Do you ever get blindsided by your wallet when the holidays come around? We know the feeling. That’s why we prepared some tips you can use now to help ensure that you’re fully prepared for the upcoming holiday season.
Establish how much money is needed.
Make a plan. Write it out. Figure out who you’d like to get gifts for and how much you can afford to spend. Make a budget and stick to it. If you already know what to get for specific people, write that down, too. Are you planning on having a holiday feast at your home? Make sure you have money for decorations, food and desserts! The more detailed your plan, the easier it will be to create and follow your budget.
Set up a Christmas Club account at the credit union!
Did you know we have a Christmas Club account? The Christmas Club is a separate savings account that has dividends paid monthly, based on a daily balance. It only takes $5 to get started and all of your Christmas Club savings will automatically be deposited into your prime share account in mid-November. This means you don’t even have to think about transferring the money yourself. It's like a Christmas gift to you, from you.
Decide how much you want to save and how often.
Once you’ve opened a Christmas Club account, it’s time to start saving money. Use that plan you created to figure out how much money you’d like to put into your account and figure out how often you’d like to make deposits. Once you're ready, set up recurring transfers so you don't have to remember to make transfers. The good news is, with the Christmas Club, there is no minimum deposit, so if you’d like to put $5 in every week, you can do just that! If you want to put in $20 a month, you can do that as well. The options are endless and you can choose what works best for you. To learn more about the Christmas Club account, be sure to give us a call at (713)-864-0959 or stop by one of our branches!
Stick to your plan.
When the holidays finally roll around, make sure you stick to the plan you made. Don’t spend more than you planned, and don’t spend money on things you don’t need to spend it on.