Middle of January, been back at work a couple of weeks, Christmas tree and cards are gone, it seems like a distant memory...now's a great time to start saving for Christmas 2011 - set up a Christmas Club savings account.
The Christmas Club savings account can take many forms but the most common are the one offered by credit unions or banks. Whilst the bank or credit union accounts may not offer a high interest rate (around 2%), they are usually pretty good on the fees.
Set yourself a target amount that you want by Christmas or a month before Christmas to allow you time to by some presents, and then break the amount down to weekly or monthly balances and then deposit this amount into your Christmas bank account.
Having a set amount at the end of the saving period may also help you avoid overspending during the festive season. You've saved a certain amount and then that's your budget.
When reserching Christmas Club accounts be careful to read the fine print, some of these accounts have a lock out period. For instance, you may be able to only access the funds between 1 November until 31 January and if you don't use the funds by 31 January, the funds go back into the account and are locked away until next November.
If you don't want to open a separate bank account and regularly deposit funds, what about the old fashion piggy bank option. Put your spare change in every day and what the money grow. If you start now, you've got pretty much a whole year to save quite a lot for next Christmas. Think about, let's start today and add $2 per day....that could be close to a $700 fund by the time Christmas rolls around again.
When you have loose change, put in your drawer at work or a piggy bank at home. You'll be surprised how much you have by the time Christmas rolls around again.
EasyBudgeting
7 comments:
Thank you for sharing your ideas and tips. Great blog here. Cheers!
I tried a lot to save money on Christmas but I couldn't, my kids always need some extra ordinary surprises.. Let's see if I can save some penny this year.
I find having a Christmas fund set up at the beginning of the year keeps our Christmas spending in line. It is so easy to overspend on the kids during the holidays. This fund helps keep us in line.
Cool idea! We have reduced our spending by 3/4 by letting people know about other ways to celebrate. It has decreased our stress levels and added greatly to our holidays.
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Better putting it in your offset account or on your credit card. You'll get a better rate.
I'm always trying to get the cheapest airline tickets, so I usually book connecting flights, but I wonder if this really saves me money overall?
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