How to Save Money for Christmas

It is relatively easy to save money for Christmas presents if you begin saving in early January. You have to be determined and stick to a weekly savings plan.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Calculators
• Piggy Banks
• Savings Accounts
• Personal Financial Software
• Calculators

1. Decide how much money you will need. In addition to Christmas gifts, remember to factor in decorating, entertaining and holiday travel plans.

2. Divide that amount by 52.

3. Write down that figure. You will have to set aside that amount each week to achieve your goal.

4. Consult your local bank for a Christmas club or simple savings account that allows you to make a deposit weekly. Look for an account that gives interest.

Tips & Warnings

• Treat the weekly amount like a bill due that will charge you interest if left unpaid.
• Use your daily spare change to contribute to the weekly amount, if necessary.
• If you don't remember to start saving in January, you'll need to readjust the math equation above. Divide the amount of money you'd like to save by the number of weeks remaining till Christmas.
• Dining out is an expense that adds up; cutting back on restaurant visits can be an easy way to help you achieve your financial goal.

[rcpcash]

on 11/2/2009 The following link takes you to a site that offers cash back and money saving coupons at over 1000 online stores including Walmart.com, Kmart.com, Target, Sony, eBay, plus over 1000 others! I use it all year long but it really helps Christmas time. The link is: http://cashback.rcpcash.com/

[thompson6]

on 1/19/2009 Some banks have programs to save specifically for Christmas. A specified amount is automatically deducted to a separate account every month, and then in November the money is sent to you.

[tintinn85]

on 11/29/2008 An easy way to remember to 'pay' your savings account first is to set up a direct deposit or automatic withdrawal from your bank account or or through payroll deposits.
I have saved a considerable amount this way, and it is almost too easy to save money every two weeks. I'm always pleasantly surprised to see just how much I have saved when I check the balance of the savings account.

[wstewart79]

on 11/24/2008 So easy to do, yet so few people do it. I wrote some similar articles. You may want to check those out.

[jerryb1]

on 11/19/2008 The system we use at our house is simply to shop the bargains at the time of year that they become available and then present them to the people at Christmas or their birthday or for whatever occasion such a gift is appropriate.

That way, we will not have to spend near as much as if we save a sum to be spent 'at the season' as prices are then usually at their peak.

Works for us.

And, yes, we are all but done with our Christmas buying at this time.