This past Thursday we broadcast live from The Restoration Station and recorded a video of the 7 Money Saving Tools you need BEFORE you go out holiday shopping, along with a Bonus video with tip on how to give a gift that is also tax-deductible. For those who were unable to come into the station, there’s still time to get your ticket! The Restoration Station is here to help place you on the right track to financial freedom. I touched on the 7 tools in the video, and will discuss them in more detail here each day of the week. Please visit our Restoration Station Facebook Page to “like” and get notifications of our live broadcasts every Thursday at 11:30am, EST. We offer FREE tools to support you on your journey to financial freedom and wealth!
TOOL #2: Open a savings (or club) account dedicated to holiday spending
The best feeling in the world is to realize that it’s the holiday season, that you have to start shopping for friends and family, school teachers and sitters and know that you have money in your savings account earmarked solely for this season of giving!
If you don’t already have a separate holiday shoppers club account (offered at most Credit Unions), consider opening a savings account at a local bank. I would suggest you open an account that is not at your normal bank and does not come attached with a debit card. You will be less tempted to dip into the savings account if the bank and funds are not easily accessible. There are also a number of online banks such as Capital One that do not have brick and mortar locations with tellers but offer you the ability to set a yearly goal for your savings and transfer funds from your personal checking account into your online savings account.
A large number of banks offer incentives for new accounts during the holiday season to entice those making savings resolutions to open up an account. Take advantage of some of the offers and invitations; banks will often offer a gift or deposit additional funds into your savings account after it’s opened. Keep in mind however all monetary gifts from the bank are taxable so don’t be surprised if you receive a 1099 at the end of next year. The good news is that the Federal Reserve expects interest rates to rise next year which means your money will earn a bit more than it did last year – more incentive to save!
So take a look around, review the circulars that your local banks have mailed to you or search online for the best savings account interest rates for 2016.
I hope you have found this “tool” useful. Please comment below if you have questions or feedback. If you haven’t already, please subscribe to our blog, Financial Freedom Press to receive the next five tools and visit The Restoration Station on Facebook for FREE resources and weekly live broadcasts with valuable tools and information for the individual household and entrepreneur.
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