You could save €780 by Christmas 2021 with this 'payday challenge'

And it's actually pretty doable!

Image via Pixabay.com

Want that bit of extra cash to really treat yourself next Christmas?

This money-saving challenge might be just what you're after. It's called the "payday jar challenge" and first went viral around this time last year.

It's probably one of the more realistic money-saving challenges out there and involves putting a little aside every month. Plus, if you're broke AF this month then don't worry - you don't have to part with too much of your hard-earned cash in January.

How does it work?

You start off by setting aside €10 in your monthly January paycheck.

That number then increases each month so that you're contributing €20 in February, €30 in March, €40 in April and so on.

The final sum is €120 in December but if money is tight that month in the run up to Christmas, you'll already have a sweet €660 in the kitty. Not bad!

The idea was first developed by journalist Emma Gill from Manchester, according to Metro.co.uk. Emma shared her saving hack on a Facebook page saying:

"So I’ve seen lots of ideas for saving money but none of them will really work for me – I never have change in my purse to do the penny challenge for example.

"That’s why I’m giving this a go. Every payday – or at the end of a month – you put in one of these amounts and then cross it off the list. By the end of the year it’s a whopping £780! ‘It won’t be easy – especially when it comes to the £120 month – but it’s worth a go. I reckon I’ll start with the £10 in January."

Emma used a classic piggy bank for her challenge but you could always use a Revolut vault if you find that easier.

Another option if you think you'll be able for it, is to complete the challenge backwards by saving €120 this month, €110 in February, €100 in March and so on.

Just think what you can do with that extra €780 by Christmas next year...