Start Saving for Next Year's Christmas Now

Christmas is coming! Christmas is coming! You know, kind of like it did on December 25th last year. But if you're like me, it somehow always manages to sneak up on us every year and catch us by surprise. Now, how can we expect to get to our million if we're constantly being off caught guard by things that we should be planning for? And that means having a cash reserve to cover annual Christmas expenses.

But, next year I'm going to be telling a different story. Why? Because I visited my credit union a few weeks ago and opened up a Christmas club account. I was standing in line waiting to do business with the teller when I looked over and saw the sign, "Open your Christmas club account today."

Quite honestly, I didn't know Christmas club accounts still existed. But, with the stroke of a pen on a few forms, I'm already planning for Christmas 2010. And you can too.

What you should know:
  • Start your Christmas account in December (why put it off?). That way if you invest a small amount ($5-$10) every week, you’ll be looking at a sizeable amount come November when your funds become available.
  • Many banks and credit unions don’t advertise Christmas clubs, but almost all offer them. Talk to a teller or banker about opening one.
  • Start a budget for next Christmas now, and stick to it. Then, whatever is accumulated by November 1st, is all that you will spend for the holidays--nothing more. I committed to $20/bi-weekly, and I have it direct deposited directly into my account from paycheck. Plus, the credit union will make my last payment for me. That's a whopping $500 that I'll have saved for Christmas next year.

Lisa Maria Carroll, is one of the 3 women, along with Kim Crouch and Tina Fortune, who are on the Millionaire Journey. You can follow us on the Journey by joining the Facebook Fan Page at http://www.facebook.com/#/pages/Millionaire-Journey/165487378056?ref=ts or the Millionaire Journey blog at http://1yearmillionaires.blogspot.com

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