With Christmas just 12 weeks away, Atom Bank is encouraging Brits to consider short-term savings challenges to boost festive funds by hundreds of pounds.
The bank has shared a few easy strategies that, if followed, could leave savers with as much as £780 before Christmas. Research from Atom showed that while nearly two in five people (39% have already tried a savings challenge, almost a third (30%) admit they could be better at saving. One in five have described themselves as “bad at it”.
Aileen Robertson, head of savings at Atom Bank, said: “With Christmas just a few months away, now is the perfect time to take on a savings challenge to boost your festive fund.
She added: “Setting yourself a clear, short-term target can make all the difference.”
Among the ideas is a 12-week challenge, starting at £10 in the first week and rising by £10 each week, which would deliver a total savings pot of £780 by Christmas.
A shorter version of the well-known 52-week challenge – saving the amount equal to the week of the year – could also build as much as £702 when run for the final 12 weeks. Instead of saving across a whole year, just run the final 12 weeks, for example, saving £41 in week 41 through to £52 in week 52.
For those with a bit more flexibility, a 100-day challenge increasing daily savings by £1 each day would result in a staggering £2,000 pot. For example, save £1 on day one, £2 on day two, £3 on day three, and so on. By day 100, you’ll be saving £100, and across the challenge you’ll build up a £2,000 pot.
For people who find set patterns harder to sustain, Atom Bank recommended less rigid approaches, such as rounding up everyday purchases to the nearest pound or trying “no spend” weeks in the run-up to Christmas.
Polling showed these habits are popular, with 28% using round-ups and 22% attempting occasional no-spend periods to boost their savings.
