We all love giving gifts when the holiday hits, however it can be a real strain on the budget. Some years are harder than others, and as much as we try to set money sometimes it just doesn’t go as planned. Our Christmas lists get longer and budgets get smaller. We look online for ideas on the best ways to save but sometimes they just aren’t practical, such as a gradual increase in your savings every week.
Your savings plan needs to be habitual, something that is consistent to create the savings that you want. A gradual increase each week can be hard to budget and often times you might not think you can accomplish it every week, which can cause some stress.
Everyone has a different financial situation so it will be different for everyone. A good way to start is to add up all your receipts from this past year and divide that by 47 weeks, and from there you can determine your budget from that amount.
Once you have your amount, set that aside every Friday. Maybe you use the cash envelope system, or open a new bank account specifically for this purpose, of create a new column in your budget. However you decide to do it, each week as you pass that milestone you can rest assured that by December 1st you’ll be shopping for gifts, guilt free!
To make it even easier, Eastex Credit Union offers a Christmas Club account. Every month the amount of your choosing is directly put into a savings account. Then before the holiday shopping season hits, your funds are directly placed into your primary savings account for easy access! Our goal is to help you achieve your financial goals!