It’s not too late to start saving for Christmas, especially if your dream is to boost your holiday experience for your black family. Saving for the festive season can ensure that you have an amazing celebration without the guilt of the January credit card bill.
Here are five strategies on how to save for Christmas and boost your holiday experience for your black family.
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Figure Out the Amount You Need to Save for Christmas
It’s essential to go into the holiday season with a financial plan in place. When you don’t know how much you should spend on gifts, dishes, decorations, and other fun Christmas activities, it’s easy to overspend.
As we approach the holiday period, you’ll want to create a spending budget. To do this, make a list of everyone you need to buy a gift for. Then, set a budget for the amount you’re willing to spend on each person on the list.
Next, consider how much money you can afford to set aside for decorations and activities like Santa and pictures. Doing this will give you an idea of how much you need to save for Christmas between now and 24 December. You can also get one or two guides on Amazon on how to plan Christmas.
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Create a Savings Account
The moment you figure out how much you need to save for Christmas, the next step will be to create a savings account strictly for the holiday. When you open an account strictly for the holiday season, you can easily track how much money you have saved.
High-yield savings accounts, separate savings accounts, and cash envelopes are some of the options you have when creating a savings account for your Christmas savings. Regardless of the type of savings account you choose, the important thing is to have a separate account where you keep funds for the holidays.
Cut Down on Your Spending
One simple to save for Christmas is to cut down on your expenses and channel those extras to your holiday savings. Below are steps to take to identify areas in your spending you need to cut down:
- Print out your last six bank statement
- Sum up the amount you spend on each area of your budgets
- Identify things you can get off the list and items you can shop around for better prices.
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Use Cashback Sites
With sites such as Rakuten, Ibotta, and Dosh, you can make money as you make purchases. Using cashback sites is pretty simple. Once you create an account and click the retailer you want to buy from, you’ll be redirected to the retailer’s website to shop.
All your purchases will be tracked, and you’ll earn back some percentage. The amount of cashback these sites offer varies, but it could be anything between 1% and 15%.
However, it’s advisable to check the price of the items you want to buy in other places like Amazon instead of focusing on the size of the cashback.
Make Christmas Saving Automatic
Another easy way to save for Christmas is to not think about it. When you set automatic withdrawals to a separate checking account each week or month, you’ll be able to save enough by December. Ensure to avoid the temptation of taking funds from this account.
Christmas is a time to unite and share love with friends and family. It’s important that you plan and save for it ahead of time. When you plan and start saving on time, you’ll boost the holiday experience for your black family. Regardless of which saving method you prefer, you just start. Remember to check Amazon for decorations, gift items, and Santa wear.
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