I am planning to open a Christmas Savings account by the end of next month.I think they are such a great idea and will definitely help relieve any financial stress that may occur during the Christmas season. Anyway, for anyone who does this, how much/how often do u allocate into the Christmas account? I'm not quite sure how much I should put in. We are a small family of 3 and generally spend about $100-$150 on each other for presents. We don't do anything extravagant for Christmas Eve/Christmas Day, just a nice 3 course dinner. We do like to check out the Boxing Day sales though. Any suggestions?
This year I banked $125 a fortnight into my Christmas account. Next year I am banking $50 as I want to build up an emergency/rainy day account as well. I love my Christmas account!
I'm thinking of putting $100 a month into it plus grocery gift cards bought throughout the year. We've already got money that is on a automatic savings plan so don't really want to push it. I think the Christmas accounts are such a good idea. A shame not many banks do it though.
A tip i've heard before buying gift cards is you buy your first card say for example $10. Next week you go shopping and use your $10 gift card and buy a $20 card, next week spend your $20 and buy a $30. So by the end you only have the one card at the checkout rather then 40-50 giftcards to use.