As many people do, I have savings accounts for various different things. I currently have my main savings account which I save money in for all different things – whatever I need to save for at that exact moment – and then I also have the savings account connected to my current account where I place 25% of my income for tax. Until this past year, I had never made enough to pay tax but I know that I definitely will be in a position to pay tax when it comes to my next tax return so am saving up to have the funds ready.
But do I save for special occasions? Do you? I do, depending on the actual situation. When you have one child born exactly three weeks before Christmas, then Christmas, then your daughter’s birthday exactly two weeks after (and then my birthday exactly three weeks after that!!), sometimes you do have to save a little to make that money stretch a little further. We have other birthdays in and around December and January also but our main focus is making sure we have money for presents for the children and then focusing on others afterwards – however, when it is your siblings and parents birthdays so soon after, you do have to spend a little and get them a nice present.
https://swiftmoney.com/ are currently in the process of creating an infographic talking about how we spend money on these occasions. Women are more likely to save money for gifts and men rarely do save. This is definitely true in my case – I am always the one saving up for gifts whereas Steve just tends to buy based on what is in his paycheck that month that doesn’t need to be spent on bills. With 68% of people saying there are societal pressure, I would have to agree. However we only buy for a select few people and a select few occasions and try to ignore any societal pressure that comes out way.
They have even found out about people’s thoughts on Christmas gift giving. 38% of people give food and drink as gifts – making these the most popular type of gift given, Whilst we don’t always give food, I can honestly say that drinks form a large part of our gift giving at Christmas, whether it be whisky, vodka or coffee! Gadgets are at 28% and I do buy those occasionally – but only for Jack and Steve – we don’t fork out for anyone not in this household unless we are splitting the cost with someone else.
I now save money and vouchers throughout the year for the kid’s birthdays and Christmas – if I didn’t, I’d never get them anything once the time rolls around. I also enter competitions for things I know people like and would want and give them as extra gifts. When it comes to Mother’s Day, Father’s Day and Easter, we just see what is in our budget and what gifts we can afford – we have never had any complaint yet.
Do you save for special occasions?