On January 25, 2019, I started the Christmas Savings Club. The club is open to anyone who wants monthly accountability to save for a cash Christmas.
On the 25th of every month from January to November in 2019, I will hold a virtual meeting on the blog to give updates on our progress, motivate one another, and help all of us save for a cash Christmas.
The First Assignment:
The assignment that is due today was to create a total Christmas budget. It should include gifts, decor, Christmas cards and postage, holiday parties, gatherings–everything that is holiday related. You don’t need to figure out what you buying, but try to confirm how much you want to spend.
Once you were comfortable with the total, divide that number by 10. Ten is the number of months of the club (Jan 25 – November 25).
That final number was how much you need to save each month from 2/25 – 11/25. The first month’s savings was due today.
If you’re just joining, it’s not too late, but you’ll need to adjust your calculations. Keep reading for next month’s assignment.
How Did I Do in February?
My monthly goal is $100 and I’m happy to say I found the money this month. Here’s how:
- I received a check from Ebates for $40.92. This is money I earned from my Christmas shopping last year, so it’s appropriate that I apply it to my Christmas savings. Read: My Ebates Review
- We received a check of $45 from a family member who was reimbursing us from a group gift that we took care of over the holidays. I added the check to our savings.
- The balance needed after those 2 checks is only $14 and I was able to find that money within our checking account and added it to our Christmas savings.
1. If you have not done so, read the very first post: Introducing the Christmas Savings Club, and write a Christmas budget. Divide your total by 9. That is the number of months between 2/25 and 11/25. This number is the monthly amount you need to save between 2/25 and 11/25.
I offer a FREE Christmas Budget spreadsheet to my email subscribers. Sign up for my email newsletter HERE.
You will also find a Christmas Budget spreadsheet in my Family Budget Spreadsheets bundle.
2. If you have not done so, open up a separate checking account specifically for your Christmas Savings. I like the online bank, Capital One 360 (referral link), because it connects with your local checking account, but is not quickly assessable.
3. Find your monthly savings goal for March and any shortfall from February. Need some ideas to find extra cash? I have a long list of ideas in this post: 25 Ways to Find Money
How did you do in February?
In the comments, let us know how you did this first month with your Christmas Spending savings. You don’t have to divulge your goal, but please let us know if you were able to save the money. Also let us know HOW you found or saved the money.