I have a Christmas Club account where I put $30 away a week then come November, that money is available to me to do what I like - buy gifts, pay some off my credit card etc.
This year, starting next pay, I will deposit $52 then $51 etc until I get to the $30 mark then will continue to put in $30 each week until the end. This should give me just over $1800 for the year, an extra $250 to what I normally save.
Do you do a Christmas Club saving?
Joolz xx
Posted with Blogsy by Joolz
I never have but this chart is really a great plan. I think I will try that this year. Thanks for sharing.
ReplyDeleteJoolz, this is the best savings chart I've seen yet. Some are such a small weekly amount that you only end up with a few hundred at year's end. Some start with the low amount and escalate. But starting with the largest amount allows you to start saving the most when the motivation is the highest, and I think that will allow me to tell myself that I can do this as the amount goes down every week. Thanks for sharing!
ReplyDeleteI have a Christmas account too Joolz, it works well but I was thinking of this chart also although I do like the idea of doing backwards like you
ReplyDeleteInteresting idea Joolz. I have seen a chart starting with a dollar a week until you reach 52 dollars. I did it for one year but never continued on with it. I don't have a Christmas club either. I do the sealed pot challenge and open ours a couple of times a year. Last time we opened it a couple of months ago we ended up with $1200 :)
ReplyDeletehttp://sftandthe101challenge.blogspot.com.au/
This is such a great savings plan for Christmas. It can get stressful with the costs of food and gifts and travel expenses. Unfortunately I know nothing of saving and this is my New Year Resolution. We have opened our first home saver account even though we are in debt but we have to start saving from now on. Thanks for sharing a really attainable savings plan.
ReplyDeleteWhat a clever idea for a chart. I used to have a BankSA Christmas Club account and I found it a great way to make sure I had enough at Christmas time. Otherwise it's so easy and tempting to fool yourself into dipping into your savings and promising yourself that you'll "make it up next month".
ReplyDeleteWhile they don't have that scheme here, I do direct part of my pay into a special account to cover Christmas and birthday gifts throughout the year.
What a neat idea....thank you for visiting Simply Farmhouse.
ReplyDeleteLooking forward to reading your blog.
Every year I think of doing this and it gets too late or I just forget. Good idea to get me focussed on Christmas spending. Thanks Joolz!!
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