01 January 2020 18:37
Sign up to FREE daily email alerts from mirror - money Subscribe Thank you for subscribing We have more newsletters Show me See our privacy notice Could not subscribe, try again later Invalid Email If you're feeling financially hungover after the Christmas shopping splurge - you are not alone. Figures show as many as 27million people will head into the New Year saddled in debt, owing more than £10,000. If you're worried this may be you - there is help available. Here's our guide on how to tackle Christmas debt now, including where to safely move your money if you're on a high interest credit card. There's also a lesson to be learnt from it all.
Taking advice now can help save you from falling into the same trap next year - and planning ahead is the smartest way to do it. That's where the 'penny challenge' kicks in - a scheme that collects all of your coppers across the year and saves it into a pot of cash. How the penny challenge works (Image: Getty) The penny challenge starts on 1 January and runs for a full 12-months. To take part, you have to put away a penny a day (at first), which gradually grows to pounds as the year goes on. By 31 December (providing you've been good) you'll have £671.61 to see you into the New Year. To begin with, you put in 1p on day one - you'll then put in the equivalent amount of pennies to the day of the year: Continue until… Double it on day 200... And continue until the 300th day, when you... Day 302: Put in £3.02 On the final 366th day (remember, 2020 is a Leap Year), drop in £3.66 and it's time to cash in your jar. You should have £671.61 in it (if you've stuck to the plan). Can you afford to save even more? If you think you can afford to save a bit more, why not give these clever challenges a go, too. How to start a savings pot