Create a Christmas Savings account.

Calculate the amount you want to save for Christmas

Christmas should be enjoyed with happiness and joy. As studies shows that more than 50% people are in stress over Christmas due to financial problems. Many years ago I didn’t saved a single penny for Christmas. Rest of the months of year something always popped up seeming more urgent. We had medical bills, credit card bills and school fees. No part of me was able to save money for Christmas. I couldn’t afford gifts and I knew I didn’t want to make the same mistake again! Christmas should never be stressful. As long as you plan in advance to save money for December all kind of stress must fade away.

The moment you start saving for Christmas, the first thing you should do is set up a Christmas savings account for the holidays. Having a specific savings account for holiday spending will more likely save you enough money. Moreover, you can easily track how much amount of money you have saved yet for the holidays. Many banks allow you to have multiple savings accounts connected to your paycheck account. You should be easily able to transfer funds to your savings account just through a click of a button and when it’s Christmas time you can transfer funds back to your main account by just a click.

You must calculate your money because it’s easy to just overspend when you don’t know how much you should be spending on an each gift. I know this because I’ve been through this. Before you start shopping for Christmas, you should make a Christmas budget to not overspend on any gift. To do so make a list of every person you want to buy gift for and set a budget for how much you want to spend for their gift. Sum up all the amount you will be spending on the overall gifts and then set aside the money you will be spending on the decorations and other activities.