Most responsible PF bloggers have set up lined items in their montly budgets for gift giving, including The Holiday That Shall Not Be Named. I, unfortunately, am not among them. Not yet anyway. I still need to build my Emergency Fund and it is taking an extraordinarly long time. Also, it's kind of hard to think about gift-giving since I'm 50% sure I'm going to lose my job any day now.Don't worry, I'm not spending a lot of money on Christmas gifts this year....because I, um, don't have much. But had I planned this out in advance I could have started a Christmas Club account with my bank (or manually). By depositing just ten bucks a paycheck at the begining of last year I could have $260 sitting pretty right now to buy gifts for my (slightly) large family and some special friends. Boyfriend had one of these last year and it was a nice end of the year bonus for him.
Since it's too late now and I only have two paychecks left before Christmas (and perhaps...ever) I am just looking for bargains, DIY-ing some gifts, and buying some "it's the thought that counts" items. But next year if (God willing) I still have a job I'm going to set up a Christmas Club account. Has anyone else used them before? It would be good if the bank prevented me from draining it before Christmas but I doubt they do that.
5 comments:
I love my Christmas Club Account! I put away $35 biweekly and end up with about $900. And you can only put in money, not out until the time is due. My $35 deposit goes without notice.
Actually, my Christmas Club Account is my kid's summer account for extra costs in daycare, my son's annual trip to SF, and the initial school clothes. So, it definitely helps.
I should try setting up another just for Christmas. What a concept! lol!
I've never heard of that.. but it sounds interesting and very effective.
I don't use a christmas club or anything, but I do set money aside in advance. I get paid bi-weekly but budget based on two paychecks a month (as opposed to annual salary divided by 12). That means I have two extra paychecks a year. I take the christmas money out of the 2nd extra paycheck and put it in an online savings account to earn a little interest.
I did have a Christmas account at my former employer's. I had about $660 at Christmas time and it was great! I'm like you - if I continue to have a job next year, I'll consider setting aside money for this too. :-P
I don't have a Christmas account and waited until last month to budget funds from our paychecks to buy Christmas gifts or things to make for Christmas gifts.
I think I will look in to a separate account just for that. Good idea!
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