Mum shares 5p money hack that can help you save £3,300 in one year
As wonderful as Christmastime is, from immaculate Christmas dinners to snapping up the perfect present, it's also undeniably really expensive.
And, with soaring food, petrol and energy prices, finding the extra money to spend during the festive season is trickier than ever.
Now, one mum has come up with a genius idea that could see you put away more than £3,000 by next Christmas.
TikToker Beth — aka @budgetingmum — took to the video-sharing platform to share the '5p saving challenge' with her followers. Check it out:
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"Here’s a new years savings challenge for you, I can’t believe how much it all adds up to," Beth explained in the caption.
"If you started today saving 5p and then every day add an additional 5p this is what you’d have by the end of the year! Wow. Who’s with me?"
In the video, Beth explains how the challenge works. Starting with 5p on day one, you'll need to add an additional 5p every day of the year.
For example, you'll put away 10p on day two, 15p on day three and 20p on day four.
Which means on the final day of the year, you'll be putting away £18.25. Over the course of 365 days, you'll make a whopping £3,339.75.
Beth told The Sun: "Although some of the days seem like a big ask, you are saving a huge amount of money so this would be the perfect challenge for those wanting to save for things like holidays.
"I made the tracker to make it easier to break up the big payment, for example I had a £10 in my purse so I've already ticked off that payment on my tracker."
And other TikTokers were loving the trick, with hundreds commenting on the video themselves.
One person wrote: "Oooh I like this one! I started the 1p challenge in October and already have over £200 saved!"
While another said: "OK I have three days worth already.... I'm going to attempt this."
And a third added: "I have saved up to day 10 so far going to give this my best shot!"
One person suggested starting backwards and saving the larger amounts first.
"Start backwards and put the largest amounts in on day one and it gets cheaper as the year goes on," they wrote.
Another added: "Love this I’m going to hopefully do it starting with day 365 and working backwards."
So, why not give it a go? By this time next year you could have an extra £3,000 in the bank!
Although, with family reunions aplenty, we can't promise that Christmas will ever be completely stress free...
Bec Oakes