To avoid the same predicament next year, start 2019 by setting up a separate savings account earmarked for holiday shopping and make automatic transfers into your gift fund, advised Alison Norris, a certified financial planner and strategy manager at SoFi.
“If you put $50 a month aside, by next year you’ll have a healthy balance to start using,” added Navy Federal’s Miller. Miller suggests stashing that cash in certificates of deposit, which offer higher-than-average returns compared with regular savings accounts.
Currently, a 12-month CD at an online bank could earn as much as 2.65 percent with no minimum deposit, according to Magnify Money.
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