How to save money for Christmas can be a challenging question that many of us ask. It’s also one of those things that is much smarter asking before the holiday arrives so you have time to develop a plan for saving.
For us, the 52 Week Saving Challenge is how we save for the holidays. We use the $1378 to buy all the holiday gifts we need, as well as pay for the holiday parties we host and the donations we give at the holidays.
It’s not to late to join in this savings plan – and if you have been with us since January you know it is week 18.
Deposit $18 or $35 if you are working the chart backwards.
The idea behind the program is simple; each week you deposit a set amount into the savings tool of your choice. We use an online account set up at Serve.com (sign up for your free online banking account with Serve here) and every week we transfer money from our normal everyday bank to Serve online. It takes less than one minute, and for us having the money in a separate account works best. Some people take the cash and put it in a jar they have set aside in their home. Some others take the money and put it in an envelope in the home. Others we have heard have opened a subsidiary account with their bank, usually called a Christmas Club, and deposit the money there. Use whatever system works best for you; there is no right or wrong way to participate. The important thing is that you commit to saving money.
There are 2 ways to determine how much a week you want to save. You can start off with $1 on Week #1, or start with $52 on Week #1 (we call this working in reverse). For us working in reverse (starting with the $52 on Week #1) works best. Each week we remind you to make your deposit we will tell you how much you need to sock away and we’ll always include both options.
Below is a chart so you can see how quickly your savings will grow:
For the past 2 years we have used the money we save to pay for all of our holiday shopping and the 2 parties we host at the holidays. Some of you have used the funds to pay for a family trip, others for bills. It is all up to you how you spend the money; again – just be committed to saving money. It’s a hard habit to get used to but once you do you will feel so accomplished each week.
The nice part about this program is that it is self monitored so if you have a week where you have a problem being able to deposit the funds (and we have all had those kinds of weeks), just catch up the following week with a double deposit. Or, if you miss a week completely – it is OK! You’ll end up with slightly less than the $1378, but it’s nothing to beat yourself up about.
Be proud of your accomplishments – and the fact you are on the 52 Week Saving Challenge journey.
You’ve got this!
And for Week #18, deposit $18 into the account or $35 if working backwards.
