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Start Your 2020 Holiday Saving...Now

Posted on Monday, January 27, 2020 in Financial Education

Now that the holidays are over, you can breathe a sigh of relief that you’ve survived another year and completed all of your holiday shopping. While you would be justified in doing so, there is something you can do to reduce the burden of next year’s holiday spending right now.

The National Retail Federation projects that Americans, on average, will spend more than $1,000 during the holidays. That can put a big dent in your budget if you’re not prepared. By saving $83.33 each month, however, you will have roughly $1,000 saved for holiday expenses. Increasing that amount to $100 per month will give your budget a $200 cushion in case you need to go over budget. If you are able to stick to your budget, those extra funds can jumpstart your holiday savings for the next year.

It is also a good idea to open a separate savings account in which to store your holiday savings. That will keep you from dipping into it before the holidays come around. With a separate account, you can also set up automatic deposits to help ensure that you reach your goal and monitor your progress each month to keep yourself on track.

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