By now you know that I love saving money, but did you know I also love to spend it?
Though it sounds contradictory, I think it’s actually pretty common. After all, even some of the most frugal people I know appreciate being able to spend their money on a high-quality item, or splurge on a coffee every once in awhile.
But here’s the thing – if you don’t plan for it well the joy you feel during that fun spending spree can be short-lived once reality hits, and then you either start to regret your decisions or stress out about money – or maybe both.
That’s why, every January, I start planning for the following Christmas. Each month I set aside a little bit of money into a dedicated savings account labeled “Christmas spending,” and by the time December rolls around I’ve got a nice little pile of money to cover all the costs of Christmas, which makes the season super fun and eliminates the financial stress – and financial hangover – that can accompany the holiday.
I get to do all of the spending with none of the guilt.
Even the smallest monthly amount can add up quickly. Tuck away $25 a month, and you’ll have $300 waiting for you by Black Friday. $50 will give you $600. $75 will turn into $900. $100 a month (basically $25 a week) will give you a whopping $1200.
And you don’t have to just use this money on Christmas gifts. I also use it to buy our Christmas cards, pay for postage, and cover other expenses of the season – like food, hosting, and “staycation” adventures over the break.
If you’ve ever stressed over the costs associated with Christmas, I encourage you to try it this year. Figure out what you tend to spend during the holiday season and divide the cost over 12 months, then start saving.
You won’t regret it – I promise!
Want to get your finances in order this year? Crown Financial Ministries can help! Check out the FREE resources available to help you get on track.