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This penny challenge will help you save HUNDREDS in time for next Christmas

Money-saving hack makes the most of your loose change

How to save money with these steps

A simple money-saving hack will help you save hundreds of pounds in time for next Christmas.

And even better, the 1p challenge will barely eat into your normal spending.

It's the brainchild of parenting website PlayPennies who say you can save £667.95 in 365 days.

The first step will see thrifty savers put away just 1p on the first day, increasing to 2p on the second day and then 3p on the third day and so on.

By the last day of the challenge, you will be saving £3.65, totting up to a satisfying total of £667.95, the Liverpool ECHO reports.

"[It] demonstrates just how much you can tuck away by saving the odd spare penny," says the team behind the money trick.

(Image: PlayPennies)

And if you feel like you could be a little tight around Christmas 2018, you could always invert the chart and start off by saving £3.65 on day one, £3.64 on day two and so on...

Here are some other ways you could try to save money for next Christmas, from the experts at MoneySavingExpert.com:

Look out for cash bonuses

Always be wary of offers that look too good to be true, but some banks offer good deals to switch accounts.

Switching accounts can be a hassle, but it could be worth it if you could earn a bonus of up to £200 that some banks reportedly offer from time to time.

Search online for bank account deals to see if any offers are available at the moment.

Sell your old possessions

You could try getting rid of some of your old possessions you don’t need to bag some extra cash for other things.

Be honest with yourself about how much you really need or like your stuff - and how much you could fetch for it on eBay or Facebook.

There are Facebook selling tips here and eBay selling tips here .

Consider giving IOUs

Some things will be cheaper in the sales after Christmas, or may be easier for you to pay for a few weeks after the big day.

If there is anyone you know who you think won’t mind the wait - or if you are happy to make your children wait - then why not make your own IOU voucher or nicely wrapped IOU for something for them instead?

Then you could take your child, relative or friend out shopping in the sales - and they may even be more likely to find something they definitely like.

Look for deals

MoneySavingExpert.com has a special discount-finding tool that works with Amazon, that looks for reduced items for you.

Be wary of assuming discounted goods are always bargains - but you could certainly look on different sites for money off TVs, beauty products and other items.

Work out a budget

Money experts advise working out a budget in advance, rather than only asking how you will pay for everything when it is too late.

Budgeting may be a dull or even scary prospect, but it does not need to be - you can use MoneySavingExpert.com’s free online budget planner here, or call your local Citizens Advice Bureau for free advice.

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