Christmas is just over 8 months away, which may seem like a long time, but it can come up quickly. By starting to save now, you give yourself plenty of time to build up a nest egg for the holiday season without having to dip into your regular budget. Plus, starting early allows you to take advantage of sales and promotions throughout the year, which can help you stretch your dollars further.
One way to achieve this goal is by setting up an automatic savings plan. With automatic savings, a fixed amount of money will automatically be transferred from your paycheck or bank account to your savings account. This system helps you save money effortlessly, and you won’t have to think about it actively.
There are 31 weeks between now and Black Friday, to reach a savings goal of $1000 by then you would need to save around $32 biweekly. However, this calculation does not take into account any interest that your savings might earn, so you may want to increase the amount you save each pay period slightly to account for that.
Remember, the earlier you start, the more time you have to save, and the more financial security you’ll have when it comes time to enjoy the holiday season.
Budgeting While Making Cents 