People dread watching their finances after Christmas and New Years with the festive purge that cleans up their bank accounts.

But unbeknownst to some, there is a simple yet clever technique that could save families hundreds of dollars.

It starts with the person saving only 1p the first day, then 2p the second day, 3p the next day and so on.

Read more: Latest money news

The concept was recommended by PlayPennies, a parenting site that claimed people could save £ 667.95 in a year.

The group behind the money hack said, “It shows how much you can tidy up by saving a few spare pennies.”

So on the last day of the challenge you will have saved £ 3.65 bringing your total savings to £ 667.95 but if you can save 1p on the first day you can start backwards and save £ 3.65 on the first day , working your way down to the penny.

Here are some more ways to save money for next Christmas, from the experts at MoneySavingExpert.com :

Watch out for cash bonuses

Always beware of offers that sound too good to be true, but some banks offer great deals to switch accounts.

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

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

Sell ​​your old goods

You can try to get rid of some of your old belongings, you don’t need to take extra money for other things.

Be honest with yourself about how much you really need or love your stuff – and how much you could buy on eBay or Facebook.

Consider giving IOUs

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

If there’s someone you know who won’t mind waiting – or if you’re happy to keep your kids waiting – then why not make your own beautifully packaged IOU or IOU. for something for them instead?

Then you can take your kid, parent, or friend on sale shopping – and they might even be more likely to find something they really like.

Search for offers

MoneySavingExpert.com has a special discount finder tool that works with Amazon, which searches for discounted items for you.

Beware of assuming that discounted products are always a great deal – but you can certainly search different sites for money on TVs, cosmetics, and other items.

Establish a budget

Money experts advise budgeting in advance, rather than just asking how you’re going to pay for everything when it’s too late.

Budgeting can be a boring or even scary prospect, but it doesn’t have to be – you can use MoneySavingExpert.com’s free online budget planner or call your local citizen advice office for free advice.

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