3 Major Reasons to Open A Holiday Savings Account - Pace Savannah News

3 Major Reasons to Open A Holiday Savings Account


The holidays can be a stressful time for anyone, but one of the most stressful parts of the holidays is shopping for those you love and care about. Who wants what? Where should you buy it? How much should you spend on each person? These are all questions that can confound holiday shopping. Of course, there is also the question of money. Many people overspend during the holidays.

To make everything surrounding holiday shopping much easier, all you need to do is open a holiday savings account. Here are the three reasons why this is a great idea for you and your family.

1. You’ll avoid getting hit with tons of holiday expenses at once.

During the holidays, you’ll have many expenses that don’t come up any other time of year. For example, you may have holiday parties at work, church or school. You might want to make extra foods that cost more money around the holidays. In addition, many people take time off from work around the holidays, so that’s money they’re not making to pay for all of these things.

Add to this the fact that most people get presents for their friends and loved ones, and you have a budget problem. When you open a holiday savings account, you can save slowly instead of having to dole all of that money out at once during the holiday. This eases your financial burden and makes shopping for holiday presents more fun.

2. You’ll already have a budget set for yourself.

Another benefit of opening a holiday savings account is having a budget already set for yourself. As you likely know, it’s very easy to go overboard when it comes to holiday shopping. Before you know it, your bank account is empty.

Many people like to save $20-$100 each month for their holiday savings accounts. If you save $100 per month all year, you’ll have $1200 dollars to do with what you want at the holidays. You may decide to use all of this money for presents, or you can use it to pay for a vacation or some time off work that won’t hurt your bills and finances.

3. You can shop throughout the year with it.

Finally, if you don’t like shopping for holiday gifts, you can make the burden much easier with a holiday savings account. Instead of going for one or two intense holiday shopping trips, you can simply use your holiday savings account to buy presents that you see here and there for your loved ones throughout the year.

Once you have some money in your account, simply keep your eye out for things that your friends and family might like when you shop. Many banks offer debit cards that can be specifically linked to your holiday savings account so that you can shop directly from this account all year long. Talk to your bank about this option.

Remember, holiday shopping doesn’t have to be stressful. Use a holiday savings account to make it work!

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