Christmas in July? Here's how to start saving for the big holiday.
You’ve heard about Christmas in July, and who can hate it? It’s a good reminder that the half-way mark of the year that Christmas is only 170 days away – but who’s counting? on a serious note, we’re starting to get excited about Christmas for many reasons, and thought we’d share some quick advice with you on how to prepare for Christmas expenses.
If you’re thinking “It’s too soon to be thinking about this.” we get it. But a survey by GoBankingRates.com showed that the average American spends almost $1,000 on Christmas gifts, food, and decoration (and this doesn’t include travel!) What if we shared ways to cut these expenses back majorly? We think you might be a litter more interested now. 😉
Round the Change
Let’s start with some really cool news. One of our employees at Education First saved over $11,000 in just two years without even trying. This employee uses Qapital -an app that enables you to set savings goals and turn on self-defined “rules” to help you reach them. Similarly, another employee saved over $2,000 in one year by using Acorn - an investing app that allows you to set aside change from everyday purchases by turning on automatic Round-Ups. As you can tell – these are powerful money-saving apps and can help you save for Christmas (or any other occasion, for that matter) without requiring you to put a lot of effort. We highly encourage you to start out by learning more about Qapital and Acorn and researching other similar apps to see what works best for you.
Sign up for Rakuten (formerly known as Ebates)
Another effective resource to help save for Christmas spending is to sign up for Rakuten. Rakuten is formerly known as “Ebates” and partners with over 2,500 popular stores and users can earn up to 40% cash back. Stores include popular places you probably already shop at – such as Sam’s Club and Amazon. Simply follow the Rakuten shopping links to each of these stores and complete your shopping, and you’ll automatically earn cash back. Not gonna lie – we’re headed to sign up with them after doing this research for you. Learn more here.
Shop Amazon Prime Day on July 15 – 16
Let’s face it – many of you probably do the majority (if not all) of your Christmas shopping on Amazon! No shame in that game! So why not shop their Amazon Prime Day to get some good deals? This is held on July 15 – 16 and is commonly called “Amazon’s Black Friday.” If you already know some of the gifts you’ll be buying for Christmas this year, go ahead and check out the Amazon Prime Day sale to see if you can get those gifts for a much cheaper price. Learn more here.
Open a Christmas Club Account
If you’re like many of us and have a hard time saving money for a special purpose, consider a Christmas Club Account. This special savings account is intended to help you set aside savings for Christmas spending and pays you higher dividends than a normal savings account! Dividends are paid every November 1, so you get your savings (plus interest) just in time to start your Christmas shopping. Yes, please! Learn more here.
With these helpful money-saving hacks, we’re hoping that we’ve already spread a little Christmas cheer!