Basically, all Divas are challenged to pay their bills BEFORE they go out and spend ANY money over the weekend AND to stop “mental budgeting”. We all know that mental budgeting does not work and actually causes you to overspend!
The largest spending season for a lot of families is just around the corner…CHRISTMAS!!! This Bill Pay Friday, I want to challenge you to start planning for Christmas spending! Christmas? It’s just barely June! Yes I know, but think about how many people overspend at Christmas and then are totally depressed in January when they have “Christmas spending remorse”. At that time, they promise themselves that they will be better prepared next year but they never DO anything to get better prepared!
One way to prepare and plan for Christmas is to open a Christmas club savings account. Many local banks and credit unions offer Christmas club savings accounts. Basically, it is a simple savings account with a tiny twist. You deposit money all year but it is NOT available to be withdrawn until November 1st. Most Christmas club savings accounts are opened in January but most banks allow you to open them at anytime!
Here is an example of how fabulous the account can be:
If you were to deposit $20 in your account every week from next Friday (06/11/2010) until the end of October, you would have $420 for Christmas spending!!! Imagine when you start next January? At $20 per week from January 1, 2010 until the end of October, you would have $880 saved up just for shopping!!! (This is not counting the small interest that many banks pay to the account.)
Divas, saving a little bit at a time is a whole lot easier and much wiser than coming up with a huge sum of cash or using credit cards!!! Call me lazy, but this Diva loves to do things that are simple and EASY! Don’t keep doing things the same old way! Plan your list, set a budget AND put some money aside this year! Check with your bank or credit union and see if they offer a Christmas savings account. You will thank yourself next January.
Proverbs 27:12 (New Living Translation)
A prudent person foresees danger and takes precautions.
The simpleton goes blindly on and suffers the consequences.