Halloween is this week: according to my calendar, that means it’s time to start booking tickets home for Thanksgiving, planning my Christmas shopping and generally getting ready for the holidays. It also, unfortunately, means that the time of year when I spend the most money is just starting. I have cards to mail, presents to buy — even dinners to plan. And with the way the economy is looking these days, I’m just not sure how far my holiday dollars are going to stretch.

I know plenty of people are thinking about cutting back on Christmas this year. It’s not anyone’s favorite way to save money, but it is effective. The other options for reducing the impact that the holiday season has on your finances tend to involve saving up throughout the year: Christmas Clubs and other specialized savings accounts are meant to spread out the cost of presents and such throughout the year. Personally, though, I don’t think that such specialized savings account really provide that much benefit. In general, the way that a Christmas Club account works is simple: a certain amount of money is moved from your bank account every week — often around $25. Around Nov. 1, your bank cuts you a check for the amount that has accumulated through the year, and perhaps a small amount of interest. It’s that small amount of interest that bothers me — most banks offering Christmas Club accounts offer minimal returns on that dough that you’re saving up for the holidays.

You’d be better up saving on your own in most cases: putting the money in a higher yielding savings accounts or buying CDs. I’d rather a CD personally — the useful factor of a Christmas Club account depends on getting money out of your account and making it harder to spend. It’s out of sight and out of mind until you actually need it. The tough part about using a CD is the length of time you’re planning to hold it for and the initial balance: many banks require at least $1,000 for a CD, with a minimum term of one month. The interest rates get significantly better the longer you plan to hold a CD. It’s possible to find a combination of terms that work for you, but putting together $1,000 can be problematic.

The option of setting up an automatic withdrawal that mimics a Christmas Club account is also an option. You’ll have to put the money into a normal savings account. That’s not necessarily a problem: I prefer to just have my holiday savings out of reach, but that’s a personal preference. If you’re comfortable keeping that money in your savings account, go for it — it will certainly simplify matters. No matter whether you go with your own savings account or with a CD, you’ll still be getting a better return on your money than the terms of most banks’ Christmas Clubs offer — and you’re still making the holidays easier to pay with in the long run. You can even avoid some credit card debt this way, and that’s never a bad thing.

SmartyPig bills itself as a new kind of savings account that helps you save for specific goals. You set up an account online, set up an automatic deposit into your new account and ask friends and family to make deposits to your SmartyPig account in lieu of gifts. SmartyPig even offers options for easy savings by a group of people towards a common goal — like if your extended family is putting together the money for an anniversary present for your grandparents.

On the surface, SmartyPig looks great! But I thought it would be worth digging a little deeper. First of all, what happens to the money you deposit? SmartyPig accounts are held by West Bank, an Iowa-based bank that is FDIC-insured. While West Bank’s parent company reported that profits are down this year they’ve also reported that part of that was because the business actually expanded. From what I can find online, I’m convinced that West Bank is a solid banks and I wouldn’t be worried about any deposits I had with them.

Second, is the interest rate SmartyPig is offering any better than what I can get with my existing savings accounts? SmartyPig’s interest is set at 3.90 percent APY — much better than many other savings accounts available. I use INGDirect, known for their great interest rates, and the interest they offer for their Electric Orange Savings Account is still only 3.40 percent APY. And possibly more importantly, SmartyPig charges no account fees, even for cashing out an account.

Lastly, how do I get my money out of a SmartyPig account? According to the SmartyPig FAQ, money can be withdrawn through two different methods: you can receive your savings, plus interest, on a SmartyPig MasterCard Debit Card, or you can receive your funds on a gift card from one of the many retailers SmartyPig has partnered with. There also seems to be a way to move your money directly back to the account you’ve been using to automatically add to your SmartyPig account. You don’t have to reach the goal listed on your account to withdraw your money, either. You can stop a goal at any time.

In general, the SmartyPig system seems pretty good. I like the idea of being able to share the goals that we’re each saving for. It seems like it’s easier to remember that a goal is a priority if other people know what you’re working for. Making it easy for friends and family to help you with your financial goals is just icing on the cake.

With the instant gratification that credit cards provide, it’s become more of a struggle for many people to save. SmartyPig and similar opportunities seem like they will make savings easier for those of us unsure where to start. Offering 3.90 percent interest definitely helps, too.