How to Save $1,000 by Christmas

[ 0 ] August 28, 2019 |

We’re nearly four months away from the most wonderful time of the year. This is your year to enjoy gift-giving, not stress over it! The good news: start now and save $1000 to spend by December! Setting a goal and having a strategy is your path to success!

 

Here are your 4 steps to saving $1000 by Christmas time:

 

1. Split it up

To hit $1000 by Christmas as of August, you’ll need $250 per month in savings. If you can’t swing that much this month, save what you can, and then divide the remaining amount by the number of months you have left.

2. Write Christmas in

When you have $250 allotted in your budget, that money can sit in its new home, not to be spent. It’s a fun way to save for the holiday season without missing out on bonfire, camping, or fall wardrobe expenses!

3. Adjust your Spending

If you spend a bit too much on eating out every month, try to trim some dollars here and there by packing a lunch. In addition to this, cut $20 from going out, $15 from groceries, and $15 from clothes shopping. That’s already $50 a month right there! If you find yourself under-spending in other areas of your budget, rearrange your allotted income to maximize your savings every month!

Side note: if you begin next year’s $1000 savings in week one, you only have to save $19.24 a week!

4. Work for it

There are tons of ways to earn a little extra dough without having to pick up a part-time job. A few easy ones are to have a yard sale, try babysitting, pet-sitting, house sitting, mow a few lawns, or sell some old clothes to a re-sale shop. Every penny counts, and every extra job will help you reach your goal even quicker!

Saving for Christmas doesn’t have to be an exhausting or stressful task. With our Christmas Club savings account, you can transfer the funds in and watch it grow! We have a special rate of 2.25% APY on balances up to $3000! Just think: once you’ve hit your goal, you only have one thing to worry about… Where will you go on your cash-paid vacation worth $1000!!

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Category: Money Tips

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