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    Joy to the World – It’s Time to Save

    Whether you are team coconut oil or team pumpkin spice doesn’t really matter when you face the reality that December 25 is just over 100 days away. Holy Jingle Bells!!

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    The holiday season should be filled with joy, yet studies show that 53% of people feel stressed financially when it comes to the season of non-stop gift-giving. What is supposed to be a time where you can focus on peace and goodwill has started to become a time of worry and financial concerns.

    The last thing you want to do is close out the holiday season with added debt and a credit card balance that keeps you up at night. 

    But, if you start planning now and change the way you save for the holiday season, all your worries might get tossed aside like last year’s fruitcake. 

    The moment you decide that it’s time to start saving for Christmas, the first thing you’ll want to do is set up a savings account strictly for the holidays. By opening a specific savings account just for holiday spending, you’ll be more likely to make saving money a priority. Plus, you can easily track how much money you have saved for the holidays.

    When it comes to choosing which type of savings account you’d like, you have a few options:

    Share Savings Account: Telhio Credit Union offers every member their own share savings account with a minimum of $5 on deposit. Your account earns interest daily, which is compounded and paid monthly. Plus, all of the savings accounts come with free online banking access.

    Separate Savings Account: You can set aside money to save towards your holiday shopping goals with a secondary savings account that is ONLY for that purpose. By opening this type of account, you can prevent the burden of a large chunk of money being pulled from your main checking or savings account and you will keep your money organized.

    A 3-Month CD: If you want to stash your money away in a place where you can’t get to it for three months, there is still time to get a 91-day Certificate of Deposit (CD) that can earn interest while you wait. This is a great option for those of us who need a little willpower when it comes to saving our cash!

    No matter where you decide to keep your extra money, the important thing is to have a specific place for your Christmas savings. The last thing you want to do is leave it in your checking account and accidentally spend it before the holiday season hits. That will definitely land you on the naughty list.

    This is a multi-part sponsored series presented with paid support by Telhio Credit Union.

    Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Central and Southwestern Ohio. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers nine branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. NMLS #251831

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    Alex Noga
    Alex Noga
    Alex Noga is currently the Marketing Coordinator for Telhio Credit Union and is responsible for Telhio’s internal and external communications, marketing, and social media. He has worked in the financial industry for several years and loves representing a not-for-profit organization committed to helping people achieve their financial dreams.
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