09.25.2024 | First Farmers Financial Corp.
Financial Planning for the Holidays
As the temperature cool, we start to plan for the holiday season - and that should include a plan for spending and saving.
The air is growing crisp, and the leaves are beginning to change colors. Bon fires and hay rides are being planned and trick-or-treat costumes decided. Maybe you are even reading this while sipping on a pumpkin-spice latte. It is one of the most favored seasons of the year, but are you prepared for what comes next?
Before we know it, the trees will be bare, and the holiday season will be upon us. Looking at your list of people to buy for may be daunting, but a holiday savings account could help relieve the stress.
Many banks and financial institutions offer some sort of holiday savings account to set aside funds throughout the year for the holiday season. Most holiday savings accounts allow you to set up automatic reoccurring deposits. These deposits then earn interest as the account balance grows through the year. Savings are typically paid out in October and savings for the next year begin. Having a holiday savings account can help you beat the temptation to withdraw from your regular savings account or to use credit cards for purchases.
Perhaps instead of the typical holiday celebrations, you plan to skip Christmas like the popular 2004 movie, “Christmas with the Kranks.” You can utilize your holiday savings payout toward that special getaway. Maybe you plan on going all out this Christmas and use your savings on a light cannon similar to Marth May’s in “Dr. Seuss’ How The Grinch Stole Christmas.” Whatever the case may be, whether for yourself or someone special in your life, a holiday savings account could relieve some unnecessary stress during the most wonderful time of the year.
Check with your financial institution to see if they offer a holiday savings and what benefits come with it. The October payout date will be here soon, but it is never too soon to start saving for next year. That pumpkin-spice latte may just taste even better knowing you are set with savings for the holidays.
Before we know it, the trees will be bare, and the holiday season will be upon us. Looking at your list of people to buy for may be daunting, but a holiday savings account could help relieve the stress.
Many banks and financial institutions offer some sort of holiday savings account to set aside funds throughout the year for the holiday season. Most holiday savings accounts allow you to set up automatic reoccurring deposits. These deposits then earn interest as the account balance grows through the year. Savings are typically paid out in October and savings for the next year begin. Having a holiday savings account can help you beat the temptation to withdraw from your regular savings account or to use credit cards for purchases.
Perhaps instead of the typical holiday celebrations, you plan to skip Christmas like the popular 2004 movie, “Christmas with the Kranks.” You can utilize your holiday savings payout toward that special getaway. Maybe you plan on going all out this Christmas and use your savings on a light cannon similar to Marth May’s in “Dr. Seuss’ How The Grinch Stole Christmas.” Whatever the case may be, whether for yourself or someone special in your life, a holiday savings account could relieve some unnecessary stress during the most wonderful time of the year.
Check with your financial institution to see if they offer a holiday savings and what benefits come with it. The October payout date will be here soon, but it is never too soon to start saving for next year. That pumpkin-spice latte may just taste even better knowing you are set with savings for the holidays.
Article Written By: Jordan Sharp