Money Jar Budget Advice
Do You Have A Rainy Day Fund?
Saving money for a rainy day is something a lot of people don’t do these days. Starting your rainy day fund now by labeling a money jar and making sure you add money to it every week is a smart thing to do. You can put this money in a high interest savings account or you can stash it at home in a safe place but the sooner you do save some money, the better!
How nice would it be if next time something urgent comes up you (for a switch) don’t have to scramble to come up with the money?
It’s also smart to come up with a goal jar as well to save for special things but we’ll save that discussion for another day. The point is, having to run to payday loan places,to use your credit card for an unforeseen expense, or to have to borrow from family or let another bill slide isn’t conducive to a healthy financial situation. The sooner you have an emergency fund, the better!
Ways to Save for Emergencies:
- Every time you use a coupon, take the money you’ve saved and drop it into your change jar
- Work hard to pay off a debt and after it’s paid take half that monthly payment and use it to top up payments for other debts and put the other half in your savings / rainy day fund
- Every time you save money on a staple item, put the money into your emergency fund jar
- Have your bank take $20 a pay check (or more if you can afford it) and put it into a savings account. After a few pay days you won’t notice that money missing.
- If you get a pay raise, don’t spend it. Take that extra money and put it in your rainy day fund
- Any ‘found’ or ‘gift’ money goes into that jar
- Half your overtime money goes into that jar
- Half your tip money (if applicable) gets saved
- Make an effort to earn some extra income and put half of it in savings /rainy day fund
Once you start making an effort to build a fund and challenge yourself to do it by trying to curb expenses, you’ll find that it’s not restrictive, it’s instead liberating. Challenge yourself to find creative ways to save money and you’ll also be securing your own financial future!
Taking The Stress Out Of Your Finances At Christmas
Christmas can be a stressful time of year for financial reasons. It can feel like you’re in your very own financial crisis!Not only do you have all your regular bills to pay but you’ve got to come up with extra money for gifts and for social gatherings too.
How do you deal with budgeting at Christmas time?
Besides the typical advice of drawing names, doing pot luck meals to save on groceries and making homemade gifts, here are some tips for you to get ready for next Christmas. You’re arleady in the thick of it for this year if you’re reading this post at the time of publishing so do what you can to get through it but plan ahead for next year.
Start Planning For Christmas In January
In January, hit the sales on stuff for next year. This includes gift wrap and bows but it can also include stocking stuffers and gifts for next year. Throughout the year as things go on sale you can pick them up and put them away. This will not only save you money but it’ll save you time too.
Open a Christmas account in January and put money away all year. If you decide you’re going to spend $1200 on Christmas, put $100 in the Christmas account each month. This way, you’re not stressing, spending everything you earn and putting Christmas on credit come November / December. This Christmas money can encompass your gift list, your groceries and your decorations and other related expenses so that your regular earnings around the Christmas season aren’t impacted. If you are someone who receives a Christmas bonus from work, don’t factor that amount into your budgeting and that’ll give you some extra wiggle room during the holidays if an unexpected expense or unexpected gift comes up.
Another wise idea is to save your change in a jar for the year and towards the holiday season either roll it up to use for your Christmas grocery treats or put it in one of those Coinstar machines that allows you to use it for a grocery store gift certificate.
Little things done throughout the year can definitely make the season more enjoyable and less of a financial burden. Merry Christmas!
Just Say No To Credit At Christmas
The financial pressure is on at this time of year! Don’t blow your budget at Christmas if you can help it! The spending season is fast approaching and a lot of people make a big mistake at this time of year. They put Christmas on credit! Big mistake!
Sure, it’s the season of good tidings and cheer but do you want to pay for it all next year?
Not only will you suffer next year but you’ll probably only make minimum payments which will mean about 10-30% extra will be spent on interest so if you spend $1,000 on Christmas gifts, how much will it really cost you by the end?
This is the time of year the stores prey on people. They stand by the front of the store and offer you a free pen or a 10% discount if you’ll apply for a credit card. They’ll also often grant a temporary credit card on the spot to ‘get’ you before you’ve had a chance to consider. Impulse buying is the # 1 love of the credit card companies. Store credit cards are even worse because you don’t get to shop around as you can only use the card at one store.
Cash is King! Christmas Shopping Tips
Use cash for your shopping this season.
- Shop around. You’ll get better deals
- Haggle. When buying big ticket items & dealing with cash you can often save 10-20%! Make an offer!
- Set limits with family and friends so you don’t go overboard
- Shop early for next year. Start boxing week to shop for next year for things like decorations, gift wrapping supplies, stocking stuffers, etc. It’s amazing how good it feels to get started early!
If you’re in a pickle this year because you haven’t saved enough money for Christmas shopping, there’s nothing wrong with deciding to do things on a small scale. Making homemade gifts or doing gift baskets with less expensive items (but with a more personal touch) can save you money. You can find lots of low-cost gift ideas that will result in a gift that doesn’t look or seem cheap to the recipient. Next year, plan early and consider opening a savings account and having automatic withdrawals from your pay into that account to ease the pressure. If you’re doing a money jar budget, you can also allocate a Christmas fund early in the year.