Are you always pulling from your December paycheck to try and make Christmas happen for your kids? Do you stress just thinking about the holidays? With the economy in its current state, it's more important than ever to think ahead and plan for the future. Planning for Christmas is as easy as a Christmas Club or Holiday account at your bank or credit union.
I've participated in a Christmas Club since my daughter was a toddler. It's one of the easiest ways to save for Christmas. Check with your bank or credit union to see if they offer this type of account. Major banks may not, but most credit unions do. Even if they don't, you can open a separate savings account for the purpose of saving for Christmas. Designate a dollar amount to be automatically transferred from your checking account to your Christmas Club account monthly. You'll be surprised at how fast things add up.
For example: If you transfer $50 per month for 12 months, you'll have $600 for Christmas.
Decide on your goal for Christmas, divide that amount by 12, and start your Christmas Club with a monthly deposit of that amount. Keep in mind that most financial institutions do not allow withdrawals from these types of accounts so be sure you can go without the monthly amount. Credit Unions normally offer a minimal interest rate, so don't count on earning a lot in addition to what you've deposited. Your money will be deposited into the account (savings or checking) that you designate between October and November so your funds will be available when the Christmas sales begin.
I challenge you to try it for a year and see how you like having a lump sum available in time for Christmas.
Merry Christmas!
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