With Christmas around the corner, many people are busy thinking about what gifts they will buy. Some people may go all out and spend an extravagant amount of cash on gifts for family, friends, and even the poor. Other people may be frugal at the moment and save up for gifts. However, it is not realistic to only save for yourself and not put anything towards your loved ones. This is why I suggest that you save up for gifts for your loved ones and then go out and buy them for Christmas.

An exercise in restraint for the Christmas season, this article outlines how you can take control of your finances this festive season so that you can save money for the big day.

Christmas is not an ideal time for saving money. The holidays tend to have the highest spending rate, because of the time spent with family, gifts, and travel. This makes it an ideal time to start a saving regimen to get ready for the New Year.

Are you saving for Christmas? Follow our 3 months saving regimen for Christmas spending with these 8 steps to achieve realistic Christmas saving goals. via @mystayathome

If the year 2020 taught us anything, the year 2021 will put it to the test. Christmas is approaching, and no matter how you look at it, it will remain the year’s most important buying season.

However, similar to previous year, we will witness a new style of buying this year, and you will pay greater costs.

This shopping season will be impacted by employment shortages, a pandemic, and inflation.

That said, there’s still no excuse for not having a Christmas spending strategy in place. To put it another way, a Christmas spending plan.

I realize it’s just September, but Santa is still at the North Pole. In this nation, the pandemic is in full swing. But bear with me!

The carolers will be singing, the mince pie will be baking, and you will be stressed out of your mind in about three months.


Because the financial burden of Christmas will begin to drag you down before you even hang the mistletoe.  

You’re not the only one who feels this way. Over the Christmas season, the average American accumulates a debt of more than $1000.

Consumers expect to spend an average of $997.79 on presents and other holiday goods in 2020, according to the National Retail Federation – a significant amount when you consider that the typical weekly wage in the United States is $994 before taxes.

Rates at the Bank


Even worse, 42% of these poor individuals wait three to four months to repay their loan.

And that’s why it’s never too early to start saving for Christmas.

To put it another way, if you don’t want your debt to build up quicker than your Christmas presents, START SAVING NOW!

Hopefully, by December, you’ll have saved enough money to enjoy a stress-free Christmas season.


In 8 Easy Steps, You Can Achieve Your Christmas Savings Goals:

Here’s how you can start putting money down for Christmas right now.

Step 1: Establish Specific Savings Objectives

“Ambiguous objectives produce vague results,” says my spouse. I think he learned that from a YouTube celebrity, but it’s still accurate.

Numbers should be used to establish your Christmas savings objectives. 

You’re more likely to lose concentration and direction if you don’t start with a specific goal in mind.

So make a mental note of a particular quantity. Naturally, this figure should be determined by how much you’re likely to spend.

It’s also acceptable if you’re uncertain about your Christmas spending.

The average American family spends about $1000 on vacations. As a result, this number should serve as an excellent baseline.

The goal is to raise $1,000 in three months.


Step 2: Subtract 3 months from the target.

You’ll need to put aside $333.33 each month to save $1000 by Christmas. For the purpose of convenience, we’ll round this number up to $335 (just to be safe).

If you can’t come up with $335 this month, save everything you can. Divide the amount you need to save by the number of months you have left.

Months Divided by Goal:

  • $335 in September
  • $335 in October
  • $335 in November

Step 3: Make use of coupons and promotional codes

Coupons may be lifesavers when it comes to meeting your Christmas savings objectives. 

As a result, while purchasing daily goods, utilize discounts and promo codes. You’ll be surprised at how much money you can save this way.

Initially, the amount saved each purchase will be in the range of $1 to $3. However, over time, it will accumulate into something much more important.

You can get a coupon for almost anything these days. Additionally, finding a coupon when buying online has gotten simpler.

Simply conduct a fast Google search while you’re at an online store’s checkout. Alternatively, go to money-saving websites like ClothingRIC to discover the most recent coupons on clothes and lifestyle products.

Couponing is, in the end, a kind of art. If you become proficient at it, you should be able to save around $90 each month until Christmas.

