If you want to stay on top of Christmas this year you should consider squirreling away about $20 a week and for the next 26 weeks, you'll have over $500. That's enough to buy quite a few people some decent gifts.
It's really easy to do - if you have a bank account that has a checking and a savings account - just start an autodraft of $20 to go to your savings account each week. I'd do it weekly than monthly, because $80 a month sounds like a lot and so it's a bit of a deterrent to save. But this is super easy, and you'll have $500+ to spend for Christmas before you know it.
If you want to really get fancy, you can consider online bank accounts offered by ING Direct, or HSBC Direct. You can do the same thing with them - just set an autodraft to those accounts, and they gain interest without a minimum balance. I personally have an HSBCDirect account and love it. It's great for savings goals. Best of all, they are FREE, and really easy to start up.
If you ever need to take money out, you can just draft a transfer into your regular checking account. Really easy, and takes about 24 hours.
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