Most holiday overspending is not about gifts. It is about waiting until December and then trying to pay for everything at once. The fix is simple: divide your holiday budget by the number of paydays you have left, and move that amount to savings every payday.
This free calculator does the dividing for you. Pick your budget, how often you are paid and the date you want the money saved, and it gives you a payday-by-payday checklist. It also shows what happens if you wait one more paycheck. Your numbers save on your device and never leave your browser.
Want your whole budget planned around your paychecks?
BudgetGem is the iPhone app I am building to plan every bill, savings goal and holiday expense around the day you actually get paid. It shows what is left until payday and works with weekly, biweekly, twice-monthly or monthly pay. It is coming soon to the App Store. Get one email the day it launches.
How to use the Christmas Savings Plan Calculator
- Enter your total holiday budget and anything you have already saved.
- Choose how often you are paid and enter your next payday.
- Set the date you want the money saved by, such as the middle of December.
- Tap each payday on the checklist after you move the money into savings.
The starting split is a guide only: about 45 percent for gifts, 20 percent for food and hosting, and the rest for travel, decor, giving and a cushion. Change it to fit your family.
Next step
Your next step: Once your savings plan is set, track what you spend with the Christmas Spending Tracker, and read Your November Financial Curriculum for a day-by-day plan. Want to cover other big expenses too? Try the Sinking Funds Planner, or browse the free printables page.