Jamieson Mackay
CCUFC
I know what you’re thinking. We haven’t even finished this year’s Christmas and this guy wants me to start thinking about next year’s Christmas. If you are feeling anxious about this year’s Christmas and the financial impact it will have on your family and budget then yes, I want you start thinking about next year’s Christmas so that you can reduce next year’s stress level.
An obvious solution is our Christmas Club account. This account is set up so that you add to it throughout the year and then in early November, the funds are put into your savings account so you can use them for your Christmas shopping. An obvious solution but saving money each month can be difficult for many of us. Families are already saving for other things such as recommended emergency savings and they don’t want to tie up the money in a Christmas Club account in case they need them sooner.
So let’s think outside the box a little bit. Many will use loans or credit cards to finance Christmas spending. If done wisely and prudently, there is no issue with doing that. For some, however, loans or credit cards can be out of reach due to poor credit history or no credit history. In those cases, we do have an option available to almost everyone. It is our credit saver loan which is secured by a term share account funded by the credit union and tied to a loan paid off over time. Once the loan is paid and the term share account reaches the term, the funds belong to the member to use as they need.
Another way that you can spread out the cost of Christmas is to buy presents throughout the year and put them away. This is how my wife handles it and I’m thankful she does. It means that our family doesn’t take the financial hit in one month and I usually don’t have to do much Christmas shopping. No matter how your family pays for Christmas, the most important thing is to plan ahead and make decisions as a family. Good luck and Merry Christmas this year and next year.