Last year, almost half of adults in the UK used credit cards to cover their Christmas expenses, racking up an average of £672 each. This can lead to a hefty financial hangover in January. But with some simple planning and a little bit of effort, you can avoid this and even make saving a habit that extends beyond the holiday season.
The 100-day Christmas savings challenge is a great way to get started. All you need to do is set aside a small amount of money each day, gradually increasing the amount as the days go by. By the end of the 100 days, you could have a total of £2,525 saved up. And not only does this help with your Christmas expenses, but it also sets you up for success with your New Year's resolution.
To begin, you'll need a place to keep your savings, whether it's a physical piggy bank or a separate savings account. Many banks also offer the option to automate your deposits, which can be helpful for those who struggle with sticking to a savings plan. And for some extra motivation, you may find it helpful to create a chart to track your progress and give yourself a daily sense of accomplishment.
Now, let's talk numbers. On the first day, you'll start with just 50p. Then, each day, you'll add 50p to the amount. So on day two, you'll save £1, then £1.50 on day three, and so on. By gradually increasing the amount, you can ease into the savings challenge without feeling overwhelmed. And even on the days where you save the most, you'll only be putting away £50, which is much less than what you might spend on a single shopping trip.
Of course, feel free to adjust the amounts and schedule to fit your needs. If your budget is tighter, you can halve the amounts and go up in increments of 25p each day. And for those who plan on doing most of their shopping on Black Friday, you can shorten the challenge to 75 days and still save up to £1,425.
It's important to note that this savings challenge may not work for everyone. It's not a magical solution to finding extra money, but rather a helpful tool for those who struggle with saving or tend to rely on credit cards for holiday expenses. But if you're willing to give it a try, who knows? By December 26, you could be celebrating not only the holiday season but also your newfound financial responsibility.
Do you have a personal story about saving for the holidays? We'd love to hear it! Please reach out to us by emailing [email address].
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