Wednesday, August 7, 2013

Christmas Savings Divide and Conquer!

Happy Wednesday everyone!

Today I want to expand a little on my Monday post. On Monday I shared my guide for the 2013 Holiday Season. One of the things I briefly discussed was start saving money this month! I wanted to talk about that a little more. The easiest way to save money is to divide it up into smaller chunks. There is more than one way to do this.

Here are a few examples for you using $500 as the savings goal amount.

First up, divide by month:  There are five months between now and the end of the year so you would need to save $100 a month to have $500 by Christmas.

By week: If you start this Friday that leaves you with twenty weeks until Christmas so that is $12.50 a week you need to save.

 By payday every other week: If you get paid every other week then you have about ten paydays until Christmas (depending on what day of the week you get paid and how they fall) so then you’ll need to save $50 out of every paycheck in order to reach your goal.

By payday first and fifteenth: If you get paid the first and fifteenth of every month then you have nine paydays between now and Christmas which means you need to save $55.55555 ($56 with rounding) each pay day in order to hit the makr.

Day by day: Or maybe you want to save a little every day.  There are 139 days until Christmas which means you need to save $3.59712 a day (okay let’s just round up to $4 a day.) Can you believe less that $5 a days gives you $500 by Christmas! That's awesome!

Do any of those saving methods work for you? Remember $500 is just an example, please use whatever savings amount you have set as your guide.

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