Christmas Savings

[Jodie]

This year (back in January) we bought one of those tin money boxes and made a decision to empty all our one and two dollar coins into it at the end of each day - I estimate we should have about one thousand five hundred dollars by Christmas or more (we average around $6 a day in change).

I think this should easily pay for our donations and family presents, now all I will have to buy (and we have a savings account that we put money in every week) is presents for the extended family and friends.

If it all goes to plan, then I am going to do it every year.

Also Target are having a big sale this week with lots of toys, linen and household goods for around half price - I think I might go and buy a couple of sets of sheets and some nice towels for gifts and put them away in the Christmas cupboard (yes, I have a cupboard that I use for Christmas presents - all the decorations have their own space out in the garage)...

I would love to hear other ways to save money or to make it easier for Christmas.

[Mrs.Claus]

What an awesome idea Jodie!!! I'm going to talk to hubby about it - sounds like a plan!

[Noel+]

My credit union offers a Holiday Club where 15A% of my paycheck is automatically deposited into the account. Then on November 15 it is transferred back into my checking account for shopping!

Then I have money to shop for extra gifts and the meal! Its wonderful!

[Jodie]

That is a great idea Noel, we have Christmas club accounts here too but they don't offer that sort of interest. You would be lucky to get 3% interest on your savings.

They work by you depositing all year and then you can access the fund from November to January. If you remove any funds from February to October, you don't get the bonus interest.

Our big money box is about one third full already - OH puts heaps of change in it (because he hates to carry change). It helps that our $1 and $2 are coins (not notes), so we have lots of them in there.

[Noel+]

Many Americans want to have $1 coins only and I think it was inspired by you Aussies!

And anyway we save for Christmas is a good way!

[Merry Sage]

The credit union at my old job in Canada had a savings bond scheme that I used to take advantage of to pay for Christmas. You started your contributions right after the Holidays and by October, your bonds were paid for and there was your spending money! I'd never have managed it otherwise.

I think once we're settled again, I'm going to open a mini savings account for us to make regular contributions for everything from Christmas to a weekend break.

[Noel+]

We'll all be able to afford those little extras this year!!!

[Jodie]

It makes life so much easier when you do save for events.

We loved our $1 coins and then they bought in the $2 coin - it is silly, it is almost half the size of the $1 coin...

So now we have the following coins
5 cent
10 cent
20 cent
50 cent
$1
$2
and we have $5, $10, $20, $50, $100 notes.

They eliminated our 1 and 2 cent coins but the stores still advertise stuff for $1.99. If it is over $1.97 then it is rounded up to $2 but if it is under, then it is rounded down to $1.95.

[Noel+]

How interesting, Jodie!

I wish retailers would become more sophisticated and realize pricing an item a few cents less doesn't fool the consumer! Just make it $2!

[Keepsake]

I started saving for Christmas in January. Any overtime I worked (this year there was alot between March and June) was put into savings, my income tax refund and every paycheck I put some in it.

[Snowbelle27]

I have also been saving since January for Christmas. I have been putting some away each month towards it, also I have been saving on a storecard to buy groceries with and also on another store card where I shop quite a bit during the January sales. I am also saving any loyalty vouchers I get. I have also been purchasing things throughout the year.

This is the most organised I have ever been so I am hoping that financially things will be much easier this year.