Last week I had the pleasure of watching my niece discuss her next year’s prom dress with her mother. She wants a combination of two dresses so that means having it tailor made. It proves to be most stunning. As they moved on to the cost of such a dress the conversation got a little more exciting, especially when they got down to how much money Mom was forking out. Trying to think of a way they could compromise I thought of the following: Start a credit union savings account for the purpose of paying for a prom dress next year. Mom could put in a specific agreed amount and anything extra would be the responsibility of the daughter. If they start now by the time next year’s prom rolls around they could easily have enough to go totally all out on the dress. It even teaches good savings habits to both Mom and daughter.
My family lives near Richmond and are faithful members of their own credit union, but If a Piedmont Credit Union member wanted to do something like this there are a couple options.
- Use a Special Savings Account
- Use a Vacation Club
Neither of these two accounts have ACH, ATM or Debit card access. This is good if you want money to actually stay there. The Vacation club even has the added deterrent of a fee for taking it out more than twice per year.
So if you have an event coming up that will require you to spend a good amount of money(prom, wedding, birth of child, etc.) consider being proactive now by saving up for it rather than just reacting to it when the time comes. Here’s hoping next year’s prom will be unforgettable. (I went to the movies on my junior prom night and I’ll never forget it because it’s the only movie I ever saw where the sound went completely out. It was called “The Year of the Comet” and I went with two friends both named Jeremy. I can’t believe I remember that and don’t really recall the senior prom at all!)