The article had this quote that really stood out to me:
Chuck Newton, with the Utah Chapter of the Financial Planning Association, says, "Guess what. We're going to be having this same conversation in 365 days from now because, if you don't change your habit now and you don't break the cycle now, you're going to be right back to where you started."Chuck is right! We need to break the cycle and start saving now! So how do you do this. Well I have three recommendations:
- Start a savings plan. Open a separate account just for saving money. Many credit unions, like Goldenwest Credit Union, have a FREE Christmas Club account. A separate savings account just to deposit money for Christmas. Then in November the money auto rolls into your checking to get you ready to buy. Putting away simply $50 a pay check would give you nearly $1100 for Christmas come December.
- Try using your Flex Spending account at work. If you have a Flex Spending or Cafeteria Plan at work. don't cash in those medical receipts until November. Then you get a tax free savings account of Christmas money that you don't even have to look at. It is already deducted from your check each month.
- Start buying early. The best deals start showing up in the Spring. Santa brought "Pillow Pets" for my kids that were bought at nearly full price. But my neighbor got them at half off in the spring. Start looking now. Subscribe to website like, amazon.com, target.com and other bargain blogs and websites. pinchingyourpennies.com is a great one too. You get to hear about great deals before everyone else.
Start now and break the cycle. Do not allow Christmas to sneak up on you this year. I promise you it will be on December 25th.
Comments and other suggestions welcome.
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