Does Anyone Here Have a Christmas Club Account?

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Discussion Overview

The thread explores participants' experiences and thoughts regarding Christmas Club accounts as a method for saving money for holiday expenses. Various personal anecdotes highlight the perceived benefits and challenges of using such accounts compared to traditional savings accounts.

Discussion Character

  • Anecdotal, Opinion-based

Main Points Raised

  • One participant, identifying as a consultant, expresses interest in starting a Christmas Club account to save for the upcoming holiday season, especially with two children to buy for.
  • Another participant shares their experience of having a Christmas Club account through their husband's job, noting the ease of saving $10 a week and the financial relief it provided during a difficult time last year.
  • Several users mention that Christmas Club accounts help them avoid credit card debt during the holidays, with one participant highlighting that they managed to shop without using credit cards thanks to their savings.
  • Some participants discuss the discipline required to save money in these accounts, with one noting the challenge of keeping the funds untouched until the holiday season.
  • Others express uncertainty about the differences between Christmas Club accounts and regular savings accounts, seeking clarification on the benefits of the former.
  • One participant mentions their bank does not offer Christmas accounts, prompting them to consider opening a separate savings account instead.

Areas of Agreement / Disagreement

Views differ on the effectiveness and appeal of Christmas Club accounts, with some participants sharing positive experiences while others express uncertainty or lack of experience with them.

Contextual Notes

Participants share personal experiences related to holiday savings, emphasizing the financial planning aspect without making definitive claims about the effectiveness of Christmas Club accounts compared to other savings methods.

Who May Find This Useful

Consultants looking for ways to manage holiday expenses and save money may find the shared experiences relevant to their own financial planning.

pamperedbecky
pamperedbecky
Messages
4,441
Sample Packages and Newly Reactivating ConsultantsHey guys,
I had a quick question that I think I know the answer to, but wanted to see if you've dealt with this personally. I have a consultant who has been inactive nearly all year. She just told me she is trying to get some orders together to reactivate so she won't have to re-sign. She wondered about being able to purchase any sample packages. From what I can tell (and from what someone at the HO just confirmed for me), she CAN'T purchase any of the sample packages because that Sept. 30th deadline already passed. Only if it's a brand new consultant can they purchase sample packages beyond that deadine...and they have to do it within 6 weeks I believe.

So, unfortunately I will have to tell her she's not eligible to purchase any. If she would have reactivated last month, she could have. Just wanted to check with you guys to make sure this is correct and to see if you've been in this situation before. Thanks!!!
 
Yep. That's right! But the good thing is she doesn't have to purchase the kit so that saves her $155 and she could have a show and get a sampling of the new products for free and if the show is enough a couple of the bigger things for 1/2 off!
 
  • Thread starter
  • #3
Ok, thanks! That's what I figured. I did suggest the hosting her own show thing, so maybe she will. Or even just having her discount is a way to sample a few things if she doesn't have a big show.

Thanks for the input!:D
 
I am thinking about doing one. Advantage over just doing a special savings account? Or a better way to put away $$ for the holidays?
 
My CU in Racine always offers them...I haven't done them but cousins have. Good way to discipline yourself to save. They also do vacation savings and other things...
 
I do not have one but I think with knowing next year we will have two kids at Christmas that I am going to start one. Even if I have $200 that $200 I don't have to come up with.

Pampered Chef has allowed us to give my son great gifts here lately! HA!
 
Unfortunately, I said I would do it again this year and never did but with PC, I am sitting better this year than last! :)
 
We've never done one.
 
We have one and don't miss the $10 a week and have about $500 when the time comes around for shopping. This is through my husband's job, so it is taken out before we even get his paycheck. Last year I had a miscarriage about a week before Christmas and was off work. So glad we had the Christmas club to help purchase stuff for Christmas.

Can you tell we waited until the last weekend to shop !!
 
We did one this past year & it was really nice having cash to shop with. We put nothing on the credit cards. At our bank, if you have electronic withdrawal, they pay the last week's amount for you. We did $15/week & had $750 to shop with.
 
I am SO doing one this year!! I just have to "hide" the $$ from DH...he is a shopper!!LOL! I am planning on putting $50 a paycheck in..so $100 a month. Depending when I cash out..I will have a min of $1000. Oh and I have 4 kids so I need that much!! LOL!!!
 
I have never had one but I keep saying I am going to open one this year. Next year we will have two children to buy for and I would love to have some money saved for it.
 
travelgirl said:
I am thinking about doing one. Advantage over just doing a special savings account? Or a better way to put away $$ for the holidays?
Click to expand...

How is it different than a savings acct exactly? I'd be interested, as I am always using my CC for the holidays, then have to pay it off all year with interest and adding birthdays to the debt!:cry:
 
heat123 said:
How is it different than a savings acct exactly? I'd be interested, as I am always using my CC for the holidays, then have to pay it off all year with interest and adding birthdays to the debt!:cry:
Click to expand...

Some banks, like mine, will make the final deposit into the CC account for you. Plus, it earns (a meager amount, but so does a savings account) interest. The best part is having the last payment made. The bank is giving me $15 in free money just for setting the account up.
 
My bank doesn't do Christmas accounts. :( I may open another savings account though just for that... if I can keep my hands off it!
 
jenniferp417 said:
My bank doesn't do Christmas accounts. :( I may open another savings account though just for that... if I can keep my hands off it!
Click to expand...



I have a seperate acct for this and have this problem! i know it's there and I always dip ! I put in $100 a month and never seem to have more than that at a time ! I'm terrible.:o

I never make a New Years resolution so maybe this year I will and at least try try try to keep it !!

But I must say I have only used my Victoria Secret card 2 times for gifts (for myself & DD ) and everything else has been paid in cash this Christmas. It's taken alot of control ! :o maybe I should change my mood over there huh ???!!
 

Frequently Asked Questions

What is a Christmas Club Account?

A Christmas Club Account is a savings account designed to help individuals save money specifically for holiday expenses. Participants can contribute a set amount regularly, and the funds are typically available for withdrawal before the holiday season.

How does a Christmas Club Account work?

Participants deposit money into the account throughout the year, often through automatic transfers. The account may earn interest, and the total amount saved can be withdrawn at a designated time, usually in November or December, to cover holiday shopping expenses.

Is there a fee to open a Christmas Club Account?

Many financial institutions offer Christmas Club Accounts with no fees. However, some may have minimum deposit requirements or penalties for early withdrawal. It's important to check with your bank or credit union for specific terms and conditions.

Can I access my Christmas Club Account funds at any time?

Typically, Christmas Club Accounts are designed to restrict access to funds until a specified withdrawal period, often just before the holidays. Early withdrawals may incur penalties, so it’s best to plan your savings accordingly.

Are Christmas Club Accounts a good way to save for holiday expenses?

Yes, Christmas Club Accounts can be an effective way to save for holiday expenses. They encourage disciplined saving and help prevent overspending during the holiday season. Additionally, the interest earned can provide a little extra for your holiday budget.

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