If you ask me, it’s never too early to start saving for Christmas. It’s not that I’m some crazy Christmas lady, I just take budgeting very seriously. 😉 I’ve noticed that certain life events, like Christmas or back to school shopping, happen at a predictable time every year. So why is it then that I’m always shocked at how much money we spent? We have plenty of time to prepare for Christmas, yet there never seems to be enough money when it comes time to shop. This year I’m implementing a simple 12 week holiday savings plan, before the season arrives.
Who Needs a Holiday Savings Plan?
Hopefully, we all do. It’s so easy just to charge wonderful, out-of-our-price-range gifts to a credit card. But the truth is that gifts charged to a credit card are probably going to cost hundreds more in interest.
How the 12 Week Holiday Savings Plan Works
Doesn’t it always seem that the closer it gets to Christmas, the less spending money there seems to be available? The cool thing about my plan is that the deposits get smaller as the holiday season approaches. With this holiday savings plan, you put the bulk of the money into it at the beginning. As Christmas draws near, the financial load gets lighter each week. The dollar amounts listed are just suggestions, and you can increase or decrease the amount based on your needs.
Savings Plan Success Tips
- Electronic banking is your friend. Use your bank’s app or website to simply move money from checking into savings electronically.
- Once a week or once a month, you decide! You can deposit money into your savings account once each week, or move the cumulative total for the month over to savings on a monthly basis. I recommend you do whatever is most convenient for you. Personally, I make a budget for the month. But I do electronic transfers into my savings account each week because I can’t bear to part with such a big chunk of money all at once!
- Schedule it. To make sure you don’t forget to add money to savings, put it on your calendar. That way you have an extra reminder to sock that money away.
I hope this suggestion for a 12 week holiday savings plan was helpful to you. Whatever you decide to do, my prayer is that you find ways to enjoy the Christmas season with your loved ones free of financial stress!