My Plan to Save Every American at least $1,000 before Christmas

With so much uncertainty in the world and the financial industry in tatters, I thought I would offer advice on how to save (or not spend) at least $1,000 between now and Christmas. To some $1,000 might not seem like much, but it would be $4,000 over a 12 month period and amounts to 3-4 months of food for a family of four. Regardless of how you rank on the scale of wealth, it’s always nice to save money for a rainy day and since it is already raining on Wall Street; let’s save for when the hail falls.

Some of these are obvious and most are absolutely doable for everyone in America. In chronological order the best ways to save this year are:

Pass on Halloween: Costumes, pumpkins, candy and decorations can run the average family about the cost of this month’s light bill. This should be easy to do because Halloween is not exactly the safest time to be out in the streets.
(savings = $100-$200)

Stay at home for Thanksgiving: Call the folks instead. Many people have web cams so you can make a closer connection that way. Although the price of gas has come down since July ($4.00/gallon), it is still not a good time to hit the road. For those that travel by plane, you can save even more.
(saving = $100-$200 for car or $400-$700 for plane travel)

Don’t buy on Black Friday: Ignore the logic that says, “Buy now on the biggest sale day of the year.” You can save even more if you don’t buy anything.
(savings = $100-$300)

Spend half on kid’s Christmas gifts than you spent in 2007 and buy no gifts for adults: Yes you should still get gifts for your kids if you can afford it. Just don’t go overboard. Adults should be able to grasp the “economy is in a recession” logic so they will perfectly understand why there is nothing in their stocking from you. (and you should expect the same)
(savings = $200-$600)

Stay at home for Christmas: Again travel around the holidays is not fun and highly stressful. If you can avoid it then you should.

(saving = $100-$200 for car or $400-$700 for plane travel)

Average savings = $1,050.00

There are many more items that you can cut from your spending this quarter to stay afloat and get a jump on 2009 savings. If your 2008 has been better financially than most, then you should consider giving of your cash (limited) and time to a needy family during these trying times. Spend some time at the Salvation Army or give to a local food bank. By doing this, you will have planted a seed in Heaven and you will eventually reap the harvest that follows.


1 Response to “My Plan to Save Every American at least $1,000 before Christmas”

  1. 1 Save another $1,000 in the First Quarter of 2009 « econ365 Trackback on October 27, 2008 at 7:02 am

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