With
Halloween over it’s the time turn our thoughts to Christmas and the expense of
it all. Sure it’s still more than eight weeks off but many of us have yet to
give any thought to the financial drain of this year’s yuletide celebrations
let alone have formulated a spending plan. Now
is the time to create one and start saving. Sure, saving $400 before Christmas
may not go very far in covering your total expenses but it’s a good place to
start. For instance, if we began today (November 2nd) and ended on
December 21st, we have 50 days in which to save, and would still have
some shopping time left before Christmas. (I based my calculations on a rough
eight week plan of 50 days x $8 a day = $400.) This whole exercise
may even inspire you to start saving earlier next year. 1)
Take a good hard look at just where your money goes. Write
down every expenditure – no matter how small. It’s
the small items that usually get us. How many times have you gone into a dollar
store only to find yourself walking out with bags of merchandise and $20 less in
your pocketbook? But it’s only a dollar you lament. Now turn it around and
say, “It’s only a chocolate bar or pack of gum, I don’t really need it.” What
we’re talking about here is saving roughly $50 a week. (Now if you
ran the full eight weeks and saved $8 a day, you would have saved exactly $56 a
week and a total of $448 over the long term.) For those with an already
tight budget it may be a bit of struggle but I’m sure you would agree it is
worth the effort not to end up with an empty pocketbook come January. 2)
Pay yourself first. Put
the money in a safe place where you can’t get to it in a weak moment. If a
payroll savings plan is an option – go for it. Another good alternative is to
deposit your cash weekly in an inconvenient bank - preferably one across town
and one that isn’t accessible with your ATM card. Success
comes from trimming away the excess and learning to manage on less. Take a look
at where you money is going to find items like that morning coffee or
mid-afternoon snack from the convenience store around the corner. 3)
Make temptation your enemy. Steer
clear of the mall. If you need to shop for groceries or other necessities, make
a list and stick to it. Carry only as much cash as you need. Leave debit and
credit cards at home. 4)
Find ways to invest time instead of money.
5)
Keep luxuries to a minimum.
Whip
up a couple of batches of muffins, individually wrap and freeze. Tote your
coffee in a travel mug or better still, pour a whole thermos and save more by
not donating to the office coffee pot throughout the day.
6)
Give bartering a try. Everyone
has a talent. Discuss the idea with a friend and see what develops. Maybe she
can hem up those slacks you would normally commission out and you could take her
family’s photo for their annual Christmas card. 7)
Break or at the very least, alter one regular habit. For
instance, if your habit is to drive to the convenience store whenever you’re
out of bread and it results in you picking up a little something extra on
impulse like say, a chocolate bar or bag of chips. Think twice. Also think about
the extra gas it burned. Next time, plan ahead by buying enough at the grocery
store to last you between trips, say no to impulse buys and if you must go to
the corner store, walk instead of firing up the engine. Before
long you should be able to see just how manageable it is to find the $8 a
day it takes to reach your $400 goal. |