Let’s be honest: the holiday season isn’t cheap. Between shopping for loved ones, entertaining family and maybe buying a snazzy new outfit, we’ve all been hit with overspending.
To offset the money madness, some people find club savings accounts helpful. These are designed so that you’re saving a little every month, typically starting one year in advance. It’s easy to set up automatic deposits or transfers into club accounts. That way, you’re committed to saving and can’t spend the money on something else.
To prepare for your club account, it’s best to review this year’s spending to estimate what you need, and divide that number by twelve to determine the necessary monthly deposits. Club accounts can be useful for other annual expenses too, such as back-to-school shopping.