5 Ways to Save for Holiday Shopping

Time to save for Christmas? You betcha!

The winter holidays are six months away (Hanukkah is Dec. 11 this
year), which means…ug…it’s a perfect time to start saving for the
yearly gifting spree. Here are five ways to prepare. I hope one of
them works for you!

1. Set a budget for much you want to have to spend on presents and
divide by six months. This is how much you need to save each month.
Set up a special savings account with an automatic deposit each month
so you don’t leave it up to chance. If your budget is $400, save
$66.66 each month.

2. Examine your budget and see how much you can really afford to save
each month or week. This is your holiday budget.

3. Begin setting aside gifts you come by NOW. This approach is similar
to the first but instead of saving cash you are socking away gifts. I
keep a box of gifts in my closet that I add to periodically. I
currently have a beautiful red sushi plate that I’m going to give to
my neighbor, a few small toys for my nieces and nephews, and a handful
of cookbooks. Some people swear by shopping for Christmas/Hanukkah
year round. I like to combine No. 1 and No. 3.

4. A friend shared her way of saving for Christmas that has got me
thinking. When she comes home from grocery shopping, she checks the
sales slip to see how much she's saved by using coupons. Those savings
go into an envelope to be saved for Christmas shopping. She saves more
than $100 per month this way!

5. Hope for a windfall that will cover the gifts you want to buy.
Don't count on it!