Saving For Next Christmas – The 1p Challenge

Okay, so I know what you’re probably thinking; ‘But Christmas has literally just happened. Why the hell are you already thinking about next Christmas?’. I can’t believe I’m writing a post about next Christmas in January either. This was our first year hosting Christmas in our new house and it’s expensive, like really expensive. I hugely under estimated how much it would all cost. I’m not the best saver in the world, I’m lucky if I can save £20 a month – I’m a spender.. And if you’re reading this Dad, I know I’m not living to your example of saving money ;). I’ve always been taught to save my money so I don’t quite understand why I find it so difficult – This is where I’m like my mum, we like to spend money!

saving-money-christmas-challenge

I want to be prepared for next Christmas

We already know we’re hosting Christmas again this year so I want to be prepared. I want to save money so it’s not a huge hit to our bank accounts. The concept of saving money is pretty easy but it’s not when you like to spend money like me – I’d like to clarify I don’t spend our money all on myself, my son’s wardrobe seems to get most of it! I was scrolling through Pinterest one day for tips to save money and I came across the ‘1p challenge’. I was instantly intrigued so I had a look at what was involved and I was sold already. I knew I was going to do it.

The 1p challenge is simple. For each day of the year you save 1p to what day of the year it is, for example, if it’s the 14th day of the year you put 14p in your savings jar. If it’s the 231st day of the year you put 231p (£2.31) into your savings jar. Then by the end of the year you should have £667.95! Of course it’ll get more expensive as the year goes by. The most expensive it’ll get is roughly around £111.84 in December, but seeing as I’m already spending more than this in December I’m okay with it.

saving-money-christmas

Turning it into a challenge makes it more do-able..?

For some reason turning saving money into a challenge makes it more achievable for me. Maybe it’s just because it’s another thing I can track in my bullet journal? Who knows! I’ve started saving already and we’re ahead at the moment – After emptying my purse and my husband’s wallet we were able to get to the 30th January. Does this count as cheating..?  We’ve got our own little digital counting money jar that shows how much we’ve put in, you can find the money jar we bought here, so you can see how much you’ve already saved. This for me is a big plus as I love being able to see how well we’ve done so far.

Let’s see how it goes!

I’ve got my fingers crossed that this is something I can keep up throughout the year. I love the idea of the challenge and having £667.95 at the end of it very rewarding! If it works well this year it’s something I might keep doing. There are more challenges you can do, like the £1 a week challenge – same concept, £1 for whatever week it is in the year. This will obviously work out a lot more expensive which we’re not financially capable of doing yet.

Let me know if you’ve ever done a challenge like this before. I really hope I can keep it up as having the extra money at the end of the year will be amazing! Wish me luck!

Sarah

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2 Comments

  1. 13/01/2018 / 10:08 am

    What a creative way to save! I am also looking into saving solutions at the moment as I’ve had an expensive month paying various deposits for my new flat! Making something into a challenge, as you rightly say, is super motivating, so I really hope that the challenging aspect will overrule your desire to spend and that you end up with a nice pot of cash at the end of the year! Wishing you lots of luck!

    Abbey xx

  2. 14/01/2018 / 7:30 am

    Wow, I’ve never heard if the 1p challenge but this sounds amazing! I mean…I’d struggle BIG TIME. I’m useless at saving money too. But it would be great to give it a go. Good luck with it, and I hope you manage to host a lovely Christmas again this year <3 xx
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