Monday, March 16, 2009

Christmas Savings

So I've been's only 9 months until Christmas. I know, I know-Christmas was just here. But when it comes to saving up for it, it's never too early. As of right now our "savings" for Christmas consists of the points we earn from our debt/credit card ($50). Last year we were able to cash in our points for $400. But then last year we used the CC a lot, and had big purchases like a move, furniture and car repairs. This year, we aren't earning any CC points really, and a moderate amount for debt purchases, but nowhere near as much as last year. So my question is how should we save for this year? Our options are:
1.) Set up and Christmas Savings Account
2.) Set aside cash each month, like the envelope system.
3.) Rely on points and hope we have enough.

Another option is to buy gifts as I go. I've already bought a few, but the downside is trends, sizes, and preferences can change in 9 months and by then things can't be returned.

So what do you do? What works and what doesn't?


Missy said...

Hey Jody! I am glad you are happy @ home! I buy clearanced gifts all year long I have a large family I do not buy trendy gifts and I have a locked gift closet I put them in. I also opened up a christmas club acount this year (I have totals on my blog) I have been putting small checks into and money I recieve from rebates.So this is my plan for this year Plus I am scaling back and not buying for so many people. I hope this helps!

Melissa said...

for years I had all my shopping AND WRAPPING done by October every year.. then life got busy but I was making good money so I started buying things on line and having them wrap it and just giving it to the person. Last year I was laid off for 9 months so everybody got a reuseable grocery bag filled with things I coupon/hounded whatever you wanna call it. But we do have a Christmas Club account that is attached to our checking/savings account that I randomly transfer money to. For awhile it was $20 a week but then I never used that cash for last Christmas and wound up taking the money out to cover some other random bill.