93 Days Until Christmas! Setting Aside $$ for Holiday Shopping

UPDATE July 1, 2011

After July 1 at our home, we always say "it's almost Christmas" because there is only one more month of summer break, school begins, holidays resume, a few family birthdays...    Time really flies!  Start saving a little bit each week starting NOW and you won't have to stress out about your January credit card bill for the holidays.  Perhaps this year you can be more generous to others by just planning ahead a bit.

• $5 for   26 weeks =  $ 130
• $10 for 26 weeks =  $260
• $15 for 26 weeks =  $390
• $20 for 26 weeks =  $520
• $25 for 26 weeks =  $650
• $50 for 26 weeks =  $1,300

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Original Post:

93 Days until Christmas!

Although we just celebrated the first day of Fall on Wednesday, Christmas is just around the corner!

Prior to Christmas, we have three family birthdays, then two more right after Christmas.  If you haven't already started, it's not too early to begin shopping for Christmas or at least setting aside $$ each week for holiday spending.  Most people do not include GIFTS as one of their budget items even though it is almost always a large expense during the year, but it really helps avoid the credit card shock in January to have done so.  It's good for the national economy to spend a lot during this time, but more importantly, your/my personal economy needs to stay in order.

I have been budgeting for holiday spending for quite a few years and although I can't control my husband's gift spending, I can at least control my own and estimate what his might be (he's sometimes more generous than I am at Christmas time, but has learned to shop the sales).  :)  :)  Stress from over-spending can be  a nightmare.

Let me show you how the money adds up little by little.  

Although most spending is done before Christmas, if you set aside money each week  from now until December 25, you'll have saved:

• $5 for   13 weeks =  $  65
• $10 for 13 weeks =  $130
• $15 for 13 weeks =  $195
• $20 for 13 weeks =  $260
• $25 for 13 weeks =  $325
• $50 for 13 weeks =  $650

Even if you spend more than this, this $$ stash will still put a healthy dent in any holiday spending that you do.  Keep track of how much you set aside each week on an index card like the one on the right.  Deduct it right away from your checkbook (so you won't spend it on something else) and/or put the cash in an envelope (best idea) or in a separate savings account.  Use the money solely for your Christmas shopping.  Last year, I just cashed a few checks for the whole amount I had set aside and then deposited it when the credit card bill arrived. 


BOTTOM LINE:  When it's gone, that's all you spend.  It takes discipline meaning often giving up something else to set a little more aside but so worth it later.

Other ways to gather funds or to  save some extra holiday $$:

• Sell items on Ebay, Amazon or a yard sale
• Part-time job for a few weeks
• Sell books at BrightLight Books (a local store here that takes them)
• Talk with relatives and agree to limit spending to a certain amount per family OR to just buy gifts for the kids in each family [We typically buy a small family gift for the adults--Christmas ornament, candles, holiday decor, gift card-- and then gifts for the children.]
• Draw names in your family or group that usually exchanges gifts AND set a $$ limit
• Have a family outing or special dinner together instead of buying gifts for each other
• Give service coupons to each other to be used over the next few months 
• Shop at thrift stores and yard sales, looking for new, unopened items
• READ the sales flyers in the newspaper and/or shop online for the best bargains
• Use your coupons when selecting gifts
• Give gift cards and set a low limit for each, i.e. no more than $10-$20
• Decide as a family to give a specific amount to a charity and then give each other ONE gift each
• Give one gift on Christmas Day plus a set amount of $$.  Go shopping together with the family the morning AFTER Christmas and then have lunch out together. [Some friends of ours did this last year and really enjoyed it.]
• Keep a list of whom you intend to buy for, with your $$ limits and keep track of your spending
• Make your gifts to keep the costs down--food items are great (I baked a loaf a day last year and gave it to all our neighbors and local relatives), sewing, artwork, greeting cards...be resourceful and creative.
• Give at least one gift to someone that you know will be totally unreciprocated just for the act of giving.  Sometimes you have to do this on Christmas Day so you don't get "pay backs".   

I've already begun setting aside money for Christmas and always feel so free when shopping by doing this.  Don't delay.  Start this week.  You'll be glad you did.