Thursday, July 25, 2013

Christmas Savings Club | July Meeting

Happy 5 months til Christmas!

On the 25th of every month from January to November in 2013, I'm holding a virtual meeting for the Christmas Savings Club. The goal for this monthly accountability meeting is to give updates on our progress, motivate one another, and help all of us save for a cash Christmas. Today is the seventh meeting, but you can join us at any time.

If you are new, please read more about the Christmas Savings Club in the first post and join us. My offer for a FREE Christmas Gift & Spending Budget excel spreadsheet is still available.

On with the July meeting...

How did I do in July?
Our monthly goal for Christmas savings is $100. That number includes gifts for our kids, extended family members, teachers, friends, neighbors, bus drivers, service people, our Christmas cards, stamps, and our donations towards the Salvation Army's Adopt-a-Family program.

I was able to transfer the $100 to our savings account in July, but I'm still short from June when I needed to use some of the savings for other gifts that we needed to buy last month.

To make up for the shortfall, I've decided to do a pantry challenge in August.

What's a pantry challenge? Plan your menu around what is in your pantry or freezer and limit your spending at the grocery store to just the necessities. Any grocery money that is left over at the end of August will go towards my Christmas Savings Account to make up for my shortfall from June.

Not sure about a pantry challenge? Here are some other ways to make up a shortfall:

August Assignments:
1. If you have not done so, complete the Christmas Gift & Spending Budget worksheet.

2. If you have not done so, open up a separate checking account specifically for your Christmas Spending Savings.

3. Set aside your monthly savings goal for August.

4. Consider a pantry challenge for August. With all of the vegetables coming out of the garden, August should be the easiest month of the year to have one.

Will you do a pantry challenge in August to help make up any shortfall or maybe to get ahead?  Let us know how you're doing with your Christmas Savings Account in the comments. You don't need to leave specific numbers if you don't feel comfortable, but let us know if you did anything specific to save your goal.

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  1. I'm still on track. I also found money online through my states' treasury site:

    I will have to look to you for pantry challenge tips as I have never been able to do it for a month. I would really like to pay off more debt while I have zero interest.

    1. That's awesome that you found money like that. I've checked my name and no luck for me.

      I'll let you know next month how we did with our pantry challenge.

      Thanks for commenting.


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