I just had that conversation with DH that we have every year - the one about how we should open a saver account and put something aside each fortnight so that Christmas is a bit more affordable.
We don't go overboard (IMO) but there are a lot of extra expenses at this time of year anyway: kids need new bathers, summer clothes & pjs, food & drinks for end of year socialising, vacation care bills, school books need to ordered, etc. Not to mention all the extra TOILET PAPER you have to buy when they're all at home (lol). It hits us
I always think I should start an account and sometimes I start putting money aside but then something comes up to gobble it up before we make it this far into the year lol.
I have started an account for an upcoming trip that I have made unavailable on internet banking so it is hard to access the money during the year. I think after the trip I may keep contributing to it for next christmas. As it stands this year there is only one more pay before the big day!
I started an account for this very reason the year before last. Not for gifts but the extra expenses that are inevitable at this time of year...I didn't put any in it last year...hoping to change that for next year! It is an account that cannot be withdrawn from until a certain date in November.
I have the old fashioned money tin as I tried the online saving accounts and usually ended up dipping into it for something during the year and there not ending up being as much as I would like at the end of the year! I start in December every year, which is when I usually empty the old tin and take all the coins and the odd note to the bank to count it all up! Basically what we do is empty the wallets of the change each week, DH seems to accumulate an extraordinary amount of coin, we usually fill 1-3 of the medium money tins. If we get a big pay week and have extra left over, I will take some extra out and put notes in as well. This year, I didn't add many notes, it was basically all coin, and we managed to get $1642, and that's just the spare change in the wallets. I don't miss it, because its not there. DH is amazed that we can do it and still pay everything that we have to!
I didn't have a money tin, and unless there's a specific goal I'm not the best at online saving.
But I had a stubby holder hidden in my room. I easily accumulated change & if I earnt any money, or sold anything for cash, it all went into my drawer.
It quickly was eaten up when I wasn't working with school lunches & that's where I went too for nights out, rather than to money in the bank. But it was good to have that little bit there. I couldn't see the $ amount, so I tended to find it easier to just leave it.
I had aimed to save for Christmas this year, as well as Christmas itself costing $$, we also have a lot of large bills due (insurances, rego, power).
Was putting an extra $50pw into the homeloan, need a minimum of $2000 before we can redraw, so it is a good way of putting away money safely
Sadly though, DH is 4wd/camping obsessed and all money I have saved to far has gone to towards that. Relying on credit card points, flybuy points being cashed in on gift cards to fund Christmas this time around.
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Budgeting for Christmas
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