Today’s tip for financial independence is: Save money and set a budget for the holidays.

Millions of households get caught in the same cycle every year. They buy holiday gifts for friends and family, get their credit card bills a few weeks later, and spend the whole next year paying off every dime they spent plus credit card interest. And when the next year’s holiday season rolls around, the cycle starts all over again.

Don’t let this happen to you! Do your best to save a small amount of money each week and set a budget for holiday spending.

My wife got me into this habit about six years ago, and it is a great habit to get into. Every week, we both transfer money into a separate savings account - say $25 per week, for example - and we let it compound, collect interest, and grow all year.

By the holiday season, you can have plenty of money for your gift giving needs and not get into debt. Just be disciplined about your gift purchases and plan ahead so you can stick to your budget.