How to Save $1,000 by Christmas
We’re a little more than four months away from the thick of the holiday shopping season—and we want you to enjoy spending money at Christmas, not stress over it! The good news is, if you start saving now, you can have $1,000 ready to spend in December.
It doesn’t take a Christmas miracle to save $1,000 for gifts and decorations—it just takes a plan. When you set a goal and come up with a strategy to get there, you’ll see just how easy it is to save. Here are four steps to putting $1,000 away before there’s even a chill in the air.
1. Divide the money by the months. To hit $1,000 before Christmas in four months, you need to set aside $250 a month starting now. If you can’t find $250 this month, throw what you can toward savings. Then divide the amount you still need to save by the number of months you have left.
2. Put Christmas in your budget. When you have a category in your budget that says “Christmas” and you assign $250 to it, you know not to spend that money on other things. And, it’s a fun reminder to save ahead, even while budgeting for cookout supplies and your summer wardrobe.
3. Adjust your spending. See if there are budget categories you can tweak to free up money for your Christmas savings. Trim $20 from groceries, $15 from entertainment, and $15 from clothes. That’s $50 right there! And you probably won’t even miss it. If you will, look for other budget categories where you typically underspend and rearrange money from there.
4. Find extra money. Have a summer yard sale. Get paid to take surveys. Bring home additional income from jobs like pet-sitting or house-sitting. Those extra efforts speed up the progress you make toward your $250-a-month goal. Once you hit it, there’s only one thing left to do—enjoy a $1,000 all-expenses-paid-in-cash vacation!
Saving for Christmas now means you won’t stress about it later. And creating an EveryDollar budget makes the process a whole lot easier. Create your plan with us in less than 10 minutes and you’ll end up enjoying the holidays instead of wondering how to pay for them!