If soaring energy bills and rising supermarket prices reduced your festive spending last month, there could be a clever way to save for this Christmas without putting too much pressure on your budget at the start of 2023. You could build an impressive cash pot worth £667.95 by Hogmanay if you follow the daily or monthly guide to the ‘one penny savings challenge’.
January is the perfect month to begin saving and the ‘1p challenge’ is probably one of the simplest and best-known ways to build your money pot for winter 2023. It is also a great way to get into the habit of saving every day by starting small and focusing on the end result.
The only drawback to this savings plan is that the amounts increase as the year goes on, but hopefully the cost of living crisis will begin to ease soon, meaning more people will have a bit more money to put away.
