Santa Clause IS coming to town... plan for 'ole St. Nick!
Contrary to us being slightly irritated at already seeing Christmas trees, tinsel, and decorations at our local stores, this is actually the perfect time to start thinking about the upcoming holiday season! Why, you ask? This is because if you start saving up your money beginning this Friday, Sept. 20, and every Friday thereafter for 12 weeks, you will have at least $1,000 in your bank account in 12 weeks. This Friday is an excellent time to begin, too – it is the 20th and a pay day for a lot of us!
So, where did we come up with that nice round figure of $1,000? Well, according to American Research Group, Inc., in 2018 shoppers said they were planning to spend an average of $992 for gifts. Now, while we would all love to start saving much sooner, the truth is life happens, but it is not too late to get saving now! By beginning to set aside your Christmas stash this Friday, you can enjoy the priceless gift of a debt-free holiday and you will be much more inclined to stay within the $1,000 budget once gift-buying does come around!
Let’s look at the plan of action – it is very simple. Start the process this Friday and transfer $89 to your savings account. Then, next Friday, transfer $88 – yes, $1 less than the first transfer! You will continue decreasing the amount by $1 each week until you transfer your final Christmas savings amount of $78. By Friday, Dec. 6, you will have $1,002 in your savings account, just in time for that holiday shopping and those great sales!
Need a little help in redirecting those Christmas funds? We recommend opening a separate savings account just for your Christmas spending. As a member at First Basin, you can open a second savings account and it does not require a minimum balance to be opened! This will make it even more rewarding because each week you will see that balance rising!
Are you thinking perhaps you might want to spend more than the $1,000 we are trying to save? Make subtle changes to your day-to-day to add a little extra to that Christmas fund! Take a lunch to work every other week – at an estimated $10 a day to go out to lunch, you could add an additional $50 to your Christmas stash the weeks you take those leftovers to work!
Find out more about all our services to see how we can best fit your saving needs and get you set for the 2019 holiday season
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