I bought my first Christmas gift this week! I know—the back-to-school supplies are still on the shelves, but this is actually late for me. Sometimes I start my shopping in January!
I find that saving money all year long, and buying gifts throughout the year helps me to avoid the credit card blues each January.
Do you have a holiday account? Holiday accounts are offered by most financial institutions as a way to help you save for holiday expenses. In most cases, you make weekly or monthly deposits into this account starting early in the year, but you can’t make any withdrawals. Depending on how the account is set up, your bank will give you a check for the amount you have deposited throughout the year plus interest in October or November. You can either make the deposits yourself or arrange to have them automatically deducted from a bank account.
The holiday savings account is a good option for those who are not disciplined enough to set aside money each month for Christmas. This can help you develop the discipline if you need it. One of the best ways to begin saving money is to do it automatically. If you are interested in opening a holiday savings account, talk to an account representative at your local bank or credit union.
Happy shopping!
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