It’s January and Christmas may be the furthest thing from your mind. However, now is the perfect time to set up your Christmas Club for 2020. If you’re not sure what Christmas Club is or how it can help you manage Christmas expenses, keep reading.
What Is Christmas Club?
Christmas Club is a program offered by Federated Bank which allows you to contribute money into a special account every month specifically for Christmas. You can predict how much money you will want to or need to spend during the holiday season. Then you can set up automatic payments from your checking or savings account each month or you can just come in and deposit money as frequently as you would like. Your Christmas Club account will grow throughout the year until the Christmas season nears.
What Happens at Christmas?
At Christmas, your saving efforts will be rewarded with a check that arrives just as you are beginning your holiday shopping (usually the first week in December). And that money is all yours, set aside over the year, and ready for you to spend.
Why Should I Set Up a Christmas Club?
Getting the check is a wonderful part of the Christmas Club. But the best part is what happens after Christmas. Instead of racking up a pile of credit card debt that you will come to regret when January arrives, the Christmas Club allows you to plan ahead about how much you want to spend for Christmas and to save up beforehand to make those purchases. Without the uncertainty about how much you will spend, you will be able to enjoy the holiday season and finding gifts that fit within your budget. Also, without the burden of debt following into the new year, you will be able to feel free to make and achieve new financial goals. It’s a win-win!
If you are interested in setting up a Christmas Club account, it’s not hard. Come in and we will get it going for you. It’s a gift you can give yourself now to open next Christmas!
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