Tis the season of giving, which often means it is also the season of spending.
The season of spending where retail companies win and personal bank accounts lose. The holidays are fueled with emotions, and when high emotions and money meet, people tend to overspend without having a real plan in place.
Since we’re just a few short weeks from the Christmas holiday. It’s a little late for this advice, but not too late to implement it for next year’s holiday season.
Here’s a simple plan that will assist you with managing your money and avoiding the after holiday blues. The very simple solution is to open a Christmas saving account.
Open A Christmas Savings Account
A Christmas saving account is an account that your credit union or bank may offer to you or you may set up a separate savings account at your bank and call it “holidays. Alternately, you may want to set up an account at an online bank that is not easy accessible. Where ever you decide to open your account - make sure that it is not linked to your overdraft so that the money will stay safe even if you accidentally overspend and overdraw your other account.
Set Up Automatic Transfers
If you know that you typically spend $2,000 on your holiday spending, then create an automatic monthly transfer for $167 or $77 bi-weekly. Include additional money in your budget if you will need to travel for the holidays.
Making the Most of Your Christmas Savings
Use this account as your holiday shopping fund and it won’t feel like such a big financial hit to your budget since you’ve spread out the costs over the year. You will likely experience far less holiday stress related to money because you know you have the cash and won’t rely on credit to fund the holiday season.
Make Christmas shopping easier by planning ahead and making your list. As you work to save money, you will be surprised at how much you can get and how much less stressful the holiday season will be. One year of saving in advance will help you start doing it on a regular basis. Setting up your account in now will make Christmas that much easier.
Bottom Line
The key is to think about holiday spending the same way you would other recurring, non-monthly expenses, like annual insurance premiums, quarterly tax estimates and home maintenance. you know you’re going to have the expense, being ready is just a matter of planning for it far enough in advance. One year of saving in advance will help you start doing it on a regular basis. Setting up your account now will make Christmas 2018 that much easier.
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