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I have a great contributed post for you today on how to save for the holidays. It’s for informational purposes only, so please consult a financial professional before making any money decisions. Got it?
There are so many special occasions, events and dates every year. Nobody wants frugality to get in the way of enjoying them. This is why it can be really helpful to have a savings pots for them.
There is no right or wrong amount to put away, but it’s certainly worth starting sooner rather than later. Having a fund you can dip into to bring something special to each celebration can be very handy.
Here are 5 reasons and, of course, 5 ways that you can create a fund big enough for a big occasion.
The Gifts
We all want to be able to offer the gift that they’ve always wanted. Whether it’s a birthday, anniversary or holiday gift, you want it to be just right. Of course, those types of gift rarely come cheap! To create a gift budget, consider popping your loose change into a jar. At the end of each month, take it to the bank and deposit in a savings account that offers interest for the short term. Make sure you can draw on that fund as and when those big celebrations arise.
The Food
Feeding yourself and your family can often be done on a modicum of budget. You might grow your own, or cook from scratch as often as you can. Eating in also helps you to save a lot of money. But when you’re ready to celebrate a big occasion with a feast, and everybody you’ve ever known is coming, it’s time to pull everything out you’ve got.
You might use the crab shop Citarella.com or arrange for a huge joint of meat to be delivered. Then there is the wine and champagne to go with it! To save for this extravagance, why not put $10 of your regular food budget aside each week?
The Decorations
Lighting up the whole house is going to cost you an arm and a leg! But when you see the kids’ faces light up too, you’ll know it was worth every penny. Not all decorations have to be self-lit. A carefully placed LED light or projector light can illuminate hundreds of home-made decorations.
Don’t forget, you can also reuse lights and decorations from years gone by. To save up for a new set of lights that can be seen from the space station, why not swap energy suppliers this year? The savings on last year can go toward the holiday light show.
The Time Off
If you’re self-employed, chances are a day off for the holidays is going to hurt financially. That doesn’t mean you should work it though. Instead, put aside 1% of your earnings every day to fund an extra day off.
The Tickets
The holidays offer plenty of big sporting and festive events, all of which carry a big ticket cost. To save up for these, consider selling your old clothes, games, and DVDs to raise the cash. It helps you have a timely clear out too! How do you fund the things you like during the festive season?
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