Image: Santa Barbara Daily News & Independent, December 19, 1914
Christmas Saving Clubs
These have pretty much fallen by the wayside, probably because of credit cards, but ever since 1909 when the first Christmas saving club was started in Pennsylvania, they were popular with millions of Americans.
In December 1914, the Santa Barbara Savings and Loan Bank encouraged people to sign up (and pony up) to pay for holiday gifts in 1915. As many as 500 local citizens participated in 1914. You could pay $1 a week or as little as 5¢ which you then increased by 5¢ a week for 50 weeks.