This post may contain affiliate links. Read my full disclosure policy here.5K+I absolutely love giving gifts, but let’s be honest, they can be a real strain on the budget. This year seemed especially tough.Although I did have quite a few more people on the list than usual, in the spirit of Christmas, I bought and gave, and bought and gave some more. It felt really good, until I actually crunched the final numbers on my Christmas budget sheet and found I went $76.00 over my original budget.To be honest, I was shocked! I’m normally so good at setting aside money every paycheck to go into our Christmas fund, but for some reason, I just didn’t save enough. That is definitely not going to happen again this year, and I’m trying out a new strategy that is simple, motivating, and practically foolproof. Want to take a peek?
A Christmas Savings Plan that Works
I really wanted to make saving for Christmas a weekly habit, starting immediately. So, I browsed around Pinterest and quickly stumbled upon a 52 Week Savings Plan that seems to be really popular right now.This plan gradually increases your savings each week until you have $1,000+ saved by the end of the year. Many users have downloaded it to save for Christmas, but after studying the plan further, I just don’t think it works. By the time December rolls around, you set aside $40-$50 each week, and I don’t know many people that can do that during the Holiday season. I certainly can’t!The premise is good, but it’s just not practical.Instead, I believe setting aside a fixed amount every week will create the savings habit that a gradual increase cannot. You will still end up with a decent amount to spend by Christmas, but with half the stress, and double the consistency. I quickly went to work on a new Christmas Savings Plan, and I’m so excited to share it with you. The best part is you get to choose how much you want to save!
How to Use My Christmas Savings Plan
Because everyone’s financial situation is different, I created four separate worksheets to download. Choose one based on what you can reasonably set aside each week until Christmas, and if none of those amounts work, then use the customizable plan to completely make your own.A good practice to get into is to add up all Christmas receipts from the past year, divide the total by 47 weeks, and determine your budget from that amount.You can download each of the plans below: Download the $10/week Plan = $470 by DecemberDownload the $20/week Plan = $940 by DecemberDownload the $30/week Plan = $1410 by DecemberDownload the Customizable Plan5K+1. Set the budgeted amount aside every Friday. You can use the cash envelope system, open a new bank account specifically for this purpose, or create a new column in your budget spreadsheet. For the customizable plan, use the method I mentioned above, and fill in your weekly number in the budget section of the worksheet. You will have to add in your totals manually.2. Highlight each week as you pass that milestone, and watch your total column continually grow. By December 1st, you can start shopping for Christmas gifts debt-free. Yay!Keep this worksheet handy in a financial notebook that you refer to often, or hang it on your fridge as a weekly reminder to meet your Christmas goal. In December, it will feel so good to have all that money stashed away without dipping into your everyday budget.Already I feel the pressure of Christmas lifting, don’t you? Now I can’t wait to start shopping for Christmas!
Author:Kim Guest Phone: 864-918-0066 Dated: December 8th 2014 Views: 530 About Kim: ...
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