We are half way through 2022 and with the holidays quickly approaching it’s time to ask, “Have you started saving for the holiday season?” That doesn’t mean saving for just gifts, maybe it’s plans to travel for the holidays, or hosting family dinner this year. Starting to stash come cash now can significantly reduce financial stress later this year.
Do a Quick Check In
Have you checked in lately on your income and expenses to see exactly where all of your funds are going and how much you have left at the end of the month? Doing this can be very helpful when trying to increase savings or starting a new savings goal or account. It also will allow you to analyze your current financial obligations and see if you are utilizing them to their fullest potential. This was especially helpful for me because I was paying for subscriptions I wasn’t using, bonus money back into my budget!
Create your Master Plan
Now that you know where you stand in your budget it is time to create your master plan. Create a special savings account and name it “Holiday Savings” or whatever creative name you want. This way when you place money into it you know that money has a purpose. This can be extremely helpful when saving up for things that are important to us. Also remember savings can start small. Maybe you can only start out saving $10 or $20 each paycheck, know that is OK! Every time you save a little money, it continues to add up.
Even if you are someone who doesn’t celebrate any holidays you can use this same system to set up a savings account to start saving for any future financial goals you have. Savings is a habit, don’t be afraid to start small and gradually increase the amount you save over time. Make it a point to check in on your budget and savings every month to see how close you are to reaching your goals or just increasing your emergency fund.