x-mas question

[livegreeneasy2]

Just curious....how does everyone pay for x-mas. We used to save weekly throughout the year, one year we put it on credit cards and then struggled to pay it off. I was just wondering what the rest of the world does. Another question is what is the average dollar amount you spend per kid? We have 3 kids.....soon to be four kids. This is getting quite exspensive.
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[jenilouise]

I try and shop during sales and put it away throughout the year.

[Kaytee]

just buy it whenever we have the money kinda thing, which now is looking pretty dim

[Kim]

We have a separate savings account set up for short-term savings, and we just automatically have a set amount of money transferred into that account from our paychecks. That way, we never miss the money, because we never had it in the first place. It is also at a separate bank from our other accounts, and we don't have online access to it, and we don't open the statements until November. Otherwise, we'll see the money in there and want to spend it!

So then in November, we use most of the money in there for Christmas shopping.

We do the same thing for our long-term savings, and our emergency fund.

[fallon]

Originally Posted by hannah's mommy

We have a separate savings account set up for short-term savings, and we just automatically have a set amount of money transferred into that account from our paychecks. That way, we never miss the money, because we never had it in the first place. It is also at a separate bank from our other accounts, and we don't have online access to it, and we don't open the statements until November. Otherwise, we'll see the money in there and want to spend it!

So then in November, we use most of the money in there for Christmas shopping.

We do the same thing for our long-term savings, and our emergency fund.

that's a great idea

[Kim]

Thanks, it really works for us. And with both of us contributing out of every paycheck, it's really small amounts that get taken out, so you just really never miss it.

We tried doing the same thing before we were able to do the automated draft, and for some reason the money just never made it into savings.....

[jenilouise]

What a great idea. My friend quit smoking this year. For every day she didn't smoke she out $3 in a little piggy bank. She is using that fund for Christmas shopping after about 6 months of not smoking.

[PennQuaker09]

I have to say that Direct Deposit is WONDERFUL! We have a checking account, two savings accounts, and another savings account that we call our emergency fund. If you guys have never watched Suze Orman, I highly recommend her show and her books. Her show comes on Saturday night on CNBC. She's a financial genius. I know that some banks have this thing called a Christmas Club and they take a certain portion out of your check during the entire year and in November you get a check or something like that for all that you've put in. I think for a family on a budget, that would be a great idea.

I think in your situation, I would spend the same amount on each kid. I know in the case of my little brothers, that's what my dad and stepmom do. Last year, I got them a Playstation 3 and some games and some clothes. They have way too much stuff in the first, so the Playstation was the only toy that I purchased. This year, I was told not to get them anything (as in toys) so I'm just going to get them clothes. I figure about $400 for each of them.

I don't think there is anything wrong with putting anything on a credit card, but because the only card we have is an American Express, we don't charge. If I were to charge, I would seriously plan out EVERYTHING. Just don't go aimlessly swiping away.

[Lissa]

Well this year we are so broke that we're selling some of our stuff on eBay to buy gifts. How sad is that?

[Rhian]

Originally Posted by jenilouise

I try and shop during sales and put it away throughout the year.

We do the same.