We're halfway to Christmas — start this savings challenge now to put away £2,850

Metro

7 hours ago

The UK is currently enjoying a glorious heatwave so, understandably, the last thing anyone wants to think about is Christmas. But hear us out.
As of right now, we're over halfway through the year, with 180 sleeps until the big day. While that may seem like light years away as you slap on the sunscreen and hit the pub beer gardens, it'll come around sooner than you think.
This means the dreaded yearly panic will too — when you realise you haven't bought any of your loved ones' presents yet, nor do you have any disposable cash to do so.
So, in the spirit of Christmas, and to make the stressful parts of the festive season easier, we thought we'd give you a financial helping hand in the form of a 150-day savings challenge.
It's exactly what it says on the tin really: you save a slightly higher amount of money each day for 150 days, bringing you to up to the festive shopping season (just before the Black Friday sales, in fact) with a healthy few pounds in your back pocket.
Maxine McCreadie, personal finance expert at UK Debt Expert, can't recommend starting to save early enough, commenting: 'It's easy for the huge costs associated with festivities to creep up on you, so planning ahead can make all the difference.'
Before you begin the challenge, Maxine recommends working out how much you typically spend on presents, food, travel, and events. Then, divide it by the number of weeks until December.
'Saving even a little each week helps avoid the last-minute financial squeeze,' she adds.
To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
If you're feeling anxious about saving money each day, the first thing to do is find a vessel for your cash, or set up a separate account if you prefer to keep things digital.
Certain banks also allow you to automate deposits (such as Monzo's Pots feature), which is particularly useful for those who struggle to stick to a plan due to sheer forgetfulness.
Once you've sorted where your money is going to go, look at your finances and see how much you can afford. This challenge sees what you put away increasing by a set daily increment, but you can choose what that looks like for you.
For example, if you wanted to start with 50p and increase the amount by 50p each day, it would leave you with over £5,660 in the bank by December. That said, towards the end, you'd be putting away £75 a day, which isn't doable for many.
So, for the sake of this article, we're going to increase the amount daily by 25p. See the table below for an example of how much you need to save each day, plus the amount you'll have at the end.
If you started tomorrow, going up in increments of 25p, this is what your savings schedule would look like… June 29: £0.25
£0.25 June 30: £0.50
£0.50 July 1: £0.75
£0.75 July 2: £1
£1 July 3: £1.25
£1.25 July 4: £1.50
£1.50 July 5: £1.75
£1.75 July 6: £2
£2 July 7: £2.25
£2.25 July 8: £2.50
£2.50 July 9: £2.75
£2.75 July 10: £3
£3 July 11: £3.25
£3.25 July 12: £3.50
£3.50 July 13: £3.75
£3.75 July 14: £4
£4 July 15: £4.25
£4.25 July 16: £4.50
£4.50 July 17: £4.75
£4.75 July 18: £5
£5 July 19: £5.25
£5.25 July 20: £5.50
£5.50 July 21: £5.75
£5.75 July 22: £6
£6 July 23: £6.25
£6.25 July 24: £6.50
£6.50 July 25: £6.75
£6.75 July 26: £7
£7 July 27: £7.25
£7.25 July 28: £7.50
£7.50 July 29: £7.75
£7.75 July 30: £8
£8 July 31: £8.25
£8.25 August 1: £8.50
£8.50 August 2: £8.75
£8.75 August 3: £9
£9 August 4: £9.25
£9.25 August 5: £9.50
£9.50 August 6: £9.75
£9.75 August 7: £10
£10 August 8: £10.25
£10.25 August 9: £10.50
£10.50 August 10: £10.75
£10.75 August 11: £11
£11 August 12: £11.25
£11.25 August 13: £11.50
£11.50 August 14: £11.75
£11.75 August 15: £12
£12 August 16: £12.25
£12.25 August 17: £12.50
£12.50 August 18: £12.75
£12.75 August 19: £13
£13 August 20: £13.25
£13.25 August 21: £13.50
£13.50 August 22: £13.75
£13.75 August 23: £14
£14 August 24: £14.25
£14.25 August 25: £14.50
£14.50 August 26: £14.75
£14.75 August 27: £15
£15 August 28: £15.25
£15.25 August 29: £15.50
£15.50 August 30: £15.75
£15.75 August 31: £16
£16 September 1: £16.25
£16.25 September 2: £16.50
£16.50 September 3: £16.75
£16.75 September 4: £17
£17 September 5: £17.25
£17.25 September 6: £17.50
£17.50 September 7: £17.75
£17.75 September 8: £18
£18 September 9: £18.25
£18.25 September 10: £18.50
£18.50 September 11: £18.75
£18.75 September 12: £19
£19 September 13: £19.25
£19.25 September 14: £19.50
£19.50 September 15: £19.75
£19.75 September 16: £20
£20 September 17: £20.25
£20.25 September 18: £20.50
£20.50 September 19: £20.75
£20.75 September 20: £21
£21 September 21: £21.25
£21.25 September 22: £21.50
