How to Start Saving Money for Christmas Now

Saving money now can save you money later

The summer months are the perfect time to begin saving for Christmas. It is best to wait until after your summer vacation to get started but once that is over, you can begin to build your Christmas savings. Starting to save now will help you build quite a bankroll for your Christmas shopping and will help you not spend too much money when the time comes.

The first thing you need to do is look at your finiances. See how much you can save on a weekly basis or biweekly or monthly depending on your pay schedule. Next decide how much money you will need for your Christmas shopping. If you only have to buy for your immediate family then you may not need as much than if you have to buy for co-workers, extended family, school teachers, etc. So once you have your budget, divide it by how many months you have to save. For example: if you begin saving in July and want to be able to start shopping by November then you have 4 to 5 months to save depending on when in November you want to start shopping. So if you need $500 for shopping and want to begin on November 1st then you need to save $125 a month from now until November.

When saving your money, set it aside in a seperate checking or savings account so you will not touch it. Also you can save it in a safety deposit box at home as well, as long as you have the power to stay away from it.

You can also look to see if you will be getting any extra pay checks in any of the months before christmas. For example: if you get paid weekly, then in November you will recieve 5 pay checks. So you could add extra money from your last paycheck if you are able.

You can also make extra money now by holding yard sales or selling stuff on Put the money you earn toward your Christmas budget or even just put half of what you earn toward it. Every little bit helps. :)

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Comments 1 comment

Bronwen 7 years ago

Great hub. Its a case of the early bird catches the worm!

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