93 Days Until Christmas

There are 93 days until Christmas!   Have you begun saving money so that you can purchase presents?

5 Things You Can Do To Prepare Financially

  1. Use the Mini-Budget (HERE) to write down every person for whom you are purchasing a gift. Use this tool to determine how much you are going to spend for each person.
  2. Set a target savings amount. Your Mini-Budget will help you establish your goal!
  3. Save an equal amount per paycheck. Divide your total goal amount by the number of paychecks you will receive between now and Christmas.   For example, if your goal is $720 and you are going to receive 5 paychecks between now and Christmas, you should save $144/paycheck.
  4. Be ready for Black Friday! My friend, The Saving Freak, always runs an annual series on Thanksgiving week helping people prepare to take advantage of amazing deals on the weekend following Thanksgiving.   Look at your newspapers and on-line deals – and have the money ready to take advantage of terrific savings!
  5. Stick to the plan! No matter what happens – do NOT overspend the plan!   By taking the time to plan now, you will greatly improve your chances of success this Christmas!

Repeat after me – “NO DEBT THIS CHRISTMAS!”

How have you prepared to pay for Christmas this year?

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  1. Sandie on September 23, 2010 at 3:16 am

    We set up a Xmas fund through our bank, each month I transfer money into the account. This will then become the cash that we use to purchase our gifts. We even start buying as early as July and tuck things away so it’s not a mad dash at the end.

  2. Todd Helmkamp on September 24, 2010 at 1:31 pm

    One of the first things I learned from you, Joe (and you were the first personal finance blog I started to read years ago),was to set up a Christmas account. We save a certain amount of money the whole year for our gift giving. We already have Christmas paid for. Thanks for the good tips!

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