"Um, why are you asking me this? Christmas is sooo last year!"
While you're in the process of creating a new money plan, plan your Christmas. Choose an amount you would like to spend next Christmas (including gifts, decorations, lights on the house, cards, stamps, food, charities, travel, services, everything). Now, divide it by 12. That's how much you will set aside each month into a savings account you will label "Christmas Fund."
If you cannot save that much each month, then you have three options:
- Re-think what you will spend on this year's Christmas.
- Take on extra work or a second job to contribute to Christmas.
- Cut down what you are spending elsewhere in your budget.
You can do this same thing for birthdays, tuitions, registrations, home/car maintenance, taxes, and anything else that you pay annually or at random times of the year. This technique will relieve lots of stress throughout the years.
Keep up the good work!