I love Fridays because I get to link up with other blogs via hosting link ups and because every Friday at Peaceful Divas is “Bill Pay Friday”.
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 You deposit money all year but it is NOT available to be withdrawn until November 1st.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.
You have a great blog and your new follower. Can't wait to read more of our blog post. Come visit me when you get a chance at http://showmemama.blogspot.com
Good Morning! Happy Friday Follow! I'm your newest Follower. Swing by my blog and say Hi! Have a great weekend!
Bridgette
Groschen Goblins
http://www.groschengoblins.com/
Friday following you back. Thanks for visiting Fashionably Organized.
Love this idea! I'm going to try it! I'm always telling my kids to do it.
Thanks for stopping by Zen Mama!
This is a good idea 🙂
Happy Blog hop!
Following your blog, come follow mine!
Gros bisous
Frenchy
What a great post! I am a new follower from FFF! I will definitely be back:) Hope you stop by and follow me back:)
http://therempels4.blogspot.com
Thanks for joining Fun Follow Friday! I am your newest follower.
http://simplystacie.net
Thanks for visiting Miel et Lait! Hope my posts help you!
I love your “bill pay” friday, and look forward to the future posts. Following thru GFC, so I won't miss a post. 🙂
Thanks for coming by my blog, I followed you back ! http://misfitmomma.blogspot.com/
I really should be starting a Christmas savings account, I dig my debt deeper every year ><
Great post!
Stopping by from the Lady Blogger Tea Party!
xx,
Delilah
Hi there! Stopping by from the Lady Bloggers Tea Party!
I love your tips here! We can all use a little financial advice on occasion! Thanks!
I really love your blog, and I'm a new follower. 🙂
Xx
hey katina, i'm so glad you stopped by my blog on my sits feature day, because i got to come and read this tip! it's a great piece of advice, and i'm sure it would make christmas shopping a lot less painful to my husband. he starts getting hives every year right around halloween because he knows it won't be long before i'll be out shopping!