• Home
  • GET THE BOOK
  • Start Here
  • Blog
  • Free Resources
  • Shop TBM
  • Courses

The Budget Mom

Real Women. Real Life. Real Finance

  • Home
  • Products
    • Live Rich Planner
    • Budget By Paycheck
  • Blog
  • FREE RESOURCES
  • COURSES
  • GET THE BOOK
  • Shop TBM

A life you love on a budget you can afford.

Here on TBM®, I provide you with simple, easy-to-follow solutions to help you budget your money, pay off debt, save more, and crush your financial goals. But more than that, I give you the tools to start doing the things that matter most to you, on a budget that actually works!

How to Save Money for Upcoming Holidays and Events

June 27, 2018
SAVE MORE

Share18
Pin790
Share
Tweet
Email
808 Shares

Are you worried about having enough money for an upcoming holiday or special occasion. Here's how to save for it!

It may be summer, but Christmas will be here before you know it! Between now and then, you might even have some birthdays, weddings, or possibly back-to-school expenses to plan for.

So how do you make sure you have enough cash to cover your costs during these important holidays and special occasions?

For me, Christmas will always be my number one spending holiday. The second biggest occasion I spend money on is birthdays throughout the year. I have found that taking a little time now can save you a lot of stress and money later.

Before you can start saving, you need to make sure you have a realistic budget already set up. A working budget will allow you to determine how much money you can set aside for savings throughout the year.

Here is how I currently save for upcoming holidays and events.

  • Read: How to Budget Your Income and Expenses

WRITE DOWN YOUR SAVINGS GOALS

The first thing you need to know is what holidays and special occasions you want to save for. To figure out how much money to save for each holiday and special event, grab a calendar and write down all of the holidays you spend money on.

I like to start the process of planning in January. I grab a blank yearly calendar and write down all of the major holidays (Christmas, Thanksgiving, 4th of July, etc.) I spend money on. I also write down all of the birthdays and special occasions (weddings, graduations, or back-to-school) that I will spend money on.

Once all of the holidays and events are written out on my calendar, I review last year's spending. I go through my expense tracker, and other financial documents to determine how much I spent on holiday-related purchases. I also do this for recurring events like birthdays.

This will give you an idea of how much you will need to save for the upcoming year so that you can set realistic savings goals. Write down your savings goal next to each holiday or special event on your calendar.

DETERMINE A SAVINGS PLAN

Once you have your savings goals written down for each holiday and event on your calendar, divide your savings goal by the number of months left until you will need the money. If you want to save weekly, divide your savings goal by the number of weeks.

A few pointers. Do you know that a family member will be graduating this year? Or how about a friend that is expecting a baby? Is there someone you know who is getting married? If you plan on spending money on any of these occasions, they need to be written down on your calendar with a savings goal.

When figuring out how long you have to save, never include the month or time leading right up to the event. For example, if you are saving for Christmas, you will need the money before December so you can go Christmas shopping and set up decorations.

If you start saving in January, you would have ten to eleven months to save money, not the entire twelve. It's up to you when you start your Christmas shopping. For me, I start shopping in the beginning of November, so I have ten months to save up enough cash for Christmas.

  • Read: Saving Money When You Have Debt – What You Need to Know

Are you worried about having enough money for an upcoming holiday or special occasion. Here's how to save for it!

IT'S NEVER TOO EARLY FOR A GIFT LIST

If you wait a few weeks before the holidays to think about what you want to buy, you could miss out on some fantastic deals. Create your shopping list early to save money. Create a separate shopping list for each holiday or event on your calendar. Include all decorations and other holiday-related items.

Add prices by the items on your list by looking up current prices at your favorite retailers for reference. This will give you an accurate idea of how much the holidays are going to cost you. This will also allow you to scale down a bit if the final total is too far out of your budget. And remember to sign up for Rakuten so you can earn cash back on gifts you purchase online or at participating stores.

Writing out an early shopping list for Christmas is very beneficial, but I also love doing this for birthdays throughout the year. By determining what I want to get early, I can tell right away if I need to pick up a more affordable gift that will fit into my budget.

For example, if I have six birthdays planned throughout the year, and I want to save $50 for each one, that's a total of $300 for the year. If I start saving in January and the first birthday is in March, I know that I will have two months to save my first $50.

If my budget only allows me to save $20 every month for birthdays, I know I will need to find a more affordable birthday gift for the birthday I have planned in March.

WHERE TO STASH YOUR CASH

For me, I am a cash envelope gal! Almost all of my savings cash for goals that are less than a year is put into a cash envelope that I use for spending.

Here's the great thing about using cash envelopes. If I start saving for Christmas in January, and I have a shopping list, I can purchase items on my list when I come across a great deal or sale.

For example, if you started saving for Christmas in January, and noticed that there were a few items on your list that were on clearance during the Toys-R-Us Store Closing Event in April, you could use the cash in your envelope to purchase some of your items early. You can quickly access your cash at any time, and it's there if you need to take advantage of great deals. Just make sure to cross the items off your shopping list.

Using cash envelopes is also a great way to monitor your savings. I use visual charts to track my progress, and it helps me stay motivated throughout the year.

If you prefer to use a savings account, make sure it's a separate account dedicated to each event (Christmas, Birthdays, Back-to-School, etc.). This article has more information on where to stash your cash for short-term savings goals.

