Christmas Club

[bucket o' butter]

How many of you have a Christmas Club at your bank set up? We started doing this about seven years ago when we completely stopped using credit cards. It has been a complete lifesaver for us at Christmas. The stress of how to afford Christmas is extremely minimized. We started out putting in $50 a month, but the past couple of years, that hasn't been enough. Now that my kids are older and presents are more expensive, I added more to my club last year and started a smaller one at our other bank. I got a notice from the first bank that we can get our money next week and the amount is $1241.00. ($41 is interest! Woohoo!) And there is about $500 in the other bank. I am so excited and can't wait to go shopping now. Both DH and I have our paychecks directly deposited and the day after the deposit goes in, the bank takes out money for our Christmas clubs. I never see the money so I never miss it! I highly recommend doing this if you are not already! Just had to share that I have $1700 to go Christmas shopping with!

 

[charvel67]

We use a "Christmas Club" too. We have automatic deposit for our pay and $100 every two weeks goes to Christmas Club. Out of sight out of mind-This gives us plenty for christmas, unexpected expenses, and Disney Money! It works very well for us. We will use some of this extra cash for drinks @ F&WF in 17 more days!!!!!

 

[lyncecelia]

How do you get into a Christmas Club? I've never seen this option before.

 

[maslex]

I just started one about 4 months ago. (I know, a little late LOL) But I have $50 directly deposited into my Christmas Club every other week. I got a check last week for $450. Not bad. Next year will be more since it'll be a full year!!!

If you have it directly deposited, you never see it, so you don't miss it!!!

 

[luvsJack]

This is the first year we have had one and I started it in March. We will have a little over $1000 when it is directly deposited into my savings account in November (just in time for Black Friday! ). I am so glad I did this, its nice knowig that Christmas is taken care of and I don't have to figure it into the budget for the next three months.

I am thinking of starting a second one next year to be more of a "vacation" account. We are planning WDW in March and I may open another account after that to start for the next trip.

 

[bucket o' butter]

I think just about all banks have some kind of Christmas Club. Just go into your bank and ask about it. We have two banks. DH's check goes into one and mine goes into the other. One bank has a regular Christmas Club and the other is a Christmas CD. It gets more interest, but there is a penalty for withdrawing any more early. I have never had a problem about taking out money, but I have a friend who starts hers every year, but by June she has withdrawn every last cent because she has no discipline. With the CD option you would have to think long and hard about withdrawing early. Either way, they are great ways to have cash for Christmas or vacations. I highly recommend it. I used to get so stressed over Christmas because I never had money to spend and ended up using the credit card. I don't have that problem anymore!

 

[lyncecelia]

Awesome! I'm so looking into this for next year....it'd take a lot of stress off of me next holiday season. This one, I'm pulling my hair out trying to figure out how to pay for all the gifts we're getting. Even doing "kids and parents" only.

After some extra research I can't seem to figure out which banks have this program. I know my bank and my parent's don't. Can anyone point me in the right direction?

 

[MickeyManiac]

Most banks/credit unions have some sort of savings program, they just may have a name other than "Christmas Club". My CU calls is a Dedicated Savings account. It's more like a CD. My DS has one that I set up for him when he was 2. (now 16 ) We have automatic deposits going from my account to his every two weeks. We only have pentalty free access to the account during the month of August and it renews automatically. There is a tidy sum in that account that he'll be able to use for college in a couple of years.

When he graduates I will probably change that to a VACATION account.

 

[dreamin_disney]

I've had one years ago but closed it. I started another x-mas club through credit union closer to home. This year I really slacked off so I started late. On the 15th I will have $200 . Last year I cut my list and this year I will cut it even more. I only need to by for DD12, Dh and a co-worker. We already got dd her Ipod nano for her Dec. b-day and x-mas got her a cd/stereo/speaker with ipod plug in. Only thing on her list was an Ipod nano, squinkies and itune cards. Now she says she'll be happy with the ipod only

Next year I will start X-mas Club Dec 30th and try and
put $100 a month=$1000

 

[kacaju]

I have one and I LOVE it!! I also have a vacation club account. I put $50 every other week into the Christmas club and $75 in the vacation club every other week.

 

[crl]

We use the Christmas Club idea, but use it for many other things too. If you are interested in the idea, but local banks don't offer it, you could use ING Direct or Emigrant.

 

[dvcfamily41801]

I would like to get one started up for us as well. Our credit union offers vacation and Christmas Clubs and I would like to set ourselves up for it to auto transfer in to it once a week.

 

[Virgderon]

I have a Christmas Club as well, and I am expecting a check for $1250 in the first week of November. I don't miss the $25 a week , and I use if for both presents and travel expenses.

If your bank does not have one, you can open a Discover online or ING online account and earmark it for Christmas.

I just opened the Discover account a few months ago. No problems so far.