Estimated monthly savings: $90

Print the following coupons:

Step 4: Sell a piece of your home

Every mother believes the clutter in her home to be the misery of her life.

So, it’s time to sell a year’s worth of home items and earn some additional cash –talk about striking two birds with one stone.

You’re probably sitting on a large sum of money.

Here’s what I was able to create using some used things only last month (to give you an idea):

  • $40 for gently used clothing and shoes in excellent condition.
  • Books are $10 each.
  • Toys for kids: $10

Of course, getting these things out required a significant amount of effort. I had to clean them, list them, package them for shipping, and promote them on many other websites.

It does take some effort, but trust me when I say it’s worth it! It’ll all be worth it in the end. This exercise will also help you improve your negotiating abilities, which will be useful in the future.

Savings estimate: $60 per month

Step 5: Reduce the cost of online subscriptions

Many of us are burdened by unnecessary internet subscriptions without realizing it.

My husband and I had a Hulu subscription until recently so that I could watch The Handmaid’s Tale. Because my husband was uninterested in the program, it was just Offered (our cat) and myself.

However, I quickly met a lady in the area who shared my enthusiasm for the performance.

Following that, we had watch parties at her home, with me bringing goodies for my new bestie. Of course, I asked her to my house for some movies every now and again.

Anyway, all of this rendered my Hulu membership obsolete, so I cancelled it. Saving money on this internet membership helped me understand how pointless it was to begin with.

There are lots of ways to enjoy interesting material without spending money, whether it’s on free TV or with friends. Not to mention the possibility of using digital coupons to save money on services such as Netflix and Hulu.

In any event, if you’re serious about saving for Christmas, attempt to eliminate unneeded internet subscriptions.

Monthly savings estimate: $10


Step 5: Don’t Eat Out

This one is really personal to me. With all that was going on, we felt compelled to support local companies to the point of blowing our budget.

When it comes to dining out and takeout, we suggest adhering to a budget or just not eating out.

My spouse and I like checking out different restaurants. Let’s just say we’re both a little bit of a gourmet pair.

Once or twice a week, you’ll find us in a Mexican or Chinese restaurant. By dining at home, we may easily save $100 each month.

Although it is difficult, I have decided to put a stop to our eating binges in the run-up to Christmas. I would advise my readers to do the same. It is beneficial to both your personal and financial well-being.

Monthly savings estimate: $100

Step 7: Find a Side Job

I’ve been fortunate enough to supplement my income by writing and freelancing on the internet. Before Christmas, one of my pals works additional shifts.

I’ve even heard of ladies working throughout the holidays to help them save for Christmas. If you decide to take this route, be sure to verify the company’s policies first.

There are many methods to supplement your income. As a result, one may regain control of their finances and save money for Christmas.

Monthly savings estimate: $100

Step 8: Take advantage of Cyber Monday sales.

Now that you’ve accomplished your Christmas savings objectives, I’d like to leave you with one more suggestion: shop on Cyber Monday.

If you’re a softie like me, Black Friday is not an experience you’ll want to go on.

To say the least, all of the World War Z-esque (or Train to Busan-esque) images from Walmart and Target look frightening.

Instead, sit comfortable in your pyjamas, get yourself a bottle of red wine, and enjoy the gift of eCommerce.

Cyber Monday is a dream come true for anybody who wishes to shop from the comfort of their own home. For my own website, I was able to save 50% using a GoDaddy hosting discount code last year. The possibilities are limitless.

On Cyber Monday, online merchants are generous with discount offers and coupon codes, giving you the ideal opportunity to save on a variety of goods. Don’t let this opportunity pass you by.

That’s all there is to it; Christmas is taken care of.

You probably already know that this is a bad time of year to spend a lot of money on gifts for family and friends. That’s why I’ve put together a special 3 months saving regimen for Christmas spending. Here’s what you can do to make it work.. Read more about travel sinking fund and let us know what you think.

This article broadly covered the following related topics:

  • examples of sinking funds
  • dave ramsey sinking fund worksheet
  • what is a sinking fund
  • sinking fund vs emergency fund
  • why is it called a sinking fund
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