Pantry Projects Manager Bex writes about the impact of the Christmas Savings Scheme.
Christmas can be a time for joy, family, and celebration, but for many, it can also be a period of financial stress. The costs of gifts, food, travel, and energy bills can quickly add up, leaving people feeling overwhelmed and uncertain about how to make ends meet.
In 2024, Epsom Pantry launched the second year of the Christmas Saving Scheme to help our members plan ahead and save for the festive period. This initiative goes beyond just saving for gifts; it’s about reducing financial anxiety by building good saving habits and working towards greater financial resilience. The scheme is designed to provide a simple way for individuals and families to build a financial cushion and feel more in control of their future. Our goal is to make saving more accessible.
How does the scheme work?
- Sign up:
In February and September 2024, we invited members of Epsom Pantry to attend workshops to learn about and sign up for the scheme. 82 members participated, engaging in conversations about their personal saving motivations and reflecting on their current financial habits. The workshops also served as a space for members to share helpful tips with one another and build community support. - Meet savings targets for incentives:
Members who signed up in February were aiming to save £200 by December (£5 a week), while those who joined in September had a target of £100 (£10 a week). In December, all members who met their savings target received an £80/£40 gift voucher as a reward. Throughout the year, additional incentives included ‘free shop’ rewards for members who demonstrated their increasing savings at the Pantry. - Save regularly:
During the workshops, members were guided on how to set up savings accounts and shared tips on how to set aside money regularly. Many members planned to set up direct debits on payday or use the ’round-up’ feature to help save. By saving manageable amounts regularly, members could watch their savings grow and track their progress during their visits to the Pantry. - Attend workshops for financial guidance:
To support members with their saving, we organised a series of financial workshops led by charities including TheMoneyCharity and Christians Against Poverty (CAP). These sessions focused on essential money topics like budgeting, managing debt, understanding credit scores, and avoiding loan sharks. The workshops equipped our members with valuable financial skills and helped build their confidence in managing their finances.
Why is it Important?
Financial insecurity can significantly impact mental health, stability, and overall well-being. When people are struggling to save for future goals or unexpected events, it can lead to stress, anxiety, and debt. By participating in the Christmas Saving Scheme, members had the support and incentive needed to increase their financial resilience for the future.
Impact
In 2024, members saved a total of £13,190 through the scheme. A total of 72 members saved, and 64 members successfully met their savings targets. The feedback from participants has been overwhelmingly positive. One member shared, “I wouldn’t have started saving without this scheme… I still can’t believe I’m seeing over £200 in my bank account.” Many members expressed plans to continue saving, with some intending not to use their Christmas savings during the festive period.
One participant said, “It’s a no-brainer! I wouldn’t have thought to start saving in February for Christmas, but I wouldn’t have reached £200 if I hadn’t. I got so used to it, and I didn’t even notice the £5 leaving my account each week. I’m leaving my direct debit so I will still be saving each week.”
What’s Next?
This year, we are running the scheme again at Epsom and expanding it to our new Pantry in Banstead. We look forward to supporting more members to build their savings.
By participating in the Christmas Saving Scheme members are building long-lasting financial habits that will serve them well beyond Christmas.
