Save Money Monthly for Gifts

Did you download yesterday's Christmas budgeting planner yet? Well, that will help you get started on this next tip to save for Christmas which is to save money for your gifts.

I have a set amount I spend for each person. During the year I try to find things they want so I can stretch that amount even further. But, in order to do this, I try to have disposable funds available so we don't charge anything (because paying interest on something negates a good deal in my book).

As I shared my experience using cash-only last month, Holiday and Birthday is a category we are considering a monthly cash area. I have taken out the money for now but may end up creating a separate checking account for this instead so I can at least gain some interest. I'll probably create a fee-free checking account through ING bank (new members get a $50 bonus with their accounts too).

I wanted to highlight some other strategies that people shared from the cash envelope posts. Maggie shared that she uses the site, Mvelopes to transfer funds between accounts virtually. Kathryn shared that she uses her credit card for online purchases but sends a payment from her bank account to the credit card the same day she makes a purchase to ensure the funds are there. Either way, they have money set aside for various categories.

Visit Happy Housewife to learn how to make a babysitter information box. This is a great homemade gift idea!

Do you save monthly throughout the year for Christmas gifts?
Find more ways to save MORE money on Christmas!

I'd love to hear your tips and suggestions for saving more for Christmas expenses! Submit your best savings tip specific to Christmas and Holiday Savings on the Everyday Savings Tips form. You'll be entered to win the $50 cash price each week too!

by Savings Lifestyle: Andrea on July 06, 2012

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