Saving for the Holidays

The following Everyday Savings Tip comes from, Julie:

I can't take total credit for this tip, as it was suggested to me by a cashier where I shop. Since most banks don't have the old “Christmas Club” accounts anymore, this is a great way to save weekly towards Christmas purchases.

Take an empty coffee can (or whatever you happen to have laying around) and decorate it to your liking. Then for every dollar you save in coupons each week, take that amount in cash and put it into the can.

For example, if you save $8 in coupons, put $8 cash into the can. Over the course of a year, you can save a lot of money for Christmas, holidays, birthdays, emergencies (such as car repairs), etc.

If you'd rather not have cash collecting in your house, start a separate savings account at the bank, that you designate as your Christmas account and maybe once a month, deposit your “can cash” into that account. Even if you only save $5 in coupons each week (and therefore put $5 into your can), over the course of 52 weeks per year, you will have saved $260. That's $260 less that you'll be tempted to charge, etc. when it's time to purchase gifts in December.

Since most of us use more than $5 per week in coupons, we'll be able to save a lot of money in a year!

How do you save money for your Holiday shopping?
Share your tip in Everyday Savings and be entered to win $50 this week!
Read the other great Everyday Savings Tips here.

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