3 Ways to Save for the Holiday Season
If you’re anything like me, you wait until the last minute for holiday shopping. To take it a step further; you have waited until the last minute to save for holiday spending. Saving is something I’ve struggled with, and continue to struggle with, before the holidays. There are many different ways to save and I wanted to present you all with 3 effective ways to save for Christmas. It may be too late for this year, but it is never too late to plan for next year!
First is the Christmas club account you can open at your local bank. How this works is it acts like a savings account where an individual can deposit funds throughout the year. The catch is you are unable to withdraw the funds during the non-holiday months without paying a penalty first. This incentivizes the person to save money and strictly use it for holiday shopping. Some banks may not have a Christmas or holiday club so be sure to check before making this an official game plan.
Secondly, you can create a sinking fund and put money away little by little each paycheck. This can work similar to a Christmas club account, but the difference is you must have the willpower to leave these funds alone during the year. You can create a separate checking or savings account specifically for this. Also, you can have a cash envelope stashed in the house, but try to keep it out of sight so you are not tempted to pull a $20 out for pizza on a Friday night.
Sell on eBay
Lastly, and one of my favorites, is finding stuff to sell on eBay during the year. This can work as a last minute effort to raise money for your Christmas fund. Find stuff in the garage or attic you no longer use and only collects dust. Clean it up, and sell it on the Internet. Another route is to have a garage sale, although this would need to happen during the warmer months. Same with the sinking fund, be sure to keep the profits separate from other monies and stash it away where you won’t be tempted to use it.
I hope these three steps help to give you ideas on how to save for the holidays this year and beyond. Remember, if you are not financially able to give gifts, do not feel obligated to gift. However, if you are short on cash and still want to give, try finding homemade gift ideas on Pinterest and other social media sights. Not only will it be made with love, it is something people can cherish for a lifetime. Have a wonderful Thanksgiving everyone and we’ll see you on the other side of the holiday!