It’s not as far away as you might think (Picture: Getty)
The summer sun may still be shining, but Christmas is right around the corner – and there are just 100 days left to get prepped for the occasion.
While you might not want to think about it yet, laying the groundwork now can ease a lot of stress nearer the time, helping you avoid last-minute panic buying and getting into debt.
Last year, almost 43% of UK adults planned to use credit cards for Christmas spending, putting an average of £672 each on plastic.
Yet you can spread the cost of celebrations – which many cited as a motivation behind taking on credit – before the big day too, lessening the grim financial hangover that January often ends up being.
In fact, not only can this savings challenge see you putting away up to £2,525 over the next 100 days, it also helps you make saving a habit beyond the festive season; how’s that for a head start on your New Year’s resolution?
To start, all you need to do is get yourself a vessel for your cash, or set up a separate account if you prefer to keep things digital. Certain banks also allow you to automate deposits (such as Monzo Pots) which is particularly useful for those who struggle to stick to a plan due to sheer forgetfulness.
Are you up for the 100-day Christmas savings challenge?Comment Now
A chart so you can tick off what you’re saving when you do it may be handy too, ensuring you know where you are and giving you a daily sense of accomplishment that keeps you on track.
Now, in terms of numbers: today, you’ll start your pot with 50p. Tomorrow, you put in £1, then add £1.50 on Tuesday, £2 on Wednesday, and so on. Each day, raise the amount you save by 50p, watching the total gradually rise to an eventual £2,525.
The most you’ll put in on any given day is £50 (on December 23 if you start today or Christmas Eve if you start tomorrow) and while that might seem like a lot, the incremental rise eases you in. Plus, when you compare it to the £50 you could easily blow on a single shopping trip, it isn’t quite so daunting.
Example 100-day savings challenge schedule
September 15: 50p
September 16: £1
September 17: £1.50
September 18: £2
September 19: £2.50
September 20: £3
September 21: £3.50
September 22: £4
September 23: £4.50
September 24: £5
September 25: £5.50
September 26: £6
September 27: £6.50
September 28: £7
September 29: £7.50
September 30: £8
October 1: £8.50
October 2: £9
October 3: £9.50
October 4: £10
October 5: £10.50
October 6: £11
October 7: £11.50
October 8: £12
October 9: £12.50
October 10: £13
October 11: £13.50
October 12: £14
October 13: £14.50
October 14: £15
October 15: £15.50
October 16: £16
October 17: £16.50
October 18: £17
October 19: £17.50
October 20: £18
October 21: £18.50
October 22: £19
October 23: £19.5
October 24: £20
October 25: £20.50
October 26: £21
October 27: £21.50
October 28: £22
October 29: £22.50
October 30: £23
October 31: £23.50
November 1: £24
November 2: £24.50
November 3: £25
November 4: £25.50
November 5: £26
November 6: £26.50
November 7: £27
November 8: £27.50
November 9: …read more
Source:: Metro
