The $3.80 trick that solves one of the biggest problems at Christmas
With the cost of living at an all-time high, there have been plenty of recommended saving strategies for this year's festive season. But one in particular has more than a million people thinking.
Centred on the idea that saving a small daily amount can accumulate the budget necessary for Christmas time, the TikToker, MoneyMumOfficial, shows her savings plan breakdown.
Watch the video above.
MoneyMumOfficial shares lots of tips and tricks on her TikTok page TikTok
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She explains that she is often asked how to save for the holidays and showed this piece of peper.
Though her plan is written for the British pound, the figures – and its overarching principle – are easily translatable for the Australian Dollar.
"I get asked all the time, how am I going to afford Christmas," she explains while she points to her figures.
"Okay, let's break it down, just after Christmas Day this year, put away £2 [approx. $3.84] per day, that's £14 [approx. $26.85] per week," the creator shared.
Completing her analysis, she adds: "That's Christmas sorted for the next year, you just made £728 [approx. $1395.48] if you start the day after Christmas Day this year. This should cover a lot of the Christmas presents and the food, I hope this helps."
Many viewers were quick to comment their own thoughts on the video, some skeptical and others encouraging.
"I've been doing this for years, put away £60 [approx. $115] per month this year and already almost finished my 4 kids Xmas shopping with money left over," one viewer commented.
Another viewer, however, said: "£700 to cover Christmas seems quite low. Not that easy to save £60 a month either."
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Other fans had suggestions: "I save up year around for Christmas & Birthdays. Work out a budget that suits you for each person, then work out a weekly/monthly amount."
Though everyone has different Christmas budgets, which can vary simply on the size of your family, this strategy can be altered to suit anyone.
For example, if you don't think that £728 [approx. $1395.48] would cover your Christmas, you could change your daily savings to $8, doubling your savings to $2920.
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