Is it silly to open a Holiday Account?

Every year around Christmas time, I get slammed because I SO don't save for Christmas gifts. This year, knowing that we're going to have a baby, I don't want to be caught off guard with extra expenses at the holidays. My bank has a holiday account I can open with no minimum required and I can either have my direct deposit put some of the money in there or I can transfer it directly myself as many times a month as I want. But once it's in there, it's in there until October 15.
Does anyone else do this? Is it worth it?

Re: Is it silly to open a Holiday Account?

Coming from a fellow non-saver, I think it is a great idea.

Re: Is it silly to open a Holiday Account?

I mean, I save money every month for a house and some on the side for emergencies, but I know myself, once it goes into one of those two accounts, I refuse to touch it. So I'm thinking I'm just going to do it. Even if I put 25 bucks every two weeks in it from now until then, I should at least be able to put a dent in my Christmas shopping.

Re: Is it silly to open a Holiday Account?

I think it's a great idea. Esp. if it doesn't cost you anything =)

Re: Is it silly to open a Holiday Account?

I have one and I love it. I love getting my check in the mail in October! I think it's a great idea!!!

Re: Is it silly to open a Holiday Account?

It's a great idea. When we were younger, my mom opened them for us....we used to put $1 or $2 each from our allowance (and them mom would match that), so that when it came time for holiday shopping, we had some money to buy presents. It was a great way to teach us to save up for things.

Re: Is it silly to open a Holiday Account?

Ok, girls. I did it. I just went onto my online banking and opened it. I now have 25 dollars saved for Christmas spending

Re: Is it silly to open a Holiday Account?

My Mom used to do this...it was a must for her.

Re: Is it silly to open a Holiday Account?

I think my mom might still do this!
It is a good idea. . . we always cahrge things & then take form our general savings to pay it off so we don't cary a balance.

Re: Is it silly to open a Holiday Account?

You know I wanted to do this as well, and I never did.

Do you know if WAMU has holiday accounts?

Re: Is it silly to open a Holiday Account?

I have one! I love it! I save over 1,000 and then I only spend a little more..I think they are great!

Re: Is it silly to open a Holiday Account?

Its a great idea...I always find that when I have money going straight into somwhere else by direct debit, I never really miss the money.

I saved little bits of money every month before I went on maternity leave (which is a year) and when my Statuatory Maternity Pay is over when my baby is 6 months old, I have enough to have the next 6 months off!! Its not loads of money, but I only need a little spending gelt for myself!!

Re: Is it silly to open a Holiday Account?

I did this and it was so great to get that fat check to go xmas shopping! You dont really miss the $ because its never in your hands...I say go for it!

Re: Is it silly to open a Holiday Account?

I do this with Commerce Bank, I love it!!

Re: Is it silly to open a Holiday Account?

Re: Is it silly to open a Holiday Account?

Re: Is it silly to open a Holiday Account?

we do this every year, but we use it as a "VACATION FUND" instead of a holiday fund.
Even if it is just as little as $25-50 a check

Message edited 5/1/2006 10:38:38 AM.

Re: Is it silly to open a Holiday Account?

We did it once and my parents used to always do it. Since my job and my dh's job always gives good xmas bonus' and we can not afford to squeeze any extra money out from our budget, we don't do it.
Maybe in years to come when both kids are in school fulltime and no daycare expenses.

Re: Is it silly to open a Holiday Account?

My mom still has a Christmas account with her bank.

Re: Is it silly to open a Holiday Account?

My parents do it and they love it. If I were you, I would put direct deposit. If you choose to do it yourself you may find that some months the money just doesn't make it in there.

For me, it is not a good option because that money doesn't collect interest (at least at most banks) and I get my bonus around Christmas time, so i usually just use some of that.

but, as they say, everyone is different.

Re: Is it silly to open a Holiday Account?

I think it'sa great idea, esp with direct deposit. You won't even miss the money and then you'll have enough for christmas gifts.

Re: Is it silly to open a Holiday Account?

Posted by Marcie

Posted by prncssrachel

Posted by Marcie

You know I wanted to do this as well, and I never did.

Do you know if WAMU has holiday accounts?

I checked their website for you, but I didn't see anything. Doesn't mean they don't have it, but I just didn't see anything.

Thanks for looking.
I have to go to a branch this week, I will ask them then. Thanks

Re: Is it silly to open a Holiday Account?

Posted by ChristineR

I have one and I love it. I love getting my check in the mail in October! I think it's a great idea!!!

Message edited 5/1/2006 1:58:12 PM.

Re: Is it silly to open a Holiday Account?

I have one and think it's great, you then have the $ to spend at Christmas and you don't run up your credit cards.

Re: Is it silly to open a Holiday Account?

it's most definitely worth it!! i do it every year. i feel that it helps me when christmas time comes that way i wont be broke to shop for gifts where upon i already ihave the loot saved for it!

Message edited 5/1/2006 2:12:07 PM.