Never Too Late to Save

While many consumers have gotten in the habit of starting a Christmas Club early in the game, many more either do not think about it in time or feel they have no money to spare. But whatever the case, even $5 a week will make a dent in your shopping needs. But for those who haven’t yet saved, there is still time. Take the remaining amount of months left until the shopping season (August to November = 3 months). Consider the amount of money you think you will spend on gifts and other holiday-specific needs and divide it by three to gain a better understanding of how much money you need to tuck away each month.

Never Too Early to Shop

While a budget may prevent a lot of miscellaneous spending, there may be benefit in purchasing items you find on sale. If you are lucky enough to find great sales on your gift ideas, make sure you keep track of what you have purchased and for whom. Don’t just throw it into a closet and forget about it until the week before Christmas or you will likely overspend on other gifts that weren’t even needed. In addition to spending a little bit at a time instead of one lump sum, you also have the advantage of finding items easier as opposed to when they are in the highest demand. By giving your self more time, you’ll also come up with better and more unique Christmas gift ideas.

Nothing Wrong with A Gift from the Heart

If you have enough time because of early planning, you may be more inclined to create gifts for others. There is no rule that says all gifts must be store bought and with the exception of some children, many people would be delighted with a homemade gift from the heart. This approach can only work if you start early so there is no rush to bring the project to completion. If you are a knitter, a woodworker, or craftsperson, there are a wide-range of items that could be worked on. Anyone with a hobby can turn a little time and effort into big savings.

Never Too Early to Think About Santa was created by and is property of American Consumer News.

The holiday season is over for most of us. But guaranteed a part of that season is going to stick with us for a long while – years even. How is that possible? Two words – credit cards. If you are one of many people who shopped for Christmas on credit, the statements you are about to receive month after month may be anything but spirit-filled.

The annual tradition of opening and contributing to a “Christmas Club” account is strong with my family, though it has stopped at my generation unfortunately. I actually wrote this article to make myself stop procrastinating and go out to open an account. Most banking establishments will offer a type of account where you deposit a small sum of money on a regular basis throughout the year. Most people will opt to deposit a set amount every payday and the bank will require that you abide by the payment schedule you set up for the account. There can be penalties if you do not make regular contributions or if you withdraw your money early. At some point before the holiday season start, depending on the policies of the financial institution, you will receive a check for the full amount of money deposited into your account.

These types of accounts do not earn large amounts of interest but the amount you save by making small deposits every week or so compared to the amount of credit card fees could be astronomical! Also, because you are obligated by the bank to pay fees or penalties for withdrawing money early or for not making regular deposits, you may feel more resigned to leaving the money alone and waiting for that nice check at the end of the year.

It is a good idea to check out the policies of several local banks to determine which one would be most compatible with your needs. If your paycheck is directed deposited into your bank account, you may be able to save a step and set up an allocation of funds directly into your Christmas Club account. You will have to speak with your human resource/payroll department to learn the specifics.

Those who do not want to “lock up” their money in a bank account still may consider using the same principal at home to save up for the holiday shopping season. Setting aside a small amount of money every week will help you to avoid costly credit card disasters during crunch time.

Holiday Shopping Done – Let the Budgeting Begin was created by and is property of American Consumer News.