£21.50 September 23: £21.75
£21.75 September 24: £22
£22 September 25: £22.25
£22.25 September 26: £22.50
£22.50 September 27: £22.75
£22.75 September 28: £23
£23 September 29: £23.25
£23.25 September 30: £23.50
£23.50 October 1: £23.75
£23.75 October 2: £24
£24 October 3: £24.25
£24.25 October 4: £24.50
£24.50 October 5: £24.75
£24.75 October 6: £25
£25 October 7: £25.25
£25.25 October 8: £25.50
£25.50 October 9: £25.75
£25.75 October 10: £26
£26 October 11: £26.25
£26.25 October 12: £26.50
£26.50 October 13: £26.75
£26.75 October 14: £27
£27 October 15: £27.25
£27.25 October 16: £27.50
£27.50 October 17: £27.75
£27.75 October 18: £28
£28 October 19: £28.25
£28.25 October 20: £28.50
£28.50 October 21: £28.75
£28.75 October 22: £29
£29 October 23: £29.25
£29.25 October 24: £29.50
£29.50 October 25: £29.75
£29.75 October 26: £30
£30 October 27: £30.25
£30.25 October 28: £30.50
£30.50 October 29: £30.75
£30.75 October 30: £31
£31 October 31: £31.25
£31.25 November 1: £31.50
£31.50 November 2: £31.75
£31.75 November 3: £32
£32 November 4: £32.25
£32.25 November 5: £32.50
£32.50 November 6: £32.75
£32.75 November 7: £33
£33 November 8: £33.25
£33.25 November 9: £33.50
£33.50 November 10: £33.75
£33.75 November 11: £34
£34 November 12: £34.25
£34.25 November 13: £34.50
£34.50 November 14: £34.75
£34.75 November 15: £35
£35 November 16: £35.25
£35.25 November 17: £35.50
£35.50 November 18: £35.75
£35.75 November 19: £36
£36 November 20: £36.25
£36.25 November 21: £36.50
£36.50 November 22: £36.75
£36.75 November 23: £37
£37 November 24: £37.25
£37.25 November 25: £37.75
TOTAL SAVED: £2,850
After seeing the figures laid out, this savings challenge still seem daunting. But remember, it's more of a guideline than a hard and fast order, and you can tweak it to suit your circumstances.
That may mean skipping a few days, reducing the incremental increase, doing it for fewer days, or splitting the deposits with a partner — whatever works.
Alternatively, if you're looking for some more general advice around saving up for Christmas, Maxine has shared her top tips to help families spread the cost. This includes making the most of cashback rewards and early deals:
'It's not just the gifts – food, travel, and social events can quickly add up,' explains the expert.
To avoid becoming overwhelmed, she recommends creating a simple breakdown to track what you'll need for each area, adding: 'This gives you a realistic view of your total spend and makes it easier to stick to your budget.'
According to Maxine, two-thirds of Brits start Christmas shopping as early as August. However, for those a little less eager (yet still eager enough to be prepared) she advises spreading out your purchases, alongside looking for early offers or discounts, so you can tick items off your list bit by bit.
'Even just picking up one or two gifts each month can help you avoid panic buying and inflated prices later on,' Maxine notes.
'There's no need to overhaul your spending habits, just be smart about how you shop,' says Maxine, adding that cashback apps and loyalty schemes can earn you money back on everyday purchases. More Trending
Simply redirect those rewards into your Christmas savings pot to give your budget a helpful boost.
Maxine has some strong words of advice here, and they couldn't be truer: 'Christmas is about joy, not debt.'
Ultimately, if the numbers don't add up, don't be afraid to scale back. A 'thoughtful, well-planned Christmas' can feel just as magical – if not more – than if you burnt through your entire bank balance.
View More »
Plus, your future self will thank you for starting January without the stress of overspending. Because let's be real, many of us enter the New Year with a regular type of hangover, we don't want a financial one as well.
Looking for another way to make a bit of disposable cash for Christmas?
Anna Cash Davidson, from Margate in Kent, has a very fitting moniker. The 27-year-old works in the music industry, but significantly increases her income by buying vintage items in bulk and reselling them online.
She's one of a growing group of Britons who are earning money from second-hand clothes, children's old toys and abandoned household items worth hundreds of pounds.
Read Metro's full article, plus find advice for aspiring fashion side-hustlers here.
Do you have a story to share?
Get in touch by emailing [e-mail].
MORE: Credit card customers can save up to £1,679 with a simple debt 'spring clean'
MORE: Pride doesn't come cheap — the LGBTQ+ 'queer tax' has cost us thousands
MORE: Make money from your living room with these 7 investing tips for absolute novices
Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.