This year, we challenged you to save more, get impulsive spending under control and even earn some extra cash. For the final instalment of this year’s Ultimate Money Challenge, we want you to gift yourself — by saving a portion of your holiday spending.
For every gift you buy this year, we challenge you to save a percentage of the cost. Spent $100 on a pair of headphones for your significant other? Put 10 per cent of that in a savings account. (If you’re not spending on gifts, use this rule on another discretionary expense, like restaurants or gadgets.)
It’s easy to overspend on the holidays. Many people give up on their financial goals, destroy their budgets, or worse, go into debt over holiday spending. This challenge is meant to help you avoid all that. It encourages you to be more mindful with your spending and ensures you save a little extra so you end the year on a high note. Even better, you start 2017 in the right direction. Maybe you’ll use your savings to pay off debt or put it toward your superannuation or just use it on a fun goal.
If you’re in, let us know. Based on your holiday budget, how much do you plan to spend this year and what percentage are you willing to save?