by Emily Hechler 
It’s the most wonderful time of the year! While many anticipate visiting loved ones, making new memories, and giving presents, many others dread how expensive the holidays can be. The cost of the parties for hosting, marshmallows for toasting, and caroling out in the snow can add up. Looking at your credit card bill after the holidays can be an eye-opening experience that leaves you wishing you budgeted more and in advance for shopping.
The solution is a Holiday Savings account at Alltru. With a Holiday Savings account, you can set up a payroll deduction or a recurring deposit to fund the account. You’ll earn interest for what you contributed. In mid-October, all the funds in the account are automatically transferred into your Checking account so you can begin your holiday shopping. It’s that easy!
Check out a few more perks of opening a Holiday Savings account.
First, opening a Holiday Savings account keeps you goal oriented. You’ve likely heard many times that you should save for your future. But what are you saving for? When you contribute to a Holiday Savings account, you know exactly what that money is going to be used for – holiday shopping!
Another perk of a Holiday Savings account is that it can help you follow your budget. You can contribute year-round to your account. Each month, you’ll be living off a little less than you were last year. With automatic transfers into your account, you likely won’t miss the money and will get used to living off a little less each month. When the holidays come, you’ll have a stash of cash waiting for you.
Opening a Holiday Savings account gives you a dedicated place to put your money. When you budget throughout the year, you can hypothetically save a little bit for the holidays each month. When an unexpected situation comes or you underestimated the cost of a bill, where do you take that urgent need for money? It’s likely coming from the money you were saving for the holidays. After all, you have all year to save right? The last time this happened, did you meet your holiday savings goal? A Holiday Savings account give you a dedicated place for your savings. All the money is this account is for your holiday shopping. It’ll be less tempting to touch knowing that it has a specific purpose.
By using a Holiday Savings account, you can stay out of credit card debt. If you budget correctly, you will have enough money in your savings to cover all your purchases. When the funds are moved to your checking account, you can pay for your purchases on the spot with your debit card instead of charging it to your credit card. This way, you won’t see a high bill right before the end of the year that results in you missing your financial goals. Or, you won’t get a high credit card bill at the very beginning of next year, causing you to start the year already behind on your goals.
The hap-happiest season of all can become stressful if you didn’t plan for spending so much money in a short amount of time. Next year, open a Holiday Savings account so you can enjoy the perks of having a dedicated place to save money for your future purchases. You’re on your way to hitting your financial goals for next year already!
