All year long, we’ve challenged you to save more, cut impulsive spending, and even earn some extra cash by cleaning out your closets. For this year’s final Ultimate Money Challenge, we want you to gift yourself – with savings. In other words, save a portion of your holiday spending.
It’s so easy to overspend on the holidays, and many people go into debt over holiday spending. With this challenge, we want to help you avoid all of that.
Here’s how the challenge works: For every gift you buy for someone else this year, save a little bit for yourself. This can either be a flat amount per gift or, better yet, a percentage of the cost. For example, if you spend $100 on a new espresso machine for your partner, save 10 per cent in a savings account. If you aren’t spending money on gifts this year, you can use this rule for other discretionary expenses, such as restaurants.
The goal of this challenge is to encourage you to be more mindful of your spending and save a little extra so you end the year on a financial high note. This way, you can start 2017 in the right direction, too. Maybe you’ll use your savings to pay off debt, make an end-of-year retirement contribution, or just use it on a fun goal.
Are you in? Tell us below. Depending on your holiday budget, how much do you plan to spend this year and what percentage will you save?