How You Can Save More Than £650 Across the Year Starting by Putting Aside Just 1p
New research has recently revealed that three in ten of us will still be paying off our Christmas debt in April.
That’s 28% of us who will still be paying off our Christmas debt in three months’ time, according to new research, with over a third (38%) having to borrow money – either through spending on a credit card (23%), getting a payday loan (11%) or dipping into an overdraft (11%).
The new research, by current account provider Uaccount.uk, surveyed 1,000 adults across the UK about their Christmas spending habits.
But here’s how you can save hundreds of pounds in time for next Christmas without it having a big impact on your wallet, starting off by putting just 1p aside on January 1st.
Now, to help people manage their money and spread Christmas costs across the year, Uaccount.uk has created a special Budgeting 365 account which automatically puts aside an increasing amount of money by one penny every day, starting with 1p on day one through to £3.65 on day 365. So, if you start without any money, you will have saved £667.95 one year later!
Other ways to boost your savings are:
Look out for cash bonuses
Some banks offer good deals to switch accounts, and it could be worth it, with some offering a massive £200.
Sell your old possessions
Anything you haven’t touched in 6 months needs to go. Start by selling it on Facebook, by using their Marketplace tool, it’s free!
Related Posts:
- A 4 Week Money Challenge for Your Personal Finances
- Printable Savings Goal Chart: Save £300 a Month Challenge
- The 6 Best Expense Tracker Apps You Need in Your Life
Look for deals
Thanks Laura, I am so pleased you think this is a good idea. Trying to save up is hard for many of our users, so little things like 365 Budgeting and your fab blog can make small but very very important contributions to making life a little bit easier for millions of people. It is sad that the media mainstream don’t really understand the real nature of the battle faced by so many homes to keep afloat financially!
All the best. Alex
How clever I have not heard of this account before, a very clever idea to turn the saving challenge into an actual account and service. What is the interest payable?
This budget 365 sounds like a great idea! I’m going to give it a try. L x
Such a great way to save, love that Uaccount do this automatically for you
I do this each year putting the money in a money box however, but I start in reverse so by Xmas I’m putting less away each time as I find it easier that way