The best way to avoid going into debt is to have a spending plan. This is true for many things, such as buying a house, buying a car, or even going on vacation. One of the biggest spending situations of the year for most families in America is the holiday season. It is easy to go overboard and spend more than you intended, especially when getting gifts for loved ones is on the to-do list. When you have a credit union savings account at St Anne Credit Union in New Bedford, there are tools that you can use to reduce over-spending and help keep you on budget. One of those tools is something that people have used for generations to make holiday shopping a little less taxing: a Christmas Club Savings Account. If you have not heard of this type of savings before, the chances are good that either your mother, grandmother or great-grandmother used one to sock away some savings for the holidays.
What is a Christmas Club Savings Account?
The best way to describe this type of account is to compare it to a regular credit union savings account. It is very similar, earning about the same interest rates in New Bedford as other types of savings, but it is a great way to separate regular savings from holiday shopping funds. At St Anne Credit Union, you can keep your Christmas Club Saving Account open year-round. Add money to it whenever you want, using our online banking options, at the local branch, or through SUM ATMs, which are located all throughout the local area. However, the money that you save in this account will be automatically transferred to your Main Share account during the first week of October, so the money will be ready for you to take advantage of all the seasonal holiday sales.
It just takes $1 to open up a Christmas Club Savings Account at St Anne Credit Union, which makes it easier to start than a New Bedford money market account or another type of dedicated savings program. The accounts are continuous, which means that you continue using the same savings passbook each year. This makes saving for holiday shopping easy, preventing members from having to come in and open up a brand new account each year. Save a little each week or put away a lot each month, it all depends on your goals and what you want to do with that money. Just because it says “Christmas” in the title, doesn’t mean you can only use that money for Christmas shopping. Lots of holidays come up toward the end of the year, and some of our members use these funds in many different ways.
Other Ways to Save
In addition to taking advantage of the Christmas Club Savings Account, there are other ways to save during the holidays if you know how to budget and create a solid plan. Don’t get caught up in high-interest rates in New Bedford through credit cards or paycheck loans. If you are using your other credit union savings accounts, such as a New Bedford money market account or regular Share Savings account, to save for special purchases, you don’t want to tap into those funds either. Stay focused on setting a budget, creating a list of all the gifts and things that you need to buy during the holiday season, and stick to it. Creating a list can help you avoid last-minute “extra” purchases or over-spending on holiday gifts for the kids.
Take advantage of sales, but don’t get swept up by them. Those Black Friday and Cyber Monday sales can seem like great ways to save, but make sure you do your research. Many of these sale items are posted early on Black Friday shopping websites so you can view the ads and compare prices to regular store prices. Many of the “big ticket” items will have great savings, but a lot of the smaller “filler” items are pretty close to regular price. You might be better off waiting for a post-Black Friday sale or watching for sales throughout the year if you already know what you want to purchase. Store coupons and other extra savings opportunities can help you save even more sometimes than those crazy holiday sales.
Visit St Anne Credit Union in New Bedford
If you would like to learn more about opening a Christmas Club Savings Account, a New Bedford Money Market Account, or any other type of credit union savings account, please contact our local branch by calling 508-993-0011. Our representatives can help you decide which savings program is best for your needs and provide you with the current interest rates in New Bedford for each type of savings program.