Start our savings challenge now to put away over £420 before Christmas

Today marks just seven weeks – or 45 days – until Christmas.

It may feel like time is running out to prepare, but even the most disorganised among us can get a handle on our festive finances if we start now.

One thing preparedness can sidestep is debt, which rears its head more than usual at this time of year, as 28% of us have looked to credit to pay for festivities.

Two in ten people YouGov asked in one survey said they’d never financially recover from past Christmas borrowing, which is contrasted by the fact less than half of UK respondents save up for the big day.

As a nation we love Christmas, but we’re not going about the lead-up in the right way, relying on credit then spending the next year paying through the nose for it.

If you want to break this cycle, this simple savings plan can help.

We’ve created one you can use to bank some cash as we countdown to the big day, and if you follow it to the letter you’ll have £420 put away Christmas week.

Each day, put the amount listed into a physical or virtual pot (these can be automated in apps such as Monzo or Plum). Then tick it off and keep going until day 40.

The daily amount you save starts at £1, going up to a maximum of £20, then back on a downward trajectory. That means you’re not putting big bucks away near Christmas itself, and have some time before the big day to do any shopping you need.

As with any savings challenge, you do need to have the money there to start with. A chart isn’t much help for someone on a very low income or who’s already cutting back heavily.

For those who are trying to control their spending, though, it’s a handy tool. Given we spend an average (per person!) of £316 on Christmas presents for family and a further £213 on gifts for friends, putting away this much will make a big dent in your seasonal bills.

Let us know if you give it a go, and whether it helps you save after the holidays too.

If you want more tips and tricks on saving money, as well as chat about cash and alerts on deals and discounts, join our Facebook Group, Money Pot.

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