I know what you’re thinking. Start saving for Christmas? But it’s only February!
Christmas is the number one holiday where people spend way too much money – usually more than they can actually afford. Whether it be over gifts, dinners, or the decor they really don’t need – many families end up in debt during the Christmas season.
It’s difficult to enjoy the holiday when you are constantly thinking about all of the debt that you now have. Sure, you may have found the perfect present for your sister, but it cost you $100 more than you anticipated. Do you really think your sister would want you to go into debt just to get her a nice gift? Probably not!
By having a plan, and saving now for next Christmas, you can rest assured that you will much less stressed when the holiday rolls around.
How To Start Saving For Next Christmas
Have A Plan – Since it’s been less than 2 months since the last Christmas holiday, I’m sure you can remember all of the things you had to buy. Food for parties, gifts for friends, family & even teachers, spending money for the after Christmas sales, etc. Write down everything that you will probably end up spending money on next Christmas.
You should have a list of people to buy for and then a budget for each person. Shop the sales throughout the year and put aside the gifts for Christmas. It’s better to buy them now and get a good deal, instead of waiting until the week before Christmas and having to pay full price!
Set Up An Account – You should have a seperate bank account for all of your Christmas purchases. Food, decor, gifts – everything. It all needs to be saved for. Look over your plan, and add up all of the costs. Let’s say your total is $650 – you need to save that amount by December 1st (not by Christmas, because you need to have that money available in order to buy gifts and things BEFORE the actual holiday!).
If you start saving right now, then you have 10 months to save that $650. That’s just $65 a month. Put that money into a savings account and then when December 1st is here, you will have all of the money that you need to buy your Christmas gifts, decor and everything else.
Automate Withdrawals – Set up your regular bank account so that every month, you send some money to your Christmas Savings account. Sticking with the example above, the amount would be $65 every single month. It’s best to have the withdrawal happen on the same day every month so that you know when that money will be taken from your regular account.
Having automatic withdrawals set up with your bank will ensure that your monthly amount is always put aside for you every month – without having to remember to do it yourself!
Saving for Christmas now doesn’t have to be hard. Even if you can only afford to put aside $20 a month for awhile – anything helps. Having to spend a large amount of money right before the actual holiday is no fun at all.
Start saving now and save yourself the headache!