You can save hundreds of pounds for next Christmas through a '1p challenge' - and financial expert Martin Lewis has explained how to do this.
The money-saving trick could result in an extra £600 in your budget by December 2023, if you start the challenge on January 1. With this saving method, you put away some coppers each day, starting with just 1p. This gradually grows to pounds as the year goes on - and by December 31 you'll have £667.95 saved up, reports the Liverpool Echo.
Speaking on an episode of the ITV Martin Lewis Money Show, the consumer guru said: "There’s a big savings community out there who do this, it’s called the 1p Challenge. Basically, you save a penny on the first day of the year in a jar or piggy bank, 2p on the second, 3p on the third and keep going throughout the year - by the last day of December you’re saving £3.65, so that would give you £667. 95 in total.”
