There's no denying that Christmas can be a seriously expensive time of year.
As well as presents, there's other expenses to consider, like feeding people, buying new outfits for parties, and of course, sale shopping.
That said, your bank account may be feeling a little worse for wear right now, and we wouldn't blame you for recoiling at the mention of Christmas 2020.
However, some people have already started thinking about next year's festivities, but their reason for doing so is a brilliant one.
In a bid to save over £650 for next year, people have been taking on the 1p challenge.
What is the 1p challenge?
The 1p challenge is a scheme designed to help people save over £650 in 365 days by putting a little bit of cash each day. By saving pennies, people are able to build up their savings pot in a manageable way which won't break the bank.
How does the 1p challenge work?
To begin with, you put in 1p on day one - you'll then put in the equivalent amount of pennies to the day of the year:
Day 1: Put in £0.01
Day 2: Put in £0.02
Day 3: Put in £0.03
Continue until...
Day 100: Put in £1.00
Day 101: Put in £1.01
Day 102: Put in £1.02
Double it on day 200...
Day 200: Put in £2.00
Day 201: Put in £2.01
Day 202: Put in £2.02
And continue until the 300th day...
Day 300: Put in £3.00
Day 301: Put in £3.01
Day 302: Put in £3.02
On the last day (31 December) put in £3.65 and it's time to cash in your jar.
If you've stuck to the plan you should have £667.95 in total.
Good luck, money savers!
