Guess what, Christmas is not an emergency expense so you shouldn’t be depleting your savings or charging your Christmas on credit cards. You meant to start saving for Christmas in January but didn’t get around to it – and we don’t need to live in the moment of shoulda, woulda, coulda.
Let’s develop a plan for the time we do have left. There are nine weeks left for you to develop a savings plan so you can still enjoy Christmas debt-free.
1. Set your Christmas Budget
Be realistic with yourself. Decide how much you feel comfortable spending on yourself and others for the holidays. If you’ve never done this before, this is a great habit because it requires you to be intentional, purposeful, and proactive. So often, we spend the money first and then experience regret and shame about how much we’ve spent.
2. Calculate how much you need to save each week
Now, take your budget and divide it by nine (because there are nine weeks left until Christmas!). For example, if you decided that you want to spend $1000 for Christmas, you would need to save $112 each week for the next nine weeks. If you decide you want to spend $500 for Christmas, you would need to save $56 for the next nine weeks.
3. Set up an automatic transfer to a separate account for Christmas
Set up an automatic transfer to a savings account that’s just marked for Christmas or set the money aside in an account you already have and know you won’t touch. The goal is to consistently save and put the money out of sight.
And just like that, you’re set to enjoy the holidays without the shame, guilt, and anxiety that debt can bring! Email me at firstname.lastname@example.org and let me know your Christmas savings plan.
All the best,