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!

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

Add a Comment

Your Name:

Your Email: