This shouldn’t be a shock, but Christmas comes every year.
Of course, you probably already know this. But, if we all know, then why don’t we have all the money to pay for Christmas presents up front? How come most of us borrow and use credit to make it through the buying season instead of saving?
Start saving now, for Christmas in 2016.
Right now, paying cash for Christmas may feel like a difficult goal to reach, but I have two steps to make it possible.
First, as always, start with a budget—how much do you normally spend or would like to for the holidays? Be reasonable. If you’re thinking $10k and only earn $30k a year, then rein it in. I suggest making a list of those you normally buy presents for and put a number on it. Maybe $25 for siblings or $50 for parents, for example. Put down the amount that makes you comfortable. Total it up and see what you’ve got. Let’s say the total amount you want to spend on Christmas is $600.
Second, take your total and divide it by the months in a year. Continuing with the $600 from above, that would be $50. By saving $50 per month, you’ll have $600, in cash, Dec 1, 2016, (if this number is out of your budget, then you’ll need to adjust the total you’re able to spend on Christmas.) Now you’ll need to decide where to save. You could put the money into a savings account or even put cash into an envelope—just choose the method that works best for you and go with it.
I want your holiday season to be free of money worries.
I’m challenging you to start 2016 right by saving for Christmas starting January 1!
I believe you can.
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