If Christmas were tomorrow, how much would you have??

[cbmeeks]

It's July and we already have more than $300 in saving (ING) for Christmas! Saving a little each month really pays off.

For the last 20 years, Christmas has always been hard on me because I take the money out of my December checks and shop on 24th.

Not this year. Unless a big emergency happens, we should have well over $600 around Christmas. Of course, I doubt we will spend that much but knowing we have it is great.

We have two online savings accounts (ING and ED). One if for Christmas/gifts and the other is going to be for car tires, new stove, etc.

Comments welcomed...

cbmeeks

[autoxer]

I wouldn't have any. I have usually charged christmas and paid for it for the next few months. I am struggling to break that cycle. I have removed the credit cards from my wallet, so I can pay them down without charging them up. Once I've cleared my debt, I want to set up a system where I transfer money to ING that covers my rent, car payment, insurance and Roth contribution, then transfers it back to checking when each payment is due. Then each week, I will have a certain amount available for foor/gas/entertainment and I will stop spending when it runs out. I think I can automate it, so that it doesn't take thought or willpower to keep it going. I guess I should include christmas, so that I don't get derailed in december.

Does anybody else use a system that works like that?

[cbmeeks]

Originally Posted by autoxer

I wouldn't have any. I have usually charged christmas and paid for it for the next few months. I am struggling to break that cycle. I have removed the credit cards from my wallet, so I can pay them down without charging them up.

But did you cut them up? That's the final straw. Have fun with it...use something clever...just be careful.

Originally Posted by autoxer

Once I've cleared my debt, I want to set up a system where I transfer money to ING that covers my rent, car payment, insurance and Roth contribution, then transfers it back to checking when each payment is due. Then each week, I will have a certain amount available for foor/gas/entertainment and I will stop spending when it runs out. I think I can automate it, so that it doesn't take thought or willpower to keep it going. I guess I should include christmas, so that I don't get derailed in december.

Does anybody else use a system that works like that?

That's not a good idea. ING takes up to two WEEKS for a deposit to be available. THey have to do it that way so that they can earn enough interest to pay you higher interest than your bank.

Do what I did. STOP SPENDING IT. Do you have Excel? Create a budget spread sheet and watch where your money goes.

If you need help doing this...let me know.

cbmeeks

[autoxer]

Originally Posted by cbmeeks

But did you cut them up? That's the final straw. Have fun with it...use something clever...just be careful.

No. But I have been considering it. I had my credit card debt nearly wiped out in April, then I started spending again. One laptop for the GF's birthday, a trip to VA beach for my cousins wedding, a competition in DC, a race in Indianapolis and I'm back about $2700 in debt. I know I need to cut them up. I'll post a picture after I do it.

Originally Posted by cbmeeks

That's not a good idea. ING takes up to two WEEKS for a deposit to be available.

Maybe I'll just do that for my yearly expenses: a yearly Roth contribution, my car insurance and christmas/vacation. Then I could separate my monthly expenses from my weekly expenses with another local checking or savings account. I think it would take less discipline if the monthly expense money was fully automated and not as accessible.

But I would like some guidance on an excel budget. I have listed all of my expenses before, but I haven't been able to stick to it.

[PrincessPerky]

For christmas Dh and I shop year round, we usually ahve a few extra things those hard to buy for people in november but the goal is always to be done by thanksgiving.

Menas the expense is spread out..but I still get to shop!

[Broken Arrow]

I'm proud to say that I have already set aside a special events fund (that I even forgot I had until I read this thread). In other words, I shouldn't have any problems at all buying Christmas presents.

Of course, I'd have to beat the mad dash that everyone would be making as well if Christmas was indeed tomorrow.

[Lori63]

I would have nothing. I tend to charge Christmas and have it paid for by Feb. I save my gift cards from reward programs to use at Christmas, whether as gifts or for shopping. I also am a huge bargain finder.

[Thrifty Ray]

I keep my Christmas money in an ING account. I put all of my gifts on a reward card, then pay it off each month by transferring from ING to my bank.

When i deposit to ING, the deposit is held one week. When I request a transfer, it usually just takes two days for the money to be in my bank account.

I also keep all of my expenses like medical, car repair, home repair, clothes, etc, in another ING account....again, as these expenses come up, they go on the rewards cc and get paid off each month.

I earn la little higher interest this way, plus I get rewards points for doing my shopping and have the float time to get the money transferred back into my bank account from ING to pay off the cc each month. (My cc company refers to me as a 'deadbeat' because of this )

Ok, back to the original question...if Christmas were tomorrow, we would have saved starting a year ago and we'd be fine...My last non-planned Christmas was about 7-8 years ago...we literally CHARGED every gift...and the feeling was horrible...so we have had an (ING) account earmarked for Christmas ever since.

[Ima saver]

Year ago, (40) I opened a christmas club and did that every year. About 20 years ago, I just kept my old christmas club book and put some cash in it every week (that I could) I now transfer it about once a month to my savings to earn a little interest. I currently have $610 in my christmas club fund.

[miclason]

I shop all year round....haven't found anything "worthy" this year yet (then again, I do most of the Xmas shopping downtown, and I haven't been in AGES)...I need to start going again...last year I found a great special on slippers (with Disney character faces!)...3 X$10...and they were extremely popular!

