You say it every year.
Next year, I'm going to start saving early for Christmas gifts.
Credit Unions and banks want you to get a jumpstart now by opening a Christmas Club account, which is essentially a secondary savings account. They're signing up customers, as we speak.
Here's how they work. You decide how much money you want to put away by the end of next year. A loan officer/teller will work with you to determine how much you need to put away each paycheck. Direct Deposit is an option.
One perk is that unlike layaway, there are no penalties if you opt out of your club account early.
"You go to your own savings account and you withdraw $100 for your purchases to go shopping and it didn't cost you a participation fee and it didn't potentially cost you a $15 (layaway) cancellation fee," says Rod Nunez of Freedom First Credit Union in Roanoke.
