A personal finance expert has outlined a unique savings technique that could help households build a pot of £863 before Christmas, based on daily temperatures.
Pawel Kruszynski, trend expert at Promiz, suggested that savers put away the number that relates to that day's highest temperature. For example, if conditions reach 12C outside, then £12 goes into the Christmas pot that day.
Based on potential temperatures over the next few months in the lead up to Christmas, that could eventually amount to £863 if you start on October 1.
How the challenge works
"Ultimately, the key is choosing a challenge you can stick to without leaving yourself short," Kruszynski said. "Even a relatively small pot could help take some of the sting out of presents, food and other festive costs when December arrives."
"Warmer days cost you more, while falling temperatures towards Christmas should make the challenge gradually cheaper," he added. "The unpredictability is what makes it fun. You won't know exactly how much you're putting away until you check the forecast."
Met Office UK climate averages for 1991 to 2020 put typical maximum temperatures at 13.08C in October, 9.41C in November, and 7.02C in December.
Potential savings and alternatives
Saving those amounts each day from October 1 to Christmas Day would theoretically build a pot of £863.28. That's £405.48 in October, £282.30 in November and £175.50 between December 1 and Christmas Day.
"Of course, your actual total will depend on this year's weather and where you live, but it shows how quickly this unusual challenge could add up," Kruszynski said.
For those who find that amount too much, another technique starts with just a penny. "Put away 1p on October 1, 2p the next day, and 3p the day after, increasing your contribution by a penny each day," the expert revealed. "It's already a popular savings trick. Monzo, for example, offers an automated 1p challenge that builds from 1p on day one to a total of £667.95 after a full year."
"The appeal is that you barely notice the first few payments. Starting with a penny makes the goal feel extremely achievable, while the amount gradually increases as you get used to putting money aside."
