Do you have a Christmas Account?

[Thrifty Ray]

I know, who wants to think about Christmas in April?

Several years ago, I had my very last 'charge it all' Christmas...and decided to start a Christmas Club account. I have faithfully stuck to it..and to the budget that goes with it for about 4-5 years now. It sure takes alot of stress out of the holiday shopping. Also gives me a way to take advatage of those 'perfect' items on sale thoughout the year.

How 'bout you?? do you have one?? (If not, its not too late to start one!)

[Haku]

My credit union offers it, but the interest rate is very low. Much better to leave the money in my money market account instead, and budget for it.

That said, it's never too early to think about saving for Christmas.

[Ima saver]

Actually, I have an old christmas club book from the early 80's. I try and put about $30 a week in there and once a month or so, I put it in my money market account. I keep a notebook on that acct. and have several sub accounts in there, example, christmas , vacation, state tax, new car account, etc.

[PRICEPLUS]

I'd rather budget the money rather than tie it up in low interest account.

[sweeps]

I agree with Haku & Priceplus. Another option is to open a high-interest CD that expires 3-4 weeks before Christmas. Some CDs allow you to add to the principal throughout the term. That way you've made your own Christmas Club account with 5 times the interest.

[Thrifty Ray]

I fully agree about the interest rates. I used the term 'Christmas Club Account' loosely....I keep mine in a higher rate account that is earmarked for Christmas spending....but it is budgeted and saved...rather than CHARGED at Christmas...

[Snoopy2645]

I dont have one have always wanted to start one but never have any extra money with 3 kids LOL!! So what I started a few years ago is I look for cheap or free stuff all year & put it away until xmas for ex. 2 weeks ago I got pjs from kmart for $1.50 wintery ones those will be for xmas next year!! I also do lots of offers for gcs I save some of those for xmas also. I call this my xmas club but its a little different but it has worked for me the last 5 yrs!!

[Ima saver]

The acct. I keep mine is pays about 4% so that is not too bad.

[JoyJoy]

We are going to use our Amex rewards and cashback for gifts this year.

Christmas clubs are good too. Nice to get that lump sum check in time for the holidays!!

[CJsoccerchic]

No I don't have one, but it sounds like a good time to start one! I'll go with the idea of a CD expiring 3 weeks before christmas..

[Tree0164]

I have a Christmas and gift account that I put $80 a month into.

[veronak]

Good idea I have an account for everything except for X-mas and now I think I'll set one up maybe 5.00 a payperiod I gave up las t year with spending big bucks for X-mas I only took care of the little ones and plan on doing the same this year

[rob62521]

You betcha we have a Christmas account! My mom always started one for me when I was little, and I've done it ever since. It's nice not to have to pay for stuff months after the holidays. I also look for things on sale throughout the year. Looks like we have some excellent savers on this thread!

[abowers]

It's a good idea, but I don't have one. I did not use my credit card at all last christmas though -- only cash I already had.

I'm working on establishing an emergency fund first.

[debtfreeme]

I have done this ever since i started working. At first it was just 10 a month but it was something. i put 50 a month into an ING account to save for christmas also 50 into another account to save for vacations and i really need a vacation this year!

Oh, and i never use all of my christmas money. I always have more than i need so the account has several thousand dollars at a good interest rate, at a different bank, hard to get to. could also count towards my goal of 10k in an emergency fund but i tend to not count it.

[Ima saver]

I started mine so far back, that it was only 50 cents a week, then a dollar a week. I also remember when I saved all my green stamps and redeemed them for christmas presents.

[robex]

We put $100.00 a month into an account for Christmas. We also save all our Superstore points and use them in December for groceries for our yearly Open House...usually ends up being approximately $200 in points!

[nanamom]

I shop all year long. Most of my Christmas gifts will be homemade this year so I have to start early. I look on ebay as well and at yard sales so my kids and grandkids know to ask early! One year when we were really broke and DS1 and DD were young I did all the Christmas shopping at yard sales for about $15.00 total. Needless to say they loved their gifts that Christmas!

[boefixepa]

I budget $50 a month and it sits in my 4% savings-this goes mostly for family members. I also use my CC points and cash them for grift certificates to different stores and then give them as gifts. I make homemade tamales and give them out to friends and neighbors. A lot of bang for the buck and everyone loves them.

I think more important than all the cost of gifts is to teach your children that Christmas is NOT an event for you to get everything you want. I believe parents set themselves up for the debt they get themselves into. Some needed clothes and a few toys that are not outlandish should be enough to more than please a well balanced child. This will help with the budget more than anything else!

Boefixepa

[eisor]

We aren't big on Christmas in my house. Growing up in a big family, without a lot of money really teaches you it is the thought that counts. We don't give gifts to extended family. My mom from a family of 17 and my dad a family of 7. We've never given gifts to the extended family. I don't give gifts to any of my friends because barely any of them are christians. This just leaves my immediate family. Since there's so many of us we always just give something small to each other. I am frugle and usualy don't end up spending more than what I have budgeted for gifts. So, I don't need to do any special budgeting for christmas. It makes it a lot easier.