The cost of living crisis, soaring energy bills, record-breaking inflation and interest rates made 2022 a challenging year for nearly every household across Scotland and the rest of the UK. The perfect storm of financial challenges means that many people scaled back their festive spending this year to ensure they stay in the black at the start of 2023.
However, as the nation prepares to enjoy the extended bank holiday in the first week of the new year, now could be the best time to start planning for a cracking Christmas, next year. January is the perfect month to begin saving and the ‘penny challenge’ is probably one of the simplest and best-known ways to build your money pot for winter 2023.
It is also a crafty way to pay for presents next Christmas and get into the habit of saving every day by starting small and focusing on the end result as it could see you put away over £667 by December 31, 2023.
