Avoiding the financial hangover of the silly season

27-Jan-2016 2:38 PM

Avoid January credit card holiday debt in 2017 with an IMB Bank Christmas Club account
Feeling a little deflated now the Christmas tree has been stored and the tinsel packed away? Are you stressed because of the January reality check as you face your credit card bill?
Australians spent a staggering $27billion on credit cards in December; that is $1700 on every credit card issued in the country. And we will pay $286million in interest on credit cards this month.
But it doesn’t have to be this way for Christmas 2016. There is a way to stop the silly season expenses hangover with an IMB Bank Christmas Club account.
Simply set aside a weekly, fortnightly or monthly payment into an IMB Bank Christmas Club account and you will earn bonus interest when no withdrawals are made between January and October.
You then access your savings in November and December to pay for your Christmas cheer.
Wollongong resident Jane Rankine set up an IMB Bank Christmas Club account in late 2013 and has reaped the rewards for two years.
“I used to save money for Christmas in a separate savings account but because I could access it during the year, I found it didn’t really work well. A lady I work with suggested I try an IMB Bank Christmas Club account and it is fabulous.
“I deliberately set it up so I didn’t have internet access and every week I deposit into it. To withdraw, I would have to go into a branch so it is easier to save without touching it.”
Jane found the Christmas Club account extra useful in December because she not only had money put away for presents but she could also use her savings to help feed the 40 people she had for lunch on December 25.
“Everyone always overspends at Christmas but I have no credit card stress or guilt in January now. While everyone is working out how to pay off their credit card debts, I am planning my next holiday,” she said.
IMB Bank CEO Robert Ryan said regularly saving during the year into a Christmas Club account could take the stress out of expensive January credit card payments.
“An IMB Bank Christmas Club account lets you put money aside during the year that you can’t withdraw without penalty and then your savings are topped up with bonus interest.
“It is a great way to ease the burden of Christmas costs and take away the worry about how you are going to pay for it all in January,” he said. 
Go to imb.com.au/christmasclub for further details. 
Louise Di Francesco
(0418) 617 869