Dont you want to scream when you see Christmas displays in the stores before Halloween?

Given the current trajectory for holiday spending, youre going to need that secret savings stash.

Instead, establish a Christmas savings plan now to avoid debt and overspending.

Santa Claus moves with a cart full of gifts in them.

Here are six easy steps to get you started.

That will tell you how much money you gotta save per week to build up your Christmas fund.

In the personal finance sphere, we call this setting up asinking fund.

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Our team has compiled alist of creative waysyou can fatten your bank account this week.

This is a long list, so dont get overwhelmed.

Go ahead and start now, but be sure to bookmark this post so you might easily return later.

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Well keep it updated as offers changes or expire.

It may be helpful to refer to what you spent last year.

Or you could research the prices of items you plan to purchase for each person and total them up.

So add estimated costs for decorations, food and holiday events to your shopping list.

How much should you budget for seasonal extras?

The average cost of wine varies state to state but ranges from$10-$15 a bottle.

Unless youre a fan of last-minute shopping, this means giving yourself some wiggle room before December 25.

Statista indicates the average U.S. consumer spent about$870 on Christmas giftsduring the 2022 holiday season.

If your Christmas budget is $450, youll need to save $38 per week for 12 weeks.

That would be your limit for all your holiday spending.

In fact, you could implement your Christmas saving plan anytime during the year.

Set weekly calendar reminders to nudge you to put the money aside.

Take out your budget and highlight all the nonessential recurring expenses.

If you want to increase your savings fast, try ano-spend challenge.

Or cut your grocery budget by doing thepantry challengeand do meal planning with whats already at home.

Strategy 2: Generate Extra Income

Saving money for the holiday season isnt all about making cuts.

Or put your hobbies to work making and selling something cute and crafty onEtsy.

Here are seven ways to spend less this holiday season:

1.

Make Your Own Gifts.

Get crafty and DIY some Christmas gifts for your friends and family.

Worried your homemade gift will seem kitschy?

Try our100 Holiday Gift Ideas That Wont Cost You a Pennyfor affordable gifts your friends and family will cherish.

Shop Early and Take Advantage of Sales.

Bonus if youve saved any coupons.

Shopping early may be especially important this year assupply chain concerns continue.

The adage time is money holds true during the holiday season when finding popular Christmas toys can be challenging.

Use Old Gift Cards.

Its easy to forget about gift cards youve gotten long ago that still have a balance.

Dig out your cards and check the balance.

Buying presents with your gift cards will free up cash to use for something else.

Not finding the right gift to use your gift card balance?

See our tips on thebest sites to sell gift cardsand turn that plastic into cash.

Cash in Your Credit Card Rewards.

Implement the Four-Gift Rule.

Save money by restricting the amount of presents you give your kids.

Plus a little bonus from Santa, especially for the little ones.

Do your holiday shopping online and compare prices to get the best deal.

Somebrowser extensionswill even do the work of saving for you.

Be aware of shipping costs when shopping online.

These stores offerfree shipping with no minimum order.

Set Your Calendar for Sales.

Its easy to browse and then forget to circle back for the sale.

Not all holiday sales are created equal.

Use our guide to thebest time to buy everythingto snag the best deals beforeCyber Monday or Black Friday.

Kaz Weida is a senior writer at The Penny Hoarder.

Nicole Dow is a former senior writer.

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