But then it hit me... Christmas is only 4 months away. And while I am not ready to think about shopping, wrapping, decorating, and cookie baking, I do need to think about putting extra money away to afford all of those lovely presents and fun extras that creep up during the holiday season.
We like to keep out Christmas shopping budget at $500. And I always think its wise to save an extra $200 for the miscellaneous extras that happen during holiday time. Example #1: in 2006 when we blew a tire right after thanksgiving or Example #2: Christmas Eve 2007 when our sink stopped working and we were forced to call a Plumber and pay extra due to the holiday.
So that means the Martin's will be saving $700 in 3 months and 1 week.
With two paychecks for each of us a month that works out to $60 a paycheck.
We agreed to write ourselves a check each pay period for $60 and place it into a separate savings account. This way we will be credit debit free this holiday season and we won't have to dip into savings.
I feel like with this post we are already in the holiday spirit!
Sounds like you've got your Financial Peace University under your belt. Way to Go!
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