'Tis the season to give your savings a boost! ❄️

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With the festive season in full swing, you're likely thinking about how much you're going to spend on gifts and presents during this period. Statistics from finder.com have found that Brits are expected to spend a whopping £602 on Christmas gifts on average in 2023, up from £429 in 2022. Although it's a time for family and quality time, Christmas can also be a drain on your finances, leaving you waiting for January's payday.

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To help you to combat this, we have put together another one of our #P2PSavingsChallenge for the month of December!

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These savings challenges were initially created by us to help people build up the habit of saving. It takes 30 days of discipline and consistency to build a habit and 90 days to incorporate it as part of your lifestyle. If you're looking to become a master at saving in the New Year, this is the challenge to take part in!

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How Does The Challenge Work?

This challenge has been created so you're depositing the daily amounts into a savings account of your choosing, each day. Now, you could just go ahead and put a week's worth into savings in one go, however, that defeats the purpose of working to build a habit. Whether it's first thing in the morning or last thing at night, pop the daily amount into your savings.

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We've chosen the daily amounts listed to leave you with just about £70 extra in savings at the end of December. However, if you're looking to be a bit more ambitious with your savings, you can DOUBLE the daily savings amount so you can end up with £140 extra by the end of the month. Equally, we want everyone to take part, irrespective of your financial situation so, you can also HALVE the daily deposit amounts if that suits your financial situation better.

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If you're taking part in the savings challenge, be sure to use the #P2PSavingsChallenge on social media and tag us @penniestopoundspod on Instagram or @penniestopound on Twitter/X so we can be your virtual accountability partner! Speaking of, why not save along with a friend? Two is always better than one so find a friend or family member who is also looking to give their savings a boost. This helps you to both stay on track and you can give each other the push that you need!

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Where Should I Save My Money?

Where you choose to save your money during this challenge is a completely personal decision. It could be within your current bank's savings products or elsewhere. If you're looking for places to stash that cash, here are a few suggestions:

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• Plum (Savings App) - Plum is a savings app that uses the power of AI to help you to save money without you noticing it go. It's a great place to save money during this challenge as they offer range of savings products, some with interest rates as high as 5%. This could be a great way to help the money that you save during this challenge to grow even further. You can sign up to Plum here or using the following link: https://friends.withplum.com/r/ev6SEq.

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• Monzo (Savings Pots) - Monzo is a digital bank account that allows you to manage your money with ease. You can create savings 'pots' within Monzo that you can customise within the app. Pick a pot name, image and savings goal amount to help you to stay on track with saving. You can sign up to Monzo here or using the following link (get a £5 boost once you sign up and make one purchase on the card) - https://join.monzo.com/c/2v29qmz.

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• Moneybox (Savings App) - Moneybox is an app that offers a range of different savings products. From Lifetime ISAs to pensions, Cash ISAs, Stocks and Shares ISAs and more. With this app, you can choose where you'd like to save your money to give it a boost. Sign up for Moneybox here or using the following link: https://go.onelink.me/5M0L?pid=share&c=L9UFWL.

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If you're looking to up your cash, be sure to take part in our savings challenge and let us know how you're finding it either via social media or our forum below!

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