If you’re still trying to decide what might be a good holiday gift for a close friend or relative, perhaps you should consider a financial holiday gift. Do keep in mind it might be a little weird to give financial gifts to mere acquaintances but those who are close to you certainly might appreciate them.
LearnVest recently provided a list of smart financial gifts. I’ve included a few of them here and of course, added some of my own.
Children’s savings account – I haven’t opened a children’s savings account for my daughter but it’s on my list of things to consider. She’s using the give, save and spend banks on the kitchen counter top, but this could go along with them nicely. Still, ING offers a nifty children’s savings account, ING Orange for Kids, and program to teach kids about money called, Planet Orange.
Contribution to 529 plan – If you’re like me, it’s not easy to find the extra money to beef up 529 plans. I’ll welcome all the help I can get and I would imagine others may feel the same. You’ll need to obtain the social security number and account number of the recipient and then you can share in the joy of helping a child get a college degree some day!
Charitable contribution in someone’s name – Perhaps you have a buddy who digs a charity or two. You could make a nice contribution in your buddy’s name and show you truly care about the causes he cares for two. Why not double the gift by agreeing to volunteer alongside your friend!
Money management software – Help someone manage their money better next year and achieve their financial goals by purchasing money management software, such as YNAB, for them. They won’t be sorry with features to help them budget, track spending and manage their money on their mobile phones. Read my YNAB 4 review to learn more.
Subscription to the Sound Mind Investing newsletter – SMI provides a monthly newsletter with tips on getting out of debt, investing, saving and more. This is a professional monthly publication available in print or on the web. In addition, SMI has their own investment strategy, fund upgrading, covered in the newsletter. I’m managing all my retirement accounts today with this strategy.
A Dave Ramsey product – Christmas wouldn’t be Christmas without Dave Ramsey warning us all to avoid a debt hangover. Dave Ramsey offers a number of products such as The Total Money Makeover, Financial Peace University to help people get control of their money and avoid debt.
My Money Town Give, Save, Spend banks for kids – Crown offers these awesome give, save and spend banks in a slick design. I have one set for each child and they love them. In fact, I haven’t found any that I like better. Each time my child gets money for their chores, they budget their money across these 3 categories. My son says his spending bank is for Target. :)
Well hopefully one or more