Today is 12 weeks before Christmas. That’s just 84 days! Whilst your attention might have not yet turned to the festive season, the sooner we plan, the easier things can be. As supermarkets continue to stack advent calendars on the shelves, having an eye on our preparations will stand us in good stead as the holidays approach. Have you thought about how much money you will need this Christmas? For food, gifts and festivities? Let’s have a look at a 12 week Christmas savings plan.
How Much Do You Need For Christmas?
The first thing to do is figure out exactly how much money you are going to need for Christmas. Once you have this number, you can start to do the maths to see how much you are going to need to put aside every week of the 12 week Christmas savings plan.
An easy way to come to this number is by looking at how much you spent last Christmas. If you have that number and think you’ll be spending around the same amount, go with that figure. Perhaps you want to cut back this year, or have more to pay for. Tailor your final number accordingly.
It could be that you only have a certain amount of money to put toward Christmas because you are on a budget. There’s nothing wrong with that and it can actually help you figure out what is the most important purchases of the season. Use the amount you are happy to spend as your final amount.
Save Money Weekly
Once you have the amount you think you will need, next comes the maths. Let’s say that you want to save £500 for the year, simply divide that by 12 to give you a weekly amount to put away. This example would be just under £42 a week.
Of course, you might want to have the money ready to spend a couple of weeks before Christmas Day, in which case dividing by 10 might be better. The £500 amount would be £50 a week for 10 weeks.
£400 would be £33.33 a week for 12 weeks. £250 would be £20.83 a week for 12 weeks. Use this basic maths and figure out how much you are going to need to save every week with the 12 week Christmas savings plan.
Discounts
If you are shopping, be sure to click through a cashback site, use a cashback card and check for voucher codes and discounts in order to make your money stretch even further. Be sure to search online to get the best prices for things.
Another great idea is to buy second hand via Facebook Marketplace and charity shops. You will often find brand new items at bargain prices. Along with items that have plenty of use left in them. If you don’t want to overspend, simply withdraw the cash you have saved. Instead of paying on a card, you will only spend what you have in your hand.
There are many ways to make what you save via your 12 week Christmas savings plan, work harder for you. Look for bundle deals and check your supermarket apps for any vouchers you haven’t used yet.
Create a Sinking Fund To Save Throughout The Year
One of my best tips is to turn your 12 week Christmas savings plan into a year long savings challenge. If you are looking at the £50 a week amounts above and wondering how you can do that, dividing the amount you are needing by 52 weeks of the year instead, makes the amounts much more manageable.
£500 divided by 52 is £9.62 a week. If you were to set up an autosaving feature within your app to move that amount into a dedicated savings account every week, you might not even notice it moving. You’ll also earn interest on those savings!
By having a Christmas savings fund you will also be able to take money out throughout the year, should you see that perfect gift at a bargain price!
Final Thoughts
A 12 week Christmas savings plan is a great way to get the cash you need ahead of Christmas, but do consider setting up a sinking fund to pay into more frequently. Saving in small chunks is much easier than finding a lump sum in one go.
