Christmas is notoriously a time when people spend tons of money and rack up debt buying Christmas gifts for their loved ones. However, by creating a Christmas budget and savings plan, you can have a great holiday without overspending. So, let's discuss how to save money for Christmas to make sure you get through the holidays financially sound! 1. Make a list of who you are buying gifts for and how much you need to save: Also, add any travel you may anticipate or expenses that may pop up, like food for a holiday meal. Once you have the total amount you need to save, give yourself a deadline to reach that number before you start your Christmas shopping. It's also a good idea to save a little more than your target number in case you forget to add someone to the list. 2. Open up a designated Christmas savings account to use as a sinking fund: Sinking funds are savings accounts you can designate for your Christmas or holiday savings. To simplify saving, you can automate deposits to your sinking fund. 3. Build saving for Christmas into your budget: Now that you know how much you need to save to prepare for Christmas, you'll want to incorporate this amount into your budget. Depending on how much you need to purchase your gifts, you'll want to divide that dollar amount by the number of weeks you have between now and when you want to start shopping. This will give you a weekly savings goal. 4. Plan your Christmas shopping ahead and shop smart: November is the beginning of the sale season, so it can be easy to be side-tracked. Shopping online can help you get your gift buying out of the way early. If you decide to go to a store, then plan ahead. Map out what days you'll be shopping, what stores you'll visit, and what you'll buy. Remember to use coupons or cash-back apps, like Rakuten for deals and savings. 5. Stay motivated to save money for Christmas: It's a good idea to get a savings partner (AKA an accountability partner), so you can keep tabs on each other and help one another succeed. Think of someone interested in joining you as you save for the holidays and plan weekly check-ins with them! 6. Get creative with your Christmas gift-giving: Another creative way to save money on Christmas gifts is to make gifts yourself. It could be physical items like clothing, trinkets, or home-baked goods like cookies and cakes. Focus on creating memories, and staying within your budget will be easier. --- With these tips, you should be able to put a solid plan in place to avoid holiday debt and come out on the other side of the Christmas season with your financial goals intact. Here's to a happy and financially sound holiday season from Clever girl finance and Volare Home Loans! This article is bought to you by Clever girl finance. www.clevergirlfinance.com/
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