How to avoid the post-Christmas credit crunch
Thursday, 24 November 2016 10:12
Feeling a little deflated now the Christmas tree has been stored and the tinsel packed away? Have you been hit with the reality of the new year, including a not-so-nice credit card bill?
With Christmas being a time for friends, family, food and fun, you can often forget about a number of funds fuelling the frivolity. But it doesn’t have to be this way next Christmas. Through some simple steps now, you can say farewell to the silly season expenses hangover and still, enjoy Christmas as you know it.
Start planning for Christmas now
Though menus, Christmas carols, and presents can all wait, by simply putting aside some money today, you can get ahead and tackle Christmas now. By saving a portion of your funds throughout the year, you’ll be ready to spend in December while keeping your credit card tucked inside your wallet. Small savings, whether weekly or monthly can quickly add up, and take the load off once Christmas swings around.
Don’t touch the presents
Just like a turkey roasting in the oven, or presents under a tree, don’t touch your savings between now and the festive season to earn the most interest on your account. Use your will-power to see the benefits pay off. Leave the spending to the end of the year, and access your savings in November and December to pay for your Christmas cheer.
Your Christmas gift from us
By setting up an IMB Bank Christmas Club account today you can get a head-start on your Christmas savings. By setting up a weekly, fortnightly or monthly payment, we can help you manage your Christmas cash throughout the year, and even give you the opportunity to earn bonus interest on your account. To keep you on track, we will only award the bonus interest* when no withdrawals are made between January and October.
Often, you may find the Christmas season quickly approaching (and we all know it will), you can access your account from November, with no withdrawal fees in order to start covering your costs. This way you’ll not only save your money for the festive fun, you can also gain extra interest to spend on those additional costs or even a present for yourself.
Hear it here first
“I used to save money for Christmas in a separate savings account but because I could access it during the year, I found it didn’t really work well. A lady I work with suggested I try an IMB Bank Christmas Club account and it is fabulous. I deliberately set it up so I didn’t have internet access and every week I deposit into it. To withdraw, I would have to go into a branch so it is easier to save without touching it. Everyone always overspends at Christmas but I have no credit card stress or guilt in January now. While everyone is working out how to pay off their credit card debts, I am planning my next holiday.” - Jane Rakine, Christmas club account holder since 2013.
If you're looking to alleviate the stress of Christmas spending, get in touch with IMB Bank about a Christmas Club account to help you save for the next Christmas and new year period.
*If there are any withdrawals between January 1 and October 31 the account will be closed and the bonus interest forfeited.