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Plan Ahead: Start Saving Now for 2008
Holiday Season
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[December 14, 2007]
WASHINGTON -- With the
average shopper expected to spend about $925 on holiday gifts and
other personal holiday needs in 2007*, the Independent Community
Bankers of America urges consumers to set up a holiday savings
account now and contribute to it regularly throughout 2008. |
 "A holiday savings account is a great way to purchase the gifts you
want for your friends and family and not go into debt to do it,"
said James P. Ghiglieri Jr., ICBA chairman and president of Alpha
Financial Group, Toluca, Ill. "A holiday fund can be very important
psychologically because it allows savers to have one goal in mind:
saving to ensure they have the holiday they want, without going into
debt to do so. If you didn't build a holiday savings account for
this year, start one right away or early in the New Year and
contribute to it regularly."In addition to saving for holiday
gifts, a holiday fund can be used to set aside money for other
holiday spending as well, such as for donations to charity, holiday
entertaining or for other items you need or want for yourself. "It's
human nature to buy something for yourself while you are shopping
for others," said Ghiglieri. "Be realistic and take your own needs
into account; just save a few extra dollars above your planned
holiday spending."
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Holiday funds allow bank customers to set their own savings goal
and deposit schedule. Generally, money in holiday savings accounts
cannot be withdrawn except during a particular window of time,
usually between October and January, depending on the rules of the
account. An added benefit is that by using a holiday fund, your
account also builds interest, which can be used to start a new fund
for the next holiday season or withdrawn for shopping in the current
season. Some community banks may even offer higher interest rates if
customers use direct deposit, either from a paycheck or from a
checking account.
To learn more about holiday savings funds, visit your local
community bank.
* The National Retail Federation's 2007 Holiday Consumer
Intentions and Actions Survey
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About ICBA: The Independent Community Bankers of America, the
nation's voice for community banks, represents nearly 5,000
community banks of all sizes and charter types throughout the United
States and is dedicated exclusively to representing the interests of
the community banking industry and the communities and customers
served. For more information, visit
www.icba.org.
[Text from file received from
Independent Community Bankers of
America]
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