I heard Peter Schiff talk today on CNBC and say we need to start paying off our debt and start saving again. Now that the holidays are over it's no better time to start saving for next year and help stay out of debt.
Many banks and credit unions offer holiday savings accounts or what we used to call years ago, when a worked at the bank, Christmas Clubs. Those types of accounts don't usually allow withdrawals before the holiday season.
The holiday accounts are designed to save all year long for the next holiday season. You can usually open an account for as Little as $25 and make deposits through automatic payroll deductions or transferring funds from your checking or other savings accounts.
The interest rates are not generally that hot, but it is a good way to discipline yourself into saving money throughout the year and have cash when you need it. If you can do this with a holiday account imagine what you can do with your 401K.
Not all banks have these types of accounts, but a regular savings account will work just the same. The only thing is there is nothing to keep you from making a withdrawal. STAY DISCIPLINED!
Get to the bank this week! The sooner you start an account, the more time you have to accumulate a nice sum of cash for the next gift buying holiday season.
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