The next Christmas will be with us in 12 months. Probably, you have taken your kids to school and you’re back to work. You’re back to your routine. But this is the time to develop saving strategies for upcoming celebrations.
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2023 statistics show that a United States consumer was expected to spend about $920 on Christmas presents. This may not be much to some consumers, but many can find this tasking if no saving plan was ever in place. So, how do you save for Christmas?
To avoid feeling overwhelmed during Christmas because you don’t have enough cash. Start saving now. Here’s how.
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Start With a Budget
Create a budget covering all the expenses you intend to incur in the forthcoming Christmas season. You can check your past Christmas expenditures to see how much you were spending. This can inform your current budget.
Identify the number of people to give presents and how much you’ll be willing to spend. Factor in whether it’s a dinner you’ll have at home, away from home, or you’ll go on vacation with your family.
To secure your money, opening a savings account is a good idea. You can save starting in January. You can set a minimum or standard amount to save monthly.
Additionally, you can lock your money in a Fixed deposit account and earn interest while at it. The trick is to lock for a certain period and not withdraw.
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Plan for Automatic Savings
The temptation to use cash now with the aim that you’ll still deposit in your Christmas savings account can derail your efforts. So, you can place standing orders with your bank and have some money moving from your other account to the Christmas one.
Reduce Your Expenses Starting Now
Cutting back on your expenditure is a good place to start when seeking funds to save for next Christmas. Check your previous bank statements. Where does most money go to? Is there anything you can do without it?
Also, you can consider where to shop for better prices. The list is endless. The aim is to save monthly no matter what.
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Think of a Money Club
You can save through people! Form a group with family or friends and save a standard amount each month. Every member contributes to this arrangement. At the end of the month, one member withdraws the cash.
Saving alone can be difficult at times. So, to maximize saving for next Christmas, join a money club and receive your lumpsum cash, which you can deposit in your Christmas savings account.
Make Your Travel Arrangements Early
Do you plan to travel during the December season? Decide on transport, and find out the earliest you can book. This is a fantastic way to save on travel which becomes more costly when you book near the travel date.
Book that train, coach or air ticket. The money you’ll save can go towards other items in your next Christmas budget.
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Embrace New Traditions
Old is gold, as they say, but sometimes it’s not always the case.
Instead of sending postcards, send e-cards to save on postage. There are many sites offering beautiful less costly e-cards.
Buy gifts during sales. You can get good offers that can save you some bucks.
Next Christmas will be here in no time. And being caught off guard can lead to disappointment. So, to have a memorable, well-planned Christmas for you and your family, start saving now!
Do you have other ways of saving for next Christmas? Tell us in the comments section.
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