A way to save for slow season - tanTALK

TANtalize · 11-05-2001, 10:07 AM

If your bank offers Christmas Club accounts, you might consider opening one and using it as a savings account just for slow season.

My bank offers 6% on the Christmas club accounts, but about 1/2 that on regular savings.

You could put extra $$ from busy season into this account. Then around the end of Oct. first of Nov. they will mail you a check.

The catch of course is that you can't take any out before without paying a penalty, but hey, that just keeps it where you need it for when you need it the most.

Melissa

tangirl · 11-05-2001, 10:18 AM

Great idea Tantalize. I'm going to have to look into that. That would really take off some pressure for the impending slow season.

Deb from PA · 11-05-2001, 12:44 PM

I love this idea...I wish I would have had a Christmas club check this year to help with the slow time. Being new to the business, it is even slower than I had anticipated. Hopefully, I will be more prepared next year!

Big Dawg · 11-07-2001, 06:06 PM

Hire a good accountant, there is a reason the bank will pay you that. I would suggest some but every state has different laws, so pay the man and he will save you more than any bank will.[ This Message was edited by: Big Dawg on 2001-11-07 18:11 ]

11-07-2001, 10:23 PM

This is a greaaatttt idea!!!!!!!

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11-05-2001, 10:07 AM	#1 (permalink)
TANtalize Join Date: Jul 4 2001 Location: San Antonio Posts: 193 Rep Power: 23	If your bank offers Christmas Club accounts, you might consider opening one and using it as a savings account just for slow season. My bank offers 6% on the Christmas club accounts, but about 1/2 that on regular savings. You could put extra $$ from busy season into this account. Then around the end of Oct. first of Nov. they will mail you a check. The catch of course is that you can't take any out before without paying a penalty, but hey, that just keeps it where you need it for when you need it the most. Melissa

11-05-2001, 10:18 AM	#2 (permalink)
tangirl Join Date: Jul 6 2001 Posts: 1,875 Rep Power: 23	Great idea Tantalize. I'm going to have to look into that. That would really take off some pressure for the impending slow season.

11-05-2001, 12:44 PM	#3 (permalink)
Deb from PA Join Date: Oct 17 2001 Location: Pennsylvania Age: 59 Posts: 155 Rep Power: 23	I love this idea...I wish I would have had a Christmas club check this year to help with the slow time. Being new to the business, it is even slower than I had anticipated. Hopefully, I will be more prepared next year!

11-07-2001, 06:06 PM	#4 (permalink)
Big Dawg Join Date: Sep 6 2001 Location: ohio Posts: 97 Rep Power: 0	Hire a good accountant, there is a reason the bank will pay you that. I would suggest some but every state has different laws, so pay the man and he will save you more than any bank will.[ This Message was edited by: Big Dawg on 2001-11-07 18:11 ]

11-07-2001, 10:23 PM	#5 (permalink)
Guest Posts: n/a	This is a greaaatttt idea!!!!!!!

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