Whether we like it or not one has to spend a lot of money at the end of the year. Starting from thanksgiving right through the New year, a lot of money will have to be spent and if you don't have it borrow some money you have to. That's why some financial "experts" advice people to open Christmas accounts at the beginning of the year. At the end of the month a specific amount of money is transferred to this account. At the end of the year when the time comes for you to do your Holiday shopping, you'll have all the money [you need] saved up. Have you ever tried something like this? Would you recommend it? It IMHO reinforces the belief that one has to buy gifts at the end of the year. You don't have to if you don't want or can't afford it.
I think having a Christmas spending account that you have been putting money into all year is a good idea. You may not have saved all that you meant to save but you did have something to go towards the spending amount that will help you to not have a large credit card bill or take from other bills that need to be paid just to purchase gifts for your family.
I agree with OP that if you just can't afford to go Christmas shopping, you shouldn't feel duty bound to buy presents. Paying your bills and keeping a roof over your head is more important than commercialism. If you can afford to put aside a few dollars a month towards next Christmas, a large change jar that you fill for a year or a cookie tin that you put a few dollars into every month works as well as a Christmas bank account, unless the bank is paying you a lot of interest.
Yes, I put money aside for Christmas, but I also try to buy little bits and pieces during the course of the year so that I don't have as much to buy when the time comes. This means that I can spread the cost more, and also the shopping won't take as much time out of the month of December - which is important when you're self employed as you don't want to have to take time out when you could have been working.
That is a good idea because you won't be able to suddenly tap into your "Christmas Savings" account anytime you want to spend your supposed savings on other things. As for my case, I just simply put my "Christmas Savings" in an envelope and contribute to it about twice a month. Since I don't have any problems on impulse buying, I'm fine with not opening an account and just have my money in my safe.
