Not really, but this is one of the ways that my extended family saves money during the holiday season. Ever since my sister and I came to the age where we could understand and accept not getting a present from every relative we could think of my family has met on Christmas Day and done a white elephant gift exchange. If you are have never participated in this type of gift exchange it works by everyone putting the gifts they brought in the center of the room. Then everyone takes turns getting a gift and as the exchange progresses they have the option to steal gifts, but only twice. A spending limit is placed on the gift, somewhere between $30-50 and each person tries to come up with something that will be fought over by the rest of the family.

Nothing brings a family together like trying to steal gifts from each other. This usually allows for better gifts to be given because instead of shopping for 20 people on a budget, you are able to focus on one really cool thing. While gifts are nice, and thoughtful gifts are even better this provides an opportunity to interact with your relatives and spend some time avoiding a bit of the commercialism that can take away from the Christmas spirit.

Another way to save would be to assign everyone a Secret Santa. Then on Christmas day there could be the fun of trying to figure out who gave everyone what. The advantage here is that you can focus on a personalized and hopefully meaningful gift for one person instead of a vague desirable gift for the whole family. I enjoy our family tradition, it helps us focus on each other when we are together, and helps to relieve some of the stress of the holidays.

I have been looking forward to our exchange all year, and more importantly the pies that come with any family gathering. I hope this helps with your holiday planning, and let us know anything else that your family might do to try and hold down the cost of Christmas.

I've always had a hard time saving, and always told myself that I would start when I got my next paycheck. The plan that i had was to put away a certain percentage before I even touched the money, but I always found myself unwilling to see such a large sum of money go away.

Yesterday, I was reading some of what Ramit Sethi has to say over at IWillTeachYouToBeRich.com. While I was there I stumbled upon this article. The premise of the article is to start saving you should begin by taxing yourself on all the purchases you make. For instance if I spent $100 on groceries and and I was taxing myself %10 then I should put $10 into my savings account. This way I am saving as I spend, and it will effect my spending habits because everything will cost more than the sticker price. This should lead to lower overall spending, and increased savings.

I am actually excited about saving this way, and have already made a deposit into my savings account. The real trick will be the follow through.  Hopefully, I will be able to!

 What are some of the ways that you all save?

Today's passage of the Emergency Economic Stabilization Act of 2008 will require the National Credit Union Administration (NCUA) to immediately increase share insurance protection to $250,000 on all types of accounts until Dec. 31, 2009. President George W. Bush this afternoon signed the economic rescue package passed by the House today.

Today’s passage of the Emergency Economic Stabilization Act is the culmination of a month-long series of significant and beneficial legislative changes for credit unions. This bill, combined with the enactment of the law that removes the CLF borrowing cap, will assist NCUA in mitigating some of the current and potential difficulties facing the credit union industry. In addition to the highly-publicized increase in share insurance coverage, I am particularly pleased that Congress included important last-minute changes recommended by NCUA.The final version of the Act incorporates language that allows NCUSIF insurance level to be increased while recognizing the unique elements of the fund that make it different from FDIC, and it also provides for NCUA to act in a consultative role with other regulators in determining how the Troubled Asset Repurchasing Program (TARP) will work. This last aspect is crucial, as it will enable NCUA to have input on the rules under which assets are accepted by the federal government. Earlier drafts of the legislation did not include NCUA, and I was adamant that NCUA be able to consult so that credit unions, if they choose, can fully and fairly participate in the program. Viewed in their totality, I firmly believe that these actions will add important dimensions of financial and regulatory assistance to NCUA, credit unions and the entire financial services industry. I will move forward expeditiously and with a sense of purpose as we employ the new tools at our disposal.” The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 89 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.

Last week I spoke to a group of high school students about the importance of saving.As I stood in front of them (it was weird being "old"), I thought, "I wish I would've started saving ten years earlier." That said, it's never too late to start.

In fact, today marks the start of National Savings Week. I found the announcement in a CUNA News Now story this morning. But before I noticed that piece, the first thing visible on my screen today was the last thing I read before I logged off last Friday evening: a Yahoo! Finance article called More People Tap 401(k) Accounts for Cash.  Yikes!

When it comes to building an emergency fund and hopefully avoiding a scramble for cash when I need it, I've found the most luck with automation and budgeting. Look for more on both topics down the line.