The holidays may be many months away, but it’s never too early to start planning. Learn how to save money now for holiday shopping.
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Holiday shopping can be so expensive! The average amount spent each year on gifts alone is over $900.
When you throw in food, entertainment, and other expenses, the holidays can really add up. When you start saving now the holidays will be much easier to manage.
Save Money Now for Holiday Shopping
In fact, if you’re tired of feeling the crunch during the holiday season, why not start saving now? It will take a lot of pressure off the holiday season, making it much easier to enjoy the festivities.
Know How Much Money You’ll Need
You first want to sit down and get a good idea of how much money it will cost to buy gifts, food, do activities, etc. Then, plan to overestimate a bit.
It’s better to have more money than you’ll need than less. The extra money can always be used to buy a little something for yourself to treat yourself during this hectic season.
Break the Goal Up into Smaller Chunks
Once you have your main savings goal in mind, you can break down the numbers depending on how many weeks are left until the holidays.
For example, if you want to have $1,000 for your holiday budget, and there are 20 weeks before you start shopping, you need to put away $50 each week.
If you can put away more than that, you'll reach your goal number even faster.
Once you know how much you need to put away each week, set up your savings account to automatically withdraw that much from your checking account.
This makes saving so easy! You’ll learn to treat the amount like any other bill. This works whether you're putting money towards a holiday fun or an emergency fund.
Put Extra Money Aside for the Holidays
If you get a tax return, bonus, or any other unexpected money, put that money into your savings account. This helps you get even closer to your goal.
If you find that you’re falling short on your goal at any time, you may want to pick up extra hours at work or do small side jobs to make some extra money.
Start Shopping Now
Last, but not least, you can also start shopping now. Whenever you see a good item on clearance, grab it. You can put it into your gift closet and save it until you need it. This will save you so much money on
These five tips can help you save earlier in the year so that the holiday shopping season is less chaotic.