Will you be ready?
We are exactly six months away from Christmas; is your Christmas budget ready? Know how you’re going to pay for all those holiday expenses? If so, great! Haven’t got a clue? You still have time to get it together!
Our family has a sinking fund for Christmas. Every pay period $15 automatically gets deducted from my husband’s check and deposited into our Christmas savings account. It is on auto-pilot.
In the fall interest will be paid and a check is given to us to do our shopping. If I happen to find the perfect gift for someone on our list before that I can withdraw up to a certain amount without having to pull from another budget category. This allows some flexibility while still earning a little interest.
If that isn’t for you…
Not interested in setting up an extra account? Simply create a cash sinking fund and pull out a designated amount every paycheck or every month.
With a little bit of planning now you can still manage a little something special for everyone on your list without resorting to credit cards.
Set aside cash so you can be sure you have the funds in place to get your holiday cheer on when the time comes without reaching for the plastic.
Get a Side Hustle
Don’t have room in the monthly budget for gift giving? Get yourself a side hustle to set some aside for gifting and get a bit ahead of your expenses. Your bank account will thank you long after Christmas if you get your financial life in order now.
Downsize Your Gift List or Opt Out of Gifts Altogether
There is nothing wrong with this option either. The true spirit of Christmas is about a baby in a cradle who died on a cross for our sins. The gift giving commercial aspect isn’t a requirement for goodwill to man. Now is the time to let those you typically exchange gifts with that you are doing things differently this year. They may be relieved to save some money too.
If your extended family that gets together is simply too big to afford gifts for everyone participate in a name exchange and only worry about buying for one person. Let the kids exchange names too so they don’t go home empty handed or end up with an even more crowded toy box.
Have a potluck Christmas dinner and go caroling, check out the town lights, or attend a special service together instead of your annual gift exchange.
Is your Christmas budget ready? Let me know in the comments or head over to Instagram and join in on the conversation there! I’d love to hear your plans and how you plan to celebrate Christmas with your loved ones on a dime.