January’s Monthly Money Tip - Lynzy & Co.

January’s Monthly Money Tip

This monthly money tip is brought to you by one of my new blog contributors, Lindsay! I am so excited to be able to bring you some money saving tips especially to kick off the New Year! My goal is to bring you fresh, new content through my contributors. Content that I have always hoped to add to my blog but because of time restrictions with three kids, another job and maintaining the style & motherhood aspect of this blog – I haven’t been able to add these sections to my blog. I am beyond thrilled to have her on board with us and I hope you are too!  

January’s Monthly Money Tip

The holiday season is almost over!  My guess is that you spent so much on gifts over the last couple months… and SURPRISE… it happens every year!!!  In just 10 short months, we will be back at it again. Find, buy, rinse, repeat.

The day before Christmas, you’re out running around (like a chicken with your head cut off) to ALL THE PLACES to find those last-minute gifts.  Do yourself a couple favors this year: PLAN. PLAN. PLAN.  

TIP #1:  Purchase throughout the year!

Don’t wait until Christmas Eve to decide what you want to purchase for your friends and family!  On your phone, create a running list of each of the people you want to purchase a gift for as well as what you think they may want!  If you see something in March that you think your brother or sister would LOVE for the right price, make the purchase! You can easily use this for the next birthday OR Christmas.  Purchasing these as you go allows you more time around the holidays to decorate, bake holiday cookies, and host friends and family.

TIP #2:  Save in advance!

If you like to get out of the house, grab a coffee, and enjoy the atmosphere of shopping around the holiday season, this tip is for you!  Instead of purchasing throughout the year, put cash away each month to use during the holiday season.

First, decide how much money you’d like to save for gifts next year!  Divide that number by the number of times you will contribute to savings!  For example, if you usually spend $600 on your family holiday celebration and you plan to save monthly throughout 2019, you will want to take the $600 and divide it by 12.  This means you will want to save approximately $50 per month to have $600 next December to spend during those shopping sprees to Target for your kiddos and partner!

Secondly, shop around for an online bank that you like (like Capital One 360 or Ally).  It’s helpful to use a separate account rather than your everyday bank so you won’t be tempted to use the money for something else throughout the year.  Open a savings account at this bank and name the account “Gift Fund” or something that works for you!

Lastly, add a recurring automatic transfer from your primary everyday bank account (wherever your paychecks go) into this new online account.  Act like this account doesn’t exist until you have to buy a gift for someone. When you do need to go on your shopping trips to buy gifts, do a one-time transfer back to your primary account and VOILA… there is your money for gifts.  Saving this way helps reduce stress and prevents any unnecessary money arguments around the holidays!


Another hint: You can also put aside the money you need for your Christmas or Holiday cards this way!


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