What great ideas some of you have! Thanks for sharing. I also recommed the automatic payment plan. Believe it or not, you soon forget about the money and it just piles up. To get the most bang for your buck - why not try out an ING account, or Emigrant Direct? They are paying great interest rates (4.75), and you set it up online. I have been doing this for quite a while and love seeing it grow. It is VERY easy to transfer your money back into you local checking or savings account, and there are no penalities. Email me at njw9272@cox.net and I'll send you the link. You get a bonus for signing up too!
Re: My Christmas savings
I'm in my 3rd year of weekly savings toward a cash-only Christmas. The 1st two years I'd save $20 every Sunday in a pouch. I keep the money in my house and have a 'statement' that I update from week to week. If I forget to contribute on one Sunday, I'll catch up on the next week and simply update my statement to myself. This year I've tried $25 per week. I start the contributions to my pouch in January some time and go until the first week of October when my Christmas shopping gets serious and focused. I like to keep the money in my home because I hate wasting time standing in line at the bank. So far, I've had a 'pouch bank' total of $800 and have had to add to it during the late fall each year - but only about $150 or so. I use the money for all gifts and the foodstuffs I buy for holiday entertaining. Works great for me. I'm so glad I learned of this technique 2 years ago. It sure does ease the stress of funds so I'm better able to handle the other pressures of the season (i.e., family tiffs? ha ha)
Re: My Christmas savings
Me again. I forgot to include the following strategy.
Since my money is in my home and I generally start thinking and buying for Christmas in the spring before it, I can pay cash or credit card when I see something year round, then repay myself out of my at home pouch of money. I note the 'withdrawals' on my statement sheet and mention who the gift was for & what the item is. That way I can keep tabs on my budget for each person and see that I already bought a thing months before, if I think to buy the same thing 4-6 months later! (must be senior moments)
indianasmom
Unregistered User
(6/11/06 2:52 pm) Reply
shop year round
I try to shop year round. My family usually just exchanges gifts for the children. I guess we got one too many sweaters! LOL
I like to window shop, so I keep a small amount in cash that I look for sales with. I buy toys and clothes on sale for 75% or more off and stock them away in a back closet to use for birthday and christmas gifts. Fortunately, we have Etoys within a short drive and they have clearance sales twice a year. I buy for my dd at these sales and her grandpa takes the loot to his house! This is always 50% off everything.
Another tip is ALWAYS KNOW THE REGULAR PRICE so that when something is on "sale" somewhere, you will recognize if it is really a good deal before you hand over your hard earned money. I found a digi cam for my dd for $15 at Walmart on clearance, but would have paid $20 at Etoys if I had found it there first.
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