The holiday season is around the corner. Christmas is actually 4 months away. Depending on where you are, summer is coming to an end and pumpkin season is here. Soon we’ll be sipping on hot chocolate and celebrating with the family around the Christmas tree.
Are you thinking, I have not saved anything for Christmas. It is understandable the holidays always come so fast. But don’t worry you still have time to start saving for Christmas.
Create your budget and see how much discretionary money you can set aside for Christmas gifts. Open a separate savings account and name it Christmas. Set up automatic transfers into your savings account so you don’t have to think about it.
There are 13 weeks until Black Friday, the biggest shopping day of the year. If you save $20 a week, you will have $260. If you save $50 a week for $650. If you shop closer to Christmas you will have more money saved up. Do what is best for you.
Make a list of the people who you would like to buy for (even teachers) so there are no surprises. Decide on how much you want to spend on each person. If money is tight you can get a part-time job or make something for them such as cake or cookies.
Just remember to not stress out and don’t go into debt buying Christmas gifts. You don’t want to start the new year with a credit card bill or Christmas loans. You shouldn’t have to pay interest for giving gifts.
How much are you spending on Christmas gifts?