Granny Had The Right Idea
I opened an old fashioned tried and true Christmas Club savings account today, just like grandma always had. It's not for this Christmas because that would be silly since it is the end of October. But being one of the products we offer at my bank, it came up in conversation with my trainee. It got me thinking how nice it would be if I had my check from my x-mas club with the season coming up and all. Since it is not an account where I can withdraw or transfer to my other accounts to spend and I would have to close it out in order to use any of the money, it is a good way to save for the less disciplined saver. (the bank just sends out a check for the balance in October) I figure dropping a few bucks into it here and there along with all my spare change that seems to gather in my car console could potentionally add up nicely. And it gave my trainee something to do by practicing opening an account so two birds with one stone. Luckily retirement savings and the like are auto deducted from my pay and out of sight out of mind, but otherwise I need all the help I can get saving money, so I figure whatever works. Watch for the savings update in October 2007 to see how it went.
Comments
They still have Christmas Clubs? I thought those went away when I was a kid.
Posted by: Joe | October 27, 2006 05:49 PM
0% interest. An old sock would have done the same thing and you wouldn't have to embarrass yourself in front of the tellers with a fist full of sweaty coins. Have some pride man!
Posted by: Lil | October 27, 2006 09:47 PM
For political correctness, they are now called "Holiday Savings."
Posted by: Brent | October 27, 2006 09:54 PM
It would be spent in an old sock, no matter how bad it smeels. Besides, it's another account for my cost center. Like I said, whatever works..
Posted by: Brent | October 27, 2006 09:56 PM