Pancake Day and Lent, don’t be overspent – try a 40 day plan to save cash

Pancake day, or Shrove Tuesday, was typically a day where people would clear all the food they had before 40 days of Lent. In modern times people usually give something up such as chocolate or alcohol. Basically anything that’s good or classed as indulgent.

Although you may not practice Lent, having an opportunity to reduce or give up a luxury item can add pounds to your pocket. Giving up an indulgence for any period of time is never easy. But if you try you might be surprised. See how much you could save in 40 days .

Chocolate biscuits – £6

wine and beer
Cutting back on beer and wine for 40 days could save nearly £50.

Two packs a week, based on the basic range costs, will save £6.

Lottery – £24

Assuming you play twice a week, over 40 days, that’s around £24 you could save.

Bingo – £50

Based on playing once a week, on average spending £10, this would be over £50.

Wine – £20

On one £3.50 bottle of wine each week you could save £20.

Beer – £25

A multipack of 20 cans of beer costing £10, assuming this would last 2 weeks, you’d be £25 better off.

Smoking – £40

Based on 3 cigarettes a day, which is roughly a pack of 19 per week, this would cost £7.45. By cutting back you could save £40 of extra cash. If you buy in packs of 10 this will be even more as the cost per cigarette is higher.

The savings add up
Assuming you gave up playing the lottery, alcohol and chocolate biscuits you’d have at least £50 extra in those 40 days. This would easily pay for some Christmas shopping later on in the year. Cutting back on bingo and smoking in the same period would save at least £90. This might cover the cost of an MOT and any minor repairs. The costs shown above may not reflect your own consumption but should give a basic idea of what you could save.

Saving a little each day can be useful

If you don’t happen to indulge in any of the above you can still look at saving some cash over the next 40 days. 50p a day will get you £20, £1 a day will get you £40 and £1.50 a day will get you £60.

Having savings or some form of financial safety net helps in the event of dealing with a cash crisis. This could be an unexpected repair bill on a car for instance. Having savings to fall back on can help you continue with everyday life whilst potentially avoiding any financial worries later on.

Whatever you try to give up, make sure that you save the extra cash. If you’re feeling really brave, go longer than the 40 days. In the meantime enjoy your pancakes. Good luck.