Jun 6, 2012

Start Saving for the Holidays Now

It’s summer! Why talk about holiday accounts now? You might be surprised at how many great reasons there are! 

Timing: Chances are if you wait until November or December to start thinking about holiday spending, you won’t have enough time to save the money. Start saving now!

Budgeting: At this point, you’ve probably adjusted to your 2012 budget and therefore have a better idea of how much money to put aside each month or each pay period. Sectioning off this amount of savings for the holidays now, ensures that you have enough money come December. 

Allocating: Why can’t you just keep extra money in your savings account for holiday spending? It happens all too often … because you have some extra money set aside in your savings account, that shiny new summer toy looks all the more affordable. Or, when one of your household items is in need of repair or replacement, that money you had sectioned off for holiday spending now seems like your “emergency fund.” By having money set aside in a specific Holiday Savings Account, you’re avoiding the temptation to use the money on other items.

You can stop in to any Bank of Luxemburg office at your convenience and open up your Holiday Savings Account quickly and easily. You are in control of where the funds will be coming from and how often they will be added to your Holiday Savings Account. Withdrawal periods start October first, giving you the ease of shopping early during the holidays. Flexibility and customer convenience are two important attributes of Bank of Luxemburg’s Holiday Savings Accounts.  
We may not hear sleigh bells in the distance or see snow on the ground—thank goodness—but that doesn’t mean we can’t plan ahead for the most wonderful time of the year … and enjoy the holidays that much more for doing so.

Click here to learn more about holiday accounts from Bank of Luxemburg Chief Operating Officer Rebecca Edler.  

1 comment:

  1. According to Kirk Jewell, a certified economic planner (CFP) and creator of Global Financial Services, a good rule of thumb is to expend no more useful than 1 percent of your overall income on the holidays.