Christmas is undoubtedly a magical time of year for the vast majority of us. It can be stressful though and put a huge strain on finances. After a couple of disastrous Christmases I now save money weekly throughout the year. I’ll be doing the same from January and will be tracking my progress here as I save for Christmas 2017. As always, I’ll start saving from the first week in January and will continue to do so until the end of November.
The key to saving money is that you must be realistic. If you set your target too high, you’ll find it difficult to maintain your saving for the year.
First off, if you haven’t already, you need to set yourself a budget. See here for ideas on how you can work this – http://mymoneycottage.com/you-need-a-budget/.
Once you’ve sorted your budget, you will be able to see how much you could realistically put away towards Christmas. If you can afford £10 a week, great! That’s over £300 towards next Christmas! I know some people find it easier to do this in small, daily bits. If it suits you, stash £1 every day in a jar. The key is, don’t touch it until the end of the year otherwise you’ll soon find your total quickly diminishes.
Once you’ve figured out how much you can afford to save, decide where you’re going to save it. I have a savings account with Nationwide that only requires £1 to open. The Nationwide app allows you to rename your savings accounts so this one is aptly named “Christmas”. I save weekly, so at the beginning of each week I put my set amount in which has already been deducted from my weekly budget. Any extra I can afford at the end of the week goes in too.
So that’s it, it’s not rocket science, it’s simply about thinking ahead and being organised. I’m going to write about the Christmas savings periodically just to see how everyone is doing and to keep us all on track together!