[convertkit form=5231388]

FIND AREAS TO CUT BACK

If you find that your budget won't allow you to save for some of the holidays or events on your calendar, it's time to take a closer look at your budget. Can you allocate some of your “fun or entertainment” money to your savings goals?

If you can cut some of those costs on entertainment, eating out, or other miscellaneous expenses for a couple of months, you may be able to save enough cash for your savings goals.

  • Read: How To Cut Expenses When You Have Financial Troubles

No matter where you are in your financial journey, it's essential to set yourself up to succeed financially by planning ahead.

Share18
Pin790
Share
Tweet
Email
808 Shares

Filed Under: Tagged With: CASH ENVELOPES, HOLIDAYS, OCCASIONS, SAVE MONEY

Previous article:
« 20 Fun and Easy 4th of July Recipes
Next article:
June Budget Monthly Meal Plan »

Comments

  1. Donna says

    June 30, 2018 at 2:10 pm

    Thank you for the reminder that it is never too late to begin saving for the special events in my life. I have to admit that I have been flying by the seat of my pants for the first half of the year. Your e-mail was the wake up call that I needed to live out the rest of the year on purpose.

    • kumiko Ehrmantraut says

      July 7, 2018 at 8:52 am

      Donna, I am so glad you found my newsletter helpful!

Hello, I'm Kumiko, but everyone just calls me Miko. Welcome to my blog, The Budget Mom. I am an Accredited Financial Counselor® , and mom to a rambunctious boy. Come along with me as I strive to live a life I love on a budget that I can afford. Read more about me.

RECENT YOUTUBE VIDEO

The Budget Mom

The Budget Mom
It’s time for another Real Life Budget. I asked my readers to submit their REAL information. Real spending, real debt, and real savings goals.

I am taking those real-life numbers and showing you how I would organize and budget that information using my Budget By Paycheck® Method.

If you would like to submit your budget information to possibly be picked for a Real Life Budget that we will show on YouTube, please reach out to budgets@thebudgetmom.com.

Diane is a single mom who is a Database Administrator for an IT Department at a local college. She lives in Queens, NY, and eventually wants to move to a lower-cost of living area in the future. 

Diane submitted her information because she is struggling to organize and tackle all of her larger short-term goals.

CHAPTERS:
00:00 Introduction
02:15 Why & Personal Story
04:20 Income 
04:37 Fixed Expenses
05:48 Variable Expenses
06:31 Debt
07:53 Savings Goals
10:18 Budget By Paycheck Method
14:51 My Recommendations

➡️ HOW I TRACK MY SPENDING: https://bit.ly/3aIe89I
➡️ HOW TO USE A BUDGET CALENDAR: https://bit.ly/2IzF2Vj
➡️ FINDING YOUR WHY: https://bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: https://bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: https://bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: https://bit.ly/2wDETxF

ABOUT ME

Kumiko Love is a single mom who empowers women everywhere to regain control of their financial lives. An Accredited Financial Counselor with over nine years of experience in the finance industry, she founded The Budget Mom, a community of millions of women on a path to financial fulfillment.

She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook. Love has been featured on Good Morning America, the Today show, CNN, CBS, ABC and in USA Today, US News, World Report, Huffington Post, Money Magazine, Parents Magazine, the Washington Post, and Real Simple. She lives in Spokane Valley, Washington.

YOU CAN FIND ME AT:

📝 WEBSITE: https://www.thebudgetmom.com
📘 FACEBOOK: https://www.facebook.com/thebudgetmom/
📸 INSTAGRAM: https://www.instagram.com/thebudgetmom/
📌 PINTEREST: https://www.pinterest.com/thebudgetmom/

GET STARTED

➡️Start Here: https://www.thebudgetmom.com/start-here/
➡️Courses: https://courses.thebudgetmom.com/
➡️Free Resources: https://bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMYOUTUBE https://bit.ly/3FEdZFp

Soundstripe License Code: LBWMAQPEPWYVFKT3
Load More... Subscribe
Free Resource Library

Recent Posts

  • To Pay Off Debt or Not to Pay Off Debt: The Pros and Cons of Using Home Equity
  • The Secret to Personal Finance I Never Learned About in Business School
  • Don’t Overpay for TV and Internet: How to Shop Around for the Best Deals
  • 4 Simple Tricks to Stick to Your Grocery Budget
  • Celebrate Without Breaking the Bank: How to Save for Special Events

Blog Categories

Amazon Associates Disclosure

The Budget Mom, LLC is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

  • Cart
  • Shop Policies

Start With My Friday Newsletter

Every Friday I send you a short helpful email with my popular Friday freebie. Join my 500k+ subscribers!

About

  • Home
  • ABOUT TBM
  • Contact
  • Start Here

Important

  • DISCLAIMER
  • PRIVACY POLICY
  • Subscribe

Favorites

  • YouTube
  • Blog
  • Live Rich Planner
  • Budget by Paycheck

Start With My Friday Newsletter

Copyright ©2023, The Budget Mom®
This website contains affiliate links, which means that if you click on a product link, I may receive a commission. This website is a participant in the amazon services llc associates program, an affiliate advertising program where I earn advertising fees by linking to amazon.com.
  • How financially fulfilled are you? Take this 2 minute quiz to get your score!
    Click Here to Start