Debt Free Christmas 2010
Yes people I’m writing about Christmas again. Christmas is only 263 days away. Here is the Christmas Clock if you are interested. You may be wondering why I have a fascination with Christmas and making it a debt free one. It’s because I know firsthand how much it can screw up a budget. It can put a budget in the hole for months. I don’t want anyone to be in the hole after Christmas. It’s a holiday about giving, but not giving away your future. I’m urging you to keep reading because I’ll use some REAL EASY math today to show you that there is plenty of time to start saving for Christmas.
Christmas is on December 25th, Really!!
If you haven’t figure it out by now, Christmas is on December 25th EVERY YEAR. Christmas does not just sneak its way onto the calendar. It’s always on December 25th, meaning we can set up a budget category to save for the event. I use a sinking fund to save for our gifts. Our allotted amount this year will be $600, that’s up $100 from last year. My wife and I are buying each other gifts this year so we are including extra money in the budget. What are you going to spend? Do you know how much you spent last year? It’s good to know these amounts so you have an amount to work with.
Looking At The Numbers
There are 263 Days until Christmas 2010
Weekly pay checks
There are 38 weeks left until December 25th, 2010 if you get paid with a weekly check here’s how the math will work out for you.
$500 to spend on gifts: $500/38 weeks = $13 per week (you need to save $13 per week to reach $500 by Christmas)
$1,000 to spend on gifts: $1,000/38 weeks = $26 per week
Bi-monthly pay checks
There are 17 Bi-monthly pay checks left until December 25th, 2010. This is out the math works out for this case.
$500 to spend on gifts: $500/17 pays = $30 per pay
$1,000 to spend on gifts: $1,000/17 pays = $59 per pay
Monthly pay checks
There are 8 months left until Christmas. Check the math for monthly pay periods.
$500 to spend on gifts: $500/8 months =$63 per month
$1,000 to spend on gifts: $1,000/8 months =$125 per month
Saving is that simple. If you need help setting up a budget please review my post from January Debt Free Christmas 2010, I give you some resources to check out to help with the budgeting. If you need information about setting up a sinking funk, review my How to create a sinking fund post. It will walk you through the process. I use ING to setup all of my sinking funds and it works great.
Remember, only you can set yourself up to have a debt free Christmas this year. It’s easy to do, and you’ll love the way you feel on December 26, 2010 –No Remorse 🙂
Enemy Of Debt Is The Inspiration
I would like to thank Brad from Enemy of Debt for writing the original Debt Free Christmas Challenge post last year. It helped to remind me of the need to budget for Christmas. Good luck everyone. I will be reminding you again in July so you’d better be saving or you may get a visit from an angry Pizza Delivery Guy…
photo from PhotoBucket