Whether you are TEAM Coconut Oil
or TEAM Pumpkin Spice doesn't really matter when you face the reality that
December 25th is just over 100 days away. Holy Jingle Bells!!
The holiday season should be
filled with joy, yet studies show that 53% of people feel stressed financially
when it comes to the season of non-stop gift-giving. What is supposed to be a time where you can focus
on peace and goodwill has started to become a time of worry and financial
concerns.
The last thing you want to do is
close out the holiday season with added debt and a credit card balance that
keeps you up at night.
But, if you start planning now
and change the way you save for the holiday season, all your worries might get
tossed aside like last year's fruitcake.
The moment you decide that it's
time to start saving for Christmas, the first thing you'll want to do is set up
a savings account strictly for the holidays. By opening a specific savings
account just for holiday spending, you'll be more likely to make saving money a
priority. Plus, you can easily track how much money you have saved for the
holidays.
When it comes to choosing which
type of savings account you'd like, you have a few options:
Share Savings Account: Telhio
Credit Union offers every member their own share savings account with a minimum
of $5 on deposit. Your account earns interest daily, which is compounded and
paid monthly. Plus, all of the savings accounts come with free online banking
access.
Separate Savings Account: You
can set aside money to save towards your holiday shopping goals with a
secondary savings account that is ONLY for that purpose. By opening this type
of account, you can prevent the burden of a large chunk of money being pulled
from your main checking or savings account and you will keep your money
organized.
A 3-Month CD: If you want
to stash your money away in a place where you can't get to it for three months,
there is still time to get a 91-day Certificate of Deposit (CD) that can earn
interest while you wait. This is a great option for those of us who need a
little willpower when it comes to saving our cash!
No matter where you decide to
keep your extra money, the important thing is to have a specific place for your
Christmas savings. The last thing you want to do is leave it in your checking
account and accidentally spend it before the holiday season hits. That will
definitely land you on the naughty list.
Telhio Credit Union is open to anyone who lives, works,
worships, or goes to school in Central or Southwest Ohio. Founded in 1934,
originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit
financial cooperative where its members are also its owners. Driven by its
philosophy that members come first, Telhio is committed to the highest
standards of responsibility and conduct. Telhio offers a variety of innovative
programs, services, and products to support its members' financial needs.
Telhio offers twelve branching offices throughout Central and Southwest Ohio
and nearly 4,000 shared branching locations nationwide. Federally insured by
NCUA. Equal Housing Opportunity. NMLS #251831
