Most of you are currently thinking about your upcoming summer vacation, and Christmas is no where near on your mind. But before you know it, summer will end and there will be a chill in the air letting you know that the holiday season is near. This holiday season you should enjoy spending money, not stressing over it. You can start saving now and have plenty of money to spend in December.
It doesn’t take a miracle to save $1000 for gifts and decorations – it just takes planning. When you set a goal and come up with a strategy to get there, you will see just how easy it is to save.
Here are 4 easy to steps to save $1,000 before the holiday season arrives.
- Divide the money by the months.
If you started saving in January, you would have to save $83.33 each month to save $1,000 by December (or you can round it to $100 per month and save $1200 for the year). Since Christmas is in about 7 months, you will need to save $142.85 per month to have $1,000 by December.
- Put Christmas in your monthly budget.
Add a category into your monthly budget that says “Christmas”. I would suggest opening an online bank account just for your “Christmas Savings” and have the money automatically withdrawn from your regular account each month. This will help you keep your Christmas money separate from the rest of your money and you will be less tempted to spend it.
- Adjust your spending.
Go through your monthly budget and see if there are any categories that you can adjust to free up some money for your Christmas savings. Trim $20 from your groceries, $30 from entertainment and now you have $50.
- Find extra money.
There are many things you could do to get extra money. You can have a yard sale, get paid to take surveys online, or even become a dog walker. Those extra efforts will help you save faster and ensure you have a stress-free Christmas.