Doesn't it warm the heart thinking about holiday gifts that will make people feel special and loved? Things really cool down once you take a look at all the people who made your nice list. And then you realize the toll it takes on your holiday budget. In sets the panic. How are you going to manage your pocketbook after the holidays?
Don’t fret because here at Marine Bank, we may have just what you need to avoid the dreaded holiday buyer’s remorse.
While we can’t promise to alleviate all the stresses that come with the holidays (heated political conversation at multiple family gatherings), we can help you stress less over your holiday budget with a Marine Bank Holiday Savings account.
4 ways this account makes your holidays merry and bright:
1. Removes the temptation to spend money early
This savings account keeps you right on track toward reaching your holiday savings goals by adding some incentive to not dip into your account early. You always have access to withdrawal your money before the payout date in case you really need it, but it comes at a small cost of losing out on some of the interest your account earns. This may remove your temptation to “borrow” money from your savings throughout the year and instead keep you on the straight and narrow toward building your savings.
2. Pays you just in time to start holiday shopping
This account comes with a payout date that’s timed just right for your holiday shopping. Once October rolls around, you get your savings, plus any interest you’ve earned, added to your account. And because everyone loves to have options, we can deposit the money into either your regular savings account or into your checking account.
3. Sends money directly into your savings account
We like to make your life easier, which is why you can set up an automatic transfer through Digital Banking or have your employer split your direct deposit paycheck, so a portion goes directly into your Holiday Savings account. That means the money goes straight into your savings before you get the chance to spend it on something you didn’t plan on buying.
4. It's inexpensive
And last but not least, it’s incredibly inexpensive. While most savings accounts require $100 to open, you can open a Holiday Savings account for just $1.
Pair a Club Savings Account with Common Cents
As we mentioned previously, making your life easier is our goal which is why we also recommend you pair a Holiday Savings account with our Common Cents program.
How it works
If you have a Marine Bank debit card, you can set up your card to automatically round up to the next whole dollar amount and transfer the difference to your Holiday Savings account. For example, if you spend 32.02 on gas, .98 cents will automatically transfer into your savings.
This program is great because it gives you a chance to gradually build up your savings without having to think about it.
People, on average, use their debit card at least 70 times a month.* Think about all the times you swipe your debit card on things like coffee, groceries, at restaurants, gas, and household essentials. The change from each of these transactions adds up to make a big impact on your savings.
You have plenty of things to worry about during the holidays, like making delicious homemade foods, refereeing family conversations, and finding the perfect gifts. Saving up for your holiday spending doesn’t need to be on that list. Do your future self a big favor by saving ahead of time so you can kick back and really relax while you binge-watch some Hallmark holiday specials.
Ready to start saving for your 2022 holiday budget now? Open a Holiday Savings account online, through the Marine Bank app or by visiting a local Marine Bank branch. And you can get started using Common Cents online or by visiting any branch and get your Holiday Budget on track!
Bonus tip: Are you planning a trip or do you have a big expense coming up this spring or summer? You may want to check out our Summer Savings account as well. It’s the same concept as the Holiday Savings account with a payout date in May.
Did you find this helpful? Leave a comment below if you’d like to know more about this subject or if you’d like us to dive into another financial topic.
More Budgeting Resources: