Continuing on the Christmas in July theme from last week (did I mention Christmas is my favorite?!?), I’ve got a great tip to share about how to help you start saving up for Christmas gifts later this year! If you’re like me, all the sudden it’s Thanksgiving and Black Friday hits and you realize you didn’t set aside any money for buying gifts. It’s the worst feeling! Here’s a strategy that works for every budget to help you save money little by little without feeling like you’re having to give up a ton every week! And this doesn’t just have to be for Christmas, it’s great for saving for anything like a fun trip, a car, or a pair of great shoes you saw at the mall! Personally, I used this strategy a couple years ago to save up money to pay the hospital bills for when my daughter was born.

      We’ll start with a smaller budget. Create a new savings account at the bank (or just an envelope at home) to put aside your Christmas Money into. If you start this week, there are 25 weeks until Christmas, so once a week you are going to make a small contribution to this fund. You’ll start super small! Only $1 for week #1! Then for week 2, you’ll add $2. Week 3 is $3….you get the idea. It doesn’t seem like much, but it really adds up! By Christmas with this method, you’ll have saved $325. Here’s a chart so you can see what I mean (did I also mention I am a nerd who LOVES using Excel?):

      Week # Amount to Deposit Total Saved
      1 1 1
      2 2 3
      3 3 6
      4 4 10
      5 5 15
      6 6 21
      7 7 28
      8 8 36
      9 9 45
      10 10 55
      11 11 66
      12 12 78
      13 13 91
      14 14 105
      15 15 120
      16 16 136
      17 17 153
      18 18 171
      19 19 190
      20 20 210
      21 21 231
      22 22 253
      23 23 276
      24 24 300
      25 25 325

      Here’s another version, but this time you start with $5, and add $5 every week. By the 25th week, you’re still only contributing $125, and you’ll have $1,625 to spend on Christmas gifts! Honestly, I’d probably spend half on gifts and the other half on myself 😉

      Week # Amount to Deposit Total Saved
      1 5 5
      2 10 15
      3 15 30
      4 20 50
      5 25 75
      6 30 105
      7 35 140
      8 40 180
      9 45 225
      10 50 275
      11 55 330
      12 60 390
      13 65 455
      14 70 525
      15 75 600
      16 80 680
      17 85 765
      18 90 855
      19 95 950
      20 100 1050
      21 105 1155
      22 110 1265
      23 115 1380
      24 120 1500
      25 125 1625

      You can, of course, adjust the amount in column 2 to you’re own budget and to achieve the final amount you’d like to save.

      Do you have some other tips on how to save money? I’d love to hear them!

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      COMMENTS

      You are so organized! Glad I came across your site in my search for a Michigan photographer!

      This is a really great chart for saving that Christmas money. Your Michigan Families can use that money saved to not only purchase great gifts for loved one, they could hire you to produce amazing family photography galleries!!

      What a great chart and way to save money for Christmas! Thank you for providing this information. A great bonus is having money to save and spend on a family photographer. Michigan is so lucky to have you

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