Christmas is approximately 12 weeks away (yes, that’s right!) and chances are, you will have various expenses that will emerge during the season. Whether you’re going to do a little fixing up around the house, buy yourself a ‘spiffy’ new outfit for the Christmas or New Year’s Eve party, purchase gifts for yourself and loved ones, host a Christmas dinner, or attend different events during the festive season, it’s better to save for the associated costs than take out a loan, or worse, spend more than you can afford to.
If you save a sum of money each week (starting now!), fortnightly, or each month leading up to Christmas, you’ll find that you will be less anxious and more prepared to deal with the extra spending. Talk about peace of mind!
Here are three ways to save for the extra spending this Christmas:
- Revisit your budget– Outside of your consistent regular savings, revisit your budget to find out how much more you’ll need to set aside for Christmas-related expenses and start saving. You can also use our savings calculator to help you.
- Set up an automatic transfer to a different account-This way, as soon as you get paid, the Christmas money automatically transfers to an account that is solely for saving; preferably one that you don’t have easy access to.
- Open a JN Bank Partna Plan Account- With as little as $1,000, you can start a JN Bank Partna Plan account weekly, fortnightly or monthly, for as short as 16 weeks or up to 48 weeks. Even if you miss the opportunity to get your money by Christmas, you can still use the savings at the end of the partner to pay down on any extra spending you had to do during the holidays. Find how you can get started here.