December Money Challenge: Gift Yourself (With Savings)
Throughout the year, we’ve encouraged you to save more , cut down on impulsive spending, and even make some extra money cleaning your toilets. We want you to give yourself some savings in this year’s final Ultimate Money Challenge . In other words, save some of your holiday expenses.
It is so easy to spend extra money on holidays, and many people go into debt for holiday spending. In solving this problem, we want to help you avoid all this.
Here’s how the challenge works: For every gift you buy to someone else this year, save yourself a little. This can be either a fixed amount for a gift, or even better, a percentage of the cost. For example, if you spend $ 100 on a new coffee machine for your partner, save 10% on your savings account. If you are not spending money on gifts this year, you can use this rule for other additional expenses, such as restaurants.
The goal of this challenge is to encourage you to be more careful about your spending and save a little more to end the year on a high financial note. This way, you can start 2018 in the right direction. Perhaps you will spend your savings paying off a debt, making a year-end retirement contribution, or simply spending it for a fun purpose.
Are you in business? Tell us below. Depending on your holiday budget, how much are you planning to spend this year and what percentage will you save?