Christmas time is here again. I love this time of the year because my birthday is the day after Christmas so there’s always lots of celebrating (drinking) with friends and family. I try to avoid questions about saving money and personal finance because nobody wants to look like the Scrooge at this time of the year.
There are a few important questions to look at though…
Did you spend all of your money this year on Christmas gifts? Did you get into debt by any chance? Would you like to be more organized with your Christmas spending?
This is the ultra important guide to saving up money for next Christmas. Why wait? You can start early.
Find a way to make more money.
You’ll see me harp on this point constantly. Along with paying yourself first and simplifying your finances, making more money is another core tenet of mine.
You have a whole year to increase your income so that you can have more money to put towards gifts so that you don’t have to worry about missing anyone next year.
What if you have the money part of the equation figured out?
Why do I discuss switching to online banking so often? Because it’s just another tool that helps you save up for Christmas gifts and any other goals that you have.
I really like to create sub-accounts so that I can slowly build towards my money-related goals. I usually tend to this with a vacation or any other big ticket item. You could also do this for next year’s Christmas gifts.
Below are a few tips to save use your sub-account to save up for Christmas gifts:
- Put aside $20 every week.
- Cut a subscription and place your savings in this account.
- Sell some old crap and put the money here.
- Don’t touch this money.
How will you use your sub-account to save for next year’s Christmas shopping?
How do I save money? Watch your spending!
We all spend money foolishly in one way or another. I wrote about beating a spending problem, which I related to how much money I spend on food (too much). Folks were quick to laugh at my spending on food and I don’t disagree. I’m working on it. I want to see you guys tackle a spending problem over the next year.
I believe that you can have anything that you want. You just can’t have everything that you want. I’ve been dying for an iPad or a Mini iPad. Yet somehow I’ve controlled my urge. I could afford it no problem. I just don’t feel comfortable with splurging on a tablet – yet! I might have to splurge soon.
Keep track of what your friends mention.
You have a year to get the perfect Christmas gift for next year. It’s all good if you didn’t get that done this year. There’s always next time, right? I would recommend paying close attention to what your friends and family mention.
I take pride in attempting to get great Christmas gifts. I don’t always succeed. But it’s the effort that counts. I hope.
As funny as it sounds, but time really does flies by. Next thing you know, we’ll be sitting here one year from now talking about the next Christmas. I still remember my 18th birthday. I was complaining to a friend about how I wasn’t old enough to drink yet. He assured me that time would fly. Now I’m turning 25 the day after Christmas. Yikes!