Christmas Savings Accounts
One way to have money to spend on Christmas gifts without going into debt is for you to open a
Christmas savings account in January. Some banks offer the option of letting you open these short term bank accounts with as little as a $25.00 deposit. The idea is for you to make a deposit into the account every time you get paid. If you simply placed twenty five dollars in the account every week, you would be saving one hundred dollars a month, and that totals over one thousand dollars saved before Christmas. You are more than likely starting to think that you cannot afford twenty five dollars every week, but realistically you are probably wrong. If you can get yourself in the habit of skipping one large soda per day, then you would have roughly seven dollars a week in extra money. Then you could cut down on a few other non essential items to create the money to put away for Christmas.
Once you begin to do this and you quit letting those credit cards get maxed out every year you will see that you can put more money into your Christmas fund the next year. Think about how much you are paying on those credit card bills you created last year. Now figure up how much money that will add up to in one year’s time. You could have plenty of money to spend on Christmas, if you had all you are spending on interest.
If your bank or credit union does not offer a Christmas account, go to your local branch and open a traditional passbook bank account. You will have to make a slightly higher first deposit, and will need to maintain a minimum when you withdraw your Christmas funds, but you can do this, and have the same savings results.
Actually you will not have the same results, because passbook accounts pay higher rates of interest than Christmas accounts do. Think about starting your Christmas shopping cash fund with your next paycheck, and in November, or December when you draw out the funds to go shop, you will be able to purchase your gifts totally guilt free.
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