We’re nearing the end of January and you have probably opened all the credit card bills that you racked up over the holiday season. If you had your choice next year, would you be doing the same thing? In January 2016 do you want to be dealing with credit card debt, or would you like a new idea to tackle holiday costs?
It will start the New Year out a whole new way. Hopefully you are all ears – as there are several ways to create the fund for your 2015 holiday gift fund.
First, think back to your total holiday spending for 2014. Include gift wrapping, food, gifts, entertainment and holiday events. Here’s one idea that I have shared with many people – it’s easiest to explain with an example:
Suppose your total spending was $500.00. Divide that amount by 10 (months). Result? if you save $50 each month, then by November you will have $500.00 for next year’s holiday shopping. It can be your own “Christmas Club!”
Another idea involves starting your shopping list now, and shopping all year long. I had a friend that always had her shopping done by August and could enjoy celebrating the holidays with no financial stress. One bonus of this strategy is that you can take advantage of sale prices whenever they come up during the year.
Another benefit of starting holiday shopping early is that you have plenty of time. With time comes the opportunity to price gifts online or compare by phone. Remember to read about taxes, shipping policies and the fine print.
Our giving hearts come out during the year, so don’t forget to include giving to your local charities. Check to see if your employer offers a match your contribution.