Consumers Start Saving Quick Cash for Christmas 2010

The Christmas 2010 season

Though it may seem early to start thinking about saving quick cash for Christmas 2010, many people are already considering the cost. The recession of 2009 made people think twice about their finances. Credit card lenders proved to be unreliable throughout the economic downturn and people had to rely on their cash reserves to make their monthly expenses. Christmas 2009, overall, was a bleak one with many consumers having to cut back drastically on their spending. To avoid the crunch, many consumers are looking for saving options and start! ing their plans now.

Budgeting in advance

According to Alison Southwick, BBB spokesperson, “Budgeting wisely can greatly reduce the holiday hangover that many overextended families’ experience. A Christmas Club account is a great tool for gradually socking away money throughout the year to spread the financial burden of holiday spending.” The Christmas Club account is the latest tool consumers are turning to as they try to ease the pain of holiday spending.

In the past the Christmas Club account was offered at credit unions or community banks. It's a savings account that allows holders to deposit small amounts over the year and then withdraw the funds in the fall. There are 78% of credit unions in the US that offer the accounts, according to the Credit Union National Association. … click here to read the rest of the article titled “Consumers Start Saving Quick Cash for Christmas 2010“