It’s pretty easy to save money for Christmas gifts if you start saving in January. You have to be determined and stick to a weekly savings plan
Steps:
Decide how much money you’ll need. Besides Christmas gifts, remember to include costs for decorations, hosting, and travel plans.
Divide that total by 52.
Write down that number. You should save that amount each week to reach your goal.
Check with your local bank for a Christmas club or simple savings account where you can deposit weekly. Try to find an account that earns interest.
Tips:
Treat the weekly amount like a bill that will charge you interest if you don’t pay it.
- Use any spare change you have each day to help reach the weekly amount, if needed.
- If you don’t remember to start saving in January, you’ll need to readjust the math equation above. Divide the money you’d like to save by the remaining weeks until Christmas.
Warnings:
Eating out can be expensive; reducing how often you go to restaurants can be an easy way to reach your financial goal.
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