Savings Clubs are making a comeback!
When it comes to personal finance, what is old has become new again. The latest new thing in thrift is the savings club, a time-honored tradition that our parents and grandparents relied on to accumulate money for the holidays or for a special purchase. With the advent of the credit card these plans have largely faded away, but are now enjoying a revival. The idea of the savings club is both simple and financially prudent. Instead of paying for your next major outlay, for example a vacation, a remodeling project or just your annual holiday spending blowout, by piling up credit card debt and racking up interest charges on top of whatever you may need to spend, a savings club account lets you plan ahead and start saving incrementally for your next big expense. Continue reading “Savings Clubs are making a comeback!”