[sakigt]

I dont need much for Christmas (around $300 total) so I just usually start saving around August or September. I cant prebuy since no one can decide what they want until the last minute.

[vsjhoc]

It's great that some people have a disciplined approach to saving. I'm all for the "pay yourself first" way of life.

But we also have to consider cutting our spending. Review your list -- who's been naughty/nice? If you have a large family/circle of friends/co-workers, try the system where you randomly pick one person to buy for, rather than getting something for everyone.

Money is a very personal topic and our reasons for spending are very complex. Think about why you are spending money -- are you trying to buy someone's love? Prove your own?

[cbmeeks]

Originally Posted by autoxer

No. But I have been considering it. I had my credit card debt nearly wiped out in April, then I started spending again. One laptop for the GF's birthday, a trip to VA beach for my cousins wedding, a competition in DC, a race in Indianapolis and I'm back about $2700 in debt. I know I need to cut them up. I'll post a picture after I do it.

And you will stay in debt until you do. Today it's $2700, tomorrow it will be $5000, then $10k, etc.

Cut them up and shread all future offers. Don't even open the envelopes.

[PRICEPLUS]

I have about three hundred put aside for gifts. I'll start shopping sometime in October this year. I hope it ain't too bad this year. I am getting better at finding sales!

[Thrifty Ray]

Christmas shopping for me is a fun event. No matter what time of year, I am always on the lookout for the 'perfect' gift for one of my recipients...which helps me to save, since I can shop sales. I try really hard not to buy something just because it is a great deal--but rather what the recipient wants and needs.

I shop for my parents, FIL, 4 kids, their SOs, grandkids, a few friends, a few of DHs co-workers....and I always find a single mom or struggling family to donate anonymously to. (Thanks to Phyllis: http://thriftyray.savingadvice.com/2.../phyllis_6695/ )

I enjoy Christmas. I am just a grown kid when it comes to the magic of it. I love surprising my family, I love the closeness we enjoy, I love the fun and excitement....and I still listen for Santa's sleigh on Christmas Eve...

I know there are people who view the season as a commercialized consumer event...but I am not one of them.

It is a day to rejoice, a day to appreciate on a different level....

I do not shop to buy love, I do not shop because i dont tell people often enough how much they mean to me...i shop for the joy of giving. I make gifts, I decorate my home, I bake....I just enjoy the season for all the right reasons....and yes, i do spend some money to do so.

Ho ho ho

[PrincessPerky]

Originally Posted by vsjhoc

But we also have to consider cutting our spending. Review your list -- who's been naughty/nice? If you have a large family/circle of friends/co-workers, try the system where you randomly pick one person to buy for, rather than getting something for everyone.

Heh, that is why I can shop year round, I don't ask whay people want, I prolly couldn't afford it anyway!

I do look for cool ideas to homade gifts, I look for fun 'build/do' with toys for kids..things that will be done with us not here have fun and get out of my hair.

I find it is harder for tweens than anything cause you almost never know if they are in the mood to be old and grown or a kid! but worst comes to worse I can save the gift a wek then give it..the mood will change!

The only thing I have trouble with is friends kids, I LOVE buying for kids! but that means I will prolly get a gift in return..not so fun IMO, that is something to store, something to clean up and something to donate later..hate that part!

[vsjhoc]

Originally Posted by Thrifty Ray

I know there are people who view the season as a commercialized consumer event...but I am not one of them.

OK, so I'm probably a Bah Humbug ... but I do think it is great that you find so much joy in it.

I love giving gifts too. We also need to tell people how we feel. A close friend recently graduated from a certificate program. She succeeded against all odds. I wanted to buy her a nice pair of earrings. I didn't have a spending limit. I knew I'd end up spending twice the limit if I saw something perfect. Didn't matter. We've been friends for 25+ years and she is going through a tough time. On the way to the store, I suddenly realized that I really didn't have that kind of money to be spending on gifts. Instead, I wrote her a note about how proud I was of her. I think it meant a lot to her.

[Thrifty Ray]

Originally Posted by vsjhoc

OK, so I'm probably a Bah Humbug ... but I do think it is great that you find so much joy in it.

I love giving gifts too. We also need to tell people how we feel. A close friend recently graduated from a certificate program. She succeeded against all odds. I wanted to buy her a nice pair of earrings. I didn't have a spending limit. I knew I'd end up spending twice the limit if I saw something perfect. Didn't matter. We've been friends for 25+ years and she is going through a tough time. On the way to the store, I suddenly realized that I really didn't have that kind of money to be spending on gifts. Instead, I wrote her a note about how proud I was of her. I think it meant a lot to her.

I am not big on gifts through out the year...I usually give a small handmade /baked gift or a note for other occasions. If it is a gift, I give candles or soaps so that it does not end up being clutter for someone else. (I NEVER give knick-knacks...ugh)

I am just a child at heart when it comes to Christmas.

[Ima saver]

I use to shop all thru the year, put toys on layaway, etc. Now I just give my granddaughter cash (they are teens) My husband and I have everything we need, so it is difficult to buy for each other now. We use to really go hog wild at christmas. My husband started a tradition of buying me one present for every year I was old, so I had to buy him just as many!! We have stopped that. I have no family, so that is all the shopping I do, just for my husband.

[PrincessPerky]

Originally Posted by vsjhoc

... Instead, I wrote her a note about how proud I was of her. I think it meant a lot to her.

I think the note sounds wonderful!