Figuring out how to save money for Christmas can be a challenge as a foster parent. Here are some tips to help you get an early start.
How to Save Money for Christmas by Expecting the Unexpected
Here’s a very real scenario you could find yourself facing as a foster parent:
It’s bound to happen. You get a phone call just a few days before Christmas from Child Protective Services looking to place a child into your care. You have the option to say no, but that’s SO DIFFICULT!…. You say yes.
Quickly, you realize you now have another child that needs Christmas gifts and you’re behind the eight ball, because you’re running a little short on money due to all the shopping and preparation you’ve already done.
As foster parents, we all want to serve the kids well that come into our home. We want to show them what a loving family really can be. You can avoid the scenario noted above by planning ahead and expecting the unexpected.
Open a Christmas Savings Account
To avoid the problem of not having money to purchase gifts for those last minute family members you need to put money back ahead of time. You need to expect that you’ll have an extra child or two.
A long time ago my wife and I started putting money back for Christmas in the January preceding the next Christmas. Doing this makes it so much easier to manage.
You just need to put back a little money each week, or month, depending on your pay cycle. The earlier you start, the smaller the amount needed.
It’s pretty easy today to open multiple savings accounts. There used to be an account called a Christmas Club Account. Now you can just open a special Christmas savings account. Or what we do is still just have one savings account, but all the money in the account is ear marked for specific spending. We just keep track of it a budget app or software.
We Paid Off $34,000 in 21 MONTHS!
Learn the same tools and processes we used to get out of debt and stay out.
The Key to Success and Less Stress at Christmas Time
- Set a Christmas savings goal
- Start saving early
- Put a little back each time you get paid
- Plan on at least having one or two extra kids
This can also be applied to saving for birthdays and family vacations. The key is to plan ahead!