Can you believe the holidays are upon us already? A joyous time of year can also be the cause of undue financial stress if we don’t plan for it. Luckily I learned the lesson of socking some money away to prepare for the lavish gifts I bestow on others (sarcasm intended).
So I figured, what a great “gift” to give all the faithful blog readers, some tips on preparing for not just the holidays but really any major purchase, like that big screen tv you want!
Probably my biggest saving tip is something I started 3 years ago. I always wondered how much I could have if I were to raid my wallet at the end of every day and take all the $1 bills out and put them in a envelope. So I tried it, and that first year I had amassed…drum roll…$286! Now was it tempting to raid my stash? Of course! But that’s where the other part of successful financial habits come into play, discipline. Another thing that my wife and I do is rent out a room in our house. Now we are very careful who we rent to but that provides us with a large monthly amount that helps pay the mortgage, but in addition we subtract $50/month that goes into our “holiday fund.” Let’s see, if my math is correct that is $600 we can use towards gifts at the holidays. That’s how we got our family a Wii last year!
Now you may not have a room to rent out and taking a dollar out of your wallet or purse may not be realistic. So save your extra coins, you will be surprised at how much that can add up to. You may also find more tips on finding extra cash by doing a quick read here: Mostly Painless Ways to Save Money.