We’re now six months away from Christmas! The countdown is on and you need to budget for Christmas now!
Actually, it would’ve been a great idea to start budgeting for Christmas on December 26th of last year, but I won’t hold it against you if you didn’t! So, why do you need to start budgeting for Christmas now you ask? I’d love to answer that one!
CHRISTMAS IS THE SAME TIME EVERY YEAR…
Which means that since you know when it is you probably shouldn’t approach budgeting for Christmas in a panic after Halloween, or even worse – Thanksgiving.
Black Friday is not the be-all and end-all of shopping days people! You can actually have your budget and your list in order prior to the big sale day AND save quite a bit of money! How?
USE A SINKING FUND WHEN BUDGETING FOR CHRISTMAS
It is no secret that I love sinking funds. We have a few of them. One of them happens to be our Christmas account! Every pay period (and bonus) $15 automatically gets deposited. The first week of November interest is paid out and we get a check in the mail.
Interest rates and account rules vary from bank to bank, but we can make up to 6 withdrawals throughout the year without penalty. So on the off-chance, if we find the perfect gift for someone on the list at a deal too good to pass up… we can get it.
And sinking funds don’t have to be kept in the bank. You can also budget to withdraw a set amount of cash from the bank on a regular basis to accumulate in a cash envelope.
GET YOUR HUSTLE ON!
I’m also a big fan of the side hustle and have a few of them. You can read all about Legitimate Side Hustle Ideas, 6 More Legitimate Side Hustle Ideas, and even she some light in A Life on a Dime’s Side Hustle Update – telling you exactly what I’d made between all my hustles up to that point.
While some hustles, such as my favorite (taste tasting at the university) aren’t really a possibility with COVID-19, there are still lots of options! Online surveys can be a good way to pass some of the extra time at home.
If you have other professional skills that can be done solely online freelancing opportunities such as copy writing, editing, or bookkeeping (also one of my recurring hustles).
Find something you can do safely to earn a little extra money (even if it’s just setting overtime earnings aside) and budget Christmas expenses from the income your hustle provides!
CONSIDER SKIPPING THE GIFTS IF THE BUDGET FOR CHRISTMAS ISN’T WORKING OUT
I don’t mean to sound like a party pooper on this one, but if your budget is looking too tight even with a hustle to participate in gift exchanges, then consider skipping them.
This doesn’t mean you can’t get together with family (all things COVID considered, of course) and celebrate. Gifts aren’t everything and certainly, they’re not the most important part of the holiday.
Scale it down to immediate family only if you don’t want to skip it altogether. You may want to give everyone a heads up and let them know you’re not participating in gift exchanges.
Who knows, they might even be relieved to hear it! A lot of households are still recovering financially from the mess otherwise known as 2020. chances are quite a few families may not recover enough financially by Christmas.
There is no shame in that either. Whatever you choose to do budget-wise, the sooner the better! And for more budget tips and a free weekly meal plan, be sure to sign up as a Frugal Friend of the blog!
You’ll get exclusive discounts on budget coaching services and be the first to hear about anything new with the site! Have a great weekend and I’ll be back on Meal Plan Monday!
Ha – had to read this one – Christmas always seems to come round so fast & I always plan on being ahead – and somehow never quite there….. We’ve actually got an agreement in our family not to spend more than £20 on any one person each. It means the focus of the day is on the food, the games, the company etc – rather than presents. Works really well!
We kind of had that agreement on my husband’s side, but then we started drawing names among the adults and that made it so much easier! It does seem to sneak up on you no matter how much you plan, doesn’t it?!
I haven’t really thought about Christmas, but may as well I guess. We’re going to have a lot of non-holiday expenses at the end of the year!
Don’t you love it when everything expensive happens at once?! 😉
These are some really great tips and I must admit that when I saw the title I was excited because I love Christmas so much. I’ve already started picking up bits and keeping them to one side, but I’ll definitely be spending a lot less money this year.
That’s smart to shop early! I think quite a few people will be spending less this year.
This is a good reminder to start saving for Christmas, especially for those of us who do our Christmas shopping early. My family tends to get most if not all of it bought in October, as that’s the last time we visit the city for shopping before winter sets in.
Wow. Having it all together in October is impressive, even if it is necessary!
Ah I can’t believe that Christmas is just 6 months away! That is so crazy to think about! But it’s definitely good to go ahead and budget for it!
Wow, I can’t believe we are only 6 months away! Where did the year go? I agree on budgeting for Christmas as soon as we can. I usually shop for gifts a few months early because I’m always paranoid of forgetting or not getting something in time.
I want to try online surveys as a side hustle, do you recommend any websites?
Much love always,
GABBY
Yes! I use InboxDollars! https://www.inboxdollars.com/r/1672471916?ref_src=link
It’s never too early to start budgeting for Christmas in my opinion!
Right?!