Start Your 2020 Holiday Saving ... Now!
posted
on Thursday, January 2, 2020
in
Education
![Spend Spend Spend Save [pig with glasses]](/webres/Image/articles/education/Save%20Money%20v3.jpg)
Now that the holidays are over, you can breathe a sigh of relief that you’ve survived another year and completed all of your holiday shopping. While you would be justified in doing so, there is something you can do to reduce the burden of next year’s holiday spending right now.
Many people don’t think about their holiday budgets until the holidays are a month or two away, which can create financial stress during a time when you want to be focused on other things, like family. By simply putting a small amount aside each month, you can make sure that you have enough saved to cover next year’s holiday expenses.
The National Retail Federation projects that Americans, on average, will spend more than $1,000 during the holidays. That can put a big dent in your budget if you’re not prepared. By saving $83.33 each month, however, you will have roughly $1,000 saved for holiday expenses. Increasing that amount to $100 per month will give your budget a $200 cushion in case you need to go over budget. If you are able to stick to your budget, those extra funds can jumpstart your holiday savings for the next year.
It is also a good idea to open a separate savings account in which to store your holiday savings. That will keep you from dipping into it before the holidays come around. With a separate account, you can also set up automatic deposits to help ensure that you reach your goal and monitor your progress each month to keep yourself on track.
The best way to save is to do it all year long and to do it automatically.
Open an Account Now