Save $1,000 a Month Starting Now
Believe it or not, Christmas is almost here. But you’ll want to start saving up now for those great sales and deals. It’s always my goal to have a debt-free Christmas. And I want to share with you how to make that possible. I want to help you save $1,000 a month starting now so that you don’t need to worry about going into debt over Christmas spending.
Why start saving now?
Maybe you’re like me, and not busting at the seams with cash. Maybe you don’t like the idea of spending an entire month’s income on gifts and then realizing that you’re faced with the decision of either having Christmas presents or paying the bills.
If you start saving now, you won’t have to worry about pinching pennies left and right in November and December! What Mommy Does has this easy savings plan for saving $1,001 by Christmas by starting to save 6 months in advance.
I want to show you some more ideas for savings that will make up for the lost time and help really prove to yourself that it is possible to save $1,000 quickly and painlessly.
1. Make your budget
Sit down and make your budget. I know, it’s not fun. But this is something that is key to helping you get to Christmas and beyond without dipping into savings or putting anything on a credit card.
If you always feel stuck when it comes to making a budget, I made a killer printable (if I do say so myself) that helped get my family out of the paycheck-to-paycheck rut and buy our own house while living on $17,000. Yup. Get it here:
2. Make a budget for your Christmas/ family parties/ work parties spending.
Once you’ve figured out what your normal monthly budget is, agree with your spouse or partner or anyone else on a budget for Christmas spending. You both need to agree on a set amount in order to budget for it, but also to keep the spending in check once December comes. agree to spend $100 per person in your house, and an additional $100 for office gifts,
If you agree to spend $100 per person in your house, and an additional $100 for office gifts, pollyannas, grandparent gifts, and other miscellaneous people, then you need to stick to that budget. Do whatever works for you and your family, but keep it reasonable.
3. Trim the fat from your spending.
Now that you have your current monthly budget, trim the fat. Wherever you can, cut it down. Find places that you can cut back, and do it.
If you like lists or need to see things laid out in front of you, you can make a list of “needs” and “wants.” Everything that doesn’t fit in your “needs” column, should get put under a microscope. “Needs” are anything like housing payment, utilities, car payments, insurance, and anything else that your family will die without.
Some easy things to cut from your spending that make a big difference:
- Going out to eat.
- Buying alcohol.
- Getting manicures, pedicures, etc.
- Having a landscaper, cleaning crew, dog walker, etc.
- Paying for cable.
There are many other ways to cut back quickly on expenses. Just by cutting out these 5 expenses, you could save $1,000 a month! Check 11 other expenses to stop spending money on.
I didn’t add food into your “needs” column because it’s an often-overspent category that I want to talk about individually.
4. Make a food budget and stick to it.
The market average suggests that for each person living in a household, $100 should be added to the monthly food budget. Meaning that for a family of 4, the monthly food budget should be $400.
Does that sound possible to you? What if I said to you that I want you to skip the groceries for one week each month and put that money right into your savings? Yup, I mean it.
Use that week to eat up what’s in the freezer or in the pantry. But make sure not to overspend the weeks before and after to make up for the difference! Stay on budget.
This part will hurt, but stick to it! It will all be worth it in the end. The more places you cut your expenses, the sooner you’ll reach your saving goal.
You can do it!
5. Set up a savings account just for Christmas spending.
There are 6 bank accounts that you really need, but above all, start out with a savings account. The quickest, easiest, and most painless way to build up savings of any kind is through setting up an automatic withdrawal from your checking account into your new savings account.
Honestly, I think that automatic withdrawal is the best financial invention of the century. You set it up to start moving money into savings on the same day that you get paid, and without even trying or noticing, you’re building savings.
Set up your savings account and don’t touch it. Don’t even look at it! Your bank will deposit the money and you won’t need to think about it anymore. The more you forget about it, the easier that saving will be.
6. Add some more money to your income.
This is probably my favorite part: make some more money! Here are my favorite side hustles:
Etsy – If you have a crafty bone in your body, put it to good use and make some serious money around the holidays! Selling on Etsy around Christmas is a way to bring in more than your budget. But you’ll want to start working on that now! Read more about how to sell on Etsy.
Swagbucks – I’ve paid for back to school shopping, birthday presents, anniversary gifts, even Christmas presents using Swagbucks. It’s an easy way to earn extra spending money while you’re on your computer. Read more about how to make the most Swagbucks and get your first 300 SB for free.
Ebates – If you do any online shopping, you need to get Ebates. Not only do they give you $10 for free when you sign up, but you’ll keep making cashback. With the holidays coming up, you’ll also want to take advantage of their killer referral program. Last year, it was $25 per referral after October! So tell your friends about it, and make some cash too! Learn more about why you should give Ebates a try.
InboxDollars – This is another survey site, but InboxDollars pays out in cash instead of in gift cards. The payout is pretty nice for clicking on an email every day. I make about $7 a day doing hardly anything!
My 5 favorite side hustles pay for my groceries, my car payment, and all of the expenses for my blog. At the end of the month, I make more than $1,500/ month in my side hustles alone!
You really can save $1,000 a month starting now to make sure that you have a debt-free and amazing Christmas.
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