It is never too early to start stashing away some extra cash for this Christmas holiday season. Given that the economy is horrible, at best, and many have loss their jobs, the thought of Christmas might not be as cheerful as compared to many years ago when everything was doing fine. But there is still a very good chance to enjoy a wonderful Christmas this year if you start early. Much like saving for retirement, consider this Christmas as your mini-retirement.

What I’ll propose might be strange, but I’m going to definitely test it out myself This applies to anyone from full time jobs and working part-time to laid off but claiming unemployment checks. The idea is challenging, but not impossible. I’m sure if you’re reading this and contemplating the idea, you’ve been in worse financial situations and still did ok.

How Much Money You Need

I estimate the average family with 2-3 kids will need about $2,000 for a reasonable Christmas shopping spree. A few hundred each would probably get some clothes, toys, gadgets and a gift card or two. I’ve gone through a few Christmas holidays with spending less than $2,000 and I have 2 boys (granted 1 and 2 year olds). So, it was in 2006 when I actually spent less than $2,000 on my family.

I know $2,000 is not much. And definitely nothing extravagant, but tough times calls for a change in lifestyle. So be prepared to adapt to your own financial situation and need.

What You Can Do to Save $2,000 This Year

As I mention earlier, saving $2,000 for Christmas this year will be tough. But here’s what you can do with the money you have coming in.

Let’s say you start saving for the holidays in August. That gives you 5 months before the shopping craze hits. Seems impossible, but let us break it down to monthly savings. That will only require you to save $400 every month for the next 5 months. Yes, I can hear people yelling “WTF – I just got laid off!” already – but before you think I’ve lost my mind – let us continue break it down to a weekly reserve. That’s $100/week that you can save up. If one spouse was laid off and the other still working – it’s a lot easier. And if both have their jobs still, $100/week is peanuts. The final breakdown comes to about $14/day! That’s nothing right? Eating out costs more than $14 sometimes.

So there you have it – all you need to do is put $14 aside each day and you’ll have plenty to celebrate come time for Christmas shopping.

$14.00 per day!

Making The Most of Your Money

Once you have met your target, don’t go running into departmental stores like Macy’s or Neiman Marcus looking for deals. You’ll be setting yourself up for disappointment. If you haven’t yet, try going on the Internet for some bargains and deals this year. You’ll be surprised how many coupon sites, comparison shopping sites and deal finders are available to help you stretch your shopping funds.

I cannot stop stressing the importance of shopping websites like fatwallet.com, pricegrabber.com and couponmom.com that are designed to help consumers find the best deals and save money. I’m sure they will start their Christmas deals over the next few months and I will be sure to share it with everyone once I start noticing them.

It’s only mid-July. You have 2 more weeks to figure our a strategy to save your shopping money for this year! Try it and come back to share your accomplishments.

As they say, good things come to those who wait.