Are There Any Short-term Accounts Or Ways To Save Money Without Spending It? Like For Christmas?
A Reader Asks…
Without putting it in a bank? I want to save some money for Christmas starting now, but if I put it in my regular savings or checking account it will certainly get spent. Are there other ways to save? What do u do?
(Scroll down to see responses)
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Tags: Accounts, Christmas, Like, Money, Save, Shortterm, Spending, There, Ways, Without
July 26th, 2009 at 5:01 pm
You put it in your savings account and have the bank put a “hold” on that portion of money. That way you cant spend it but you will have access when you need it for Christmas. Banks are frequently willing to do things like and you can set a date for removal of the money or purposes for it with your bank officer.
July 26th, 2009 at 7:33 pm
I have 3 different special savings accounts at my Bank, because I to can NOT save money. One is for Christmas, which matures in October, (I like to shop and ship early) one is for travel and one for our house purchasing fund.
2 of the accounts are called custom club accounts and one is an Easy Start Certificate. Your bank may call it some thing else, but these funds are a life saver for my hubby and I.
We have a set amount transfer from our checking to these accounts every month, so we don’t even have to think about it!
Call your Bank, and see what they offer for a Christmas savings fund, they can be a great way to keep from going in dept for Christmas!!
July 26th, 2009 at 10:43 pm
Uh, put it in a shoebox in the back of your closet and practice restraint? That’s what I do. I also have a change jar which surprisingly can yield a pretty good amount of money. If you can fill up a large peanut butter jar with quarters, and it’s very possible as Christmas is a ways away, that’s good stuff. We have a large family so every little bit I can put away counts.
July 27th, 2009 at 3:48 am
I know a lot of banks that have Christmas accounts or birthday accounts. You are not allowed to withdraw money from it until a month or two prior to the day without incurring a penalty. It is a good way to save and not really have access to it to spend it ahead of time.
July 27th, 2009 at 7:46 am
I know you said without putting it in the bank, but most banks offer a xmas club and at a certain date they deposit it into your checking account for xmas, around the end of october, I believe, that’s what my bank does, anyway.
July 27th, 2009 at 2:31 pm
You can try an online account like e*trade. I have an account like that and it really helps you save because you dont have the ability to just drive to your bank and get the money out or go to an atm. r
July 27th, 2009 at 3:11 pm
Open a Christmas Club account – you can’t get the money out early without a penalty.