Paterson, a personal trainer, said the training had been a "steep learning curve" but she was excited to finally step into the ring.
"The training has been a mixture of blood, sweat and tears," she said. "It has been a brilliant experience and I feel ready because we've had to take hard punches in training.
"We've worked on skills, technique and sparring and it's definitely a challenge for me to tick off my bucket list.
"On the night I'm hoping my fitness and footwork will pay off - but you never know what's going to happen until you step into the ring."
Sherwood said she was feeling "quite nervous" ahead of her bout but believed her competitive nature would aid her.
"When I first started the training I did find it nerve-racking as I had never done anything like this," she said. "But as the weeks have gone on my confidence has grown and it's been really great having that target of stepping in the ring at the end.
"Charice will be very tough but I've worked really hard and I think my hook may catch her off guard. Also I'm a very competitive person and you need that drive and passion in the ring."
The charity night helps fund Rotovegas' youth amateur academy - which gives free training and equipment to all its amateur youth boxers. This has doubled in size over the past six years.
RotoVegas Boxing Gym owner Aaron Warren said it was "vital" to have such charity nights to help the grassroots level of the sport and said he would have a few words of advice to share with the fighters during the final weigh-in at the RotoVegas Boxing Gym.
"It's so important to have a plan and clear pathway in place to get youngsters putting on the gloves and getting into the ring," he said. "We want to make the sport accessible and available no matter what their background or circumstances are - nights like this help youngsters in the community out.
"I will just let all the fighters know that they have come a long way in a short space of time and when they step through the ropes they just need to give it all they've got.
"There may be initial nerves but they must each remember they have shown real heart and determination throughout this process."
The 2016 Christmas with a Punch will take place tomorrow at the Rotorua Girls' High School arena, doors open from 6pm. A limited amount of tickets are still available, for more information contact Rotovegas Boxing Gym.
2016 Christmas with a Punch full fight card:
Charice Paterson v Jude Sherwood
Jasmine Hoffman v Kayla Kiore
Matty Rowberry v Andrew Totten
Flick Peckham v Raukura Roberts
Phil McDonald v Colin Bradcock
Boss Haimona v Peter Kingi
Mereana Pitman v Devena Christie
Stacey Meihana v Elle Mahaki
Tovio Fidow v Hiini Reweti
Sharne Cropp v Anahera Parata
Jenna Ryan v Inez White
John Robertson v Whare Clarke
Stevie Ward v Kriszia Baker
Theresa Honeycombe-Anderson v Natasha Morrison
Mike Hamiora v Kyron Campbell
Nerissa Jones v Mariana Morrison
Tommy Lee v Lee Edmonds
Blue team trainers:
Ricaia Warren
Kaine Warren
Arona Marsters
Slade King
Whanarua Edmonds
Red team trainers:
Aaron Warren
Tyrone Warren
TJ Marsters
Jason Koolen
