Comments on: Christmas Savings Fund

By: * 10 Steps to Planning Holiday Spending

* 10 Steps to Planning Holiday Spending — Wed, 11 Nov 2009 01:43:57 +0000

[...] you have a plan for holiday spending yet? Some people have already finished their holiday shopping. Others have been diligently saving all year long. Still others might be dreading the upcoming holiday season because of the cash outlay it usually [...]

By: Gidget

Gidget — Mon, 19 Jan 2009 00:58:53 +0000

This is a great idea! Even simple & homemade gifts, including food spent on big dinners and special evenings out add up at Christmas time.

I have a question about ING- do you know if you open up another savings account (like for the christmas fund for example), or have multiple savings accounts, does that effect your credit negatively, as in having too many accounts open?
Thanks!

By: Studenomics

Studenomics — Thu, 25 Dec 2008 02:03:51 +0000

I put money aside for Christmas very early in the year. Usually around October/November time I casually look for gifts. My goal is to usually have all of my gifts purchased way before December. This year I was lucky enough to have all of my gifts purchased the first week of November. I absolutely hate going to malls around this time of the year. I refuse to go.

By: Melanie

Melanie — Wed, 24 Dec 2008 15:41:35 +0000

Thanks so much for the last minute reminder. I too am done, the money’s spent, and that’s it. But all those reasons resonated with me–just need another one, this kid doesn’t have as much as that kid, my mom doesn’t have enough to open… aargh. Nobody’s going to even notice. Including me. Guilt gifts. Sheesh.

But this was our first year saving for Christmas, and it was terrific. I’m not actually bumping up for next year though, just starting in January, instead of May.

And Pokeberry Mary– everybody does always think of that, and maybe it takes a couple years’ worth of reminders before they actually do it, but I’m proof that eventually it has an impact!

By: marci

marci — Wed, 24 Dec 2008 04:57:24 +0000

I do my shopping year round, so the Christmas fund doesn’t work for Christmas as I am usually all done by October.

However, what the Christmas fund DOES work great for is my property taxes – which are due Nov 15th. I put $60/month away, and when the Christmas fund is dispersed the first of November, I pay off my property taxes! Good use for the Christmas savings fund that is an automatic deduction from my checking account.

By: Dawn

Dawn — Tue, 23 Dec 2008 16:41:13 +0000

I’m like Alissa – I put about $600 away each year for Christmas. I also tried to do everything out of it, including parties and so forth. That got a little tight, so like her, I am bumping it up a tad.

By: Squeaky

Squeaky — Tue, 23 Dec 2008 15:19:10 +0000

I don’t celebrate Christmas but most of my customers and family do. Since I have a large family, many friends, and lots of customers, I have literally dozens of gifts to give away. That’s too many to buy all at once. I make a lot of the them (canned goods, knit goodies, pumpkin loaves, etc.) so I have the luxury of doing a bit at a time all year long. This year everyone from out of town got crocheted pot holders, and people in town got jam or applesauce. I do the actual budgeting and materials buying year-round.

For gifts that must be bought, the great part about budgeting year-round is that if you see the perfect gift at a bargain price in, say, August, you can snap it up and have the cash on hand to do so.

By: Froogirl

Froogirl — Tue, 23 Dec 2008 14:35:41 +0000

I, too, have depleted the “cash stash” as we’ve come to call it. I do need to pick up two more small things, but I’ll pay for them from other discretionary money.

What worked for us was that starting in late August, I put $20 a week in an envelope as well as loose $1 bills from my wallet every few days. Any money that was reimbursed to me (e.g., rebates or cash paid back from friends) went in there as well, as the money had already been “spent.” I also paid cash for various smallish things picked up along the way.

This system has worked so well for us that I paid cash for birthday presents from that money and still had enough! I plan to continue this system, but with the idea of it being a fun fund as well as well as a family gift fund. We will use it to offset birthday parties and our summer vacation in addition to birthday and holiday gifts.

On a side note, I am so proud that we’re getting through the holidays not only without adding any debt, but continuing to make payments. After a “soggy hotdog” equivalent last December, it’s quite a victory to have a routine and a handle on the situation while still feeling generous and celebratory.

By: Scott

Scott — Tue, 23 Dec 2008 14:30:18 +0000

We’ve used the biweekly paycheck to our advantage. Twice a year I get a third paycheck in a month, it used to cover taxes owed but now is saved or used for bigger house projects. The other was used to establish the Christmas fund well in advance (usually Sept/Oct). I have found that it is very helpful to have the cash stashed away and a known limit.

By: Bethany

Bethany — Tue, 23 Dec 2008 14:09:27 +0000

I have one savings account for all of my annual/bi-annual expenses. I came up with a Christmas budget, totaled up my bi-annual car insurance payments, as well as a few other expenses. I then divided this by 24 (# of paychecks in a year) and now I put about $100 into the account each paycheck.

This year I was lucky enough to receive a bonus, so rather then using it for bills or Christmas, I get to actually use it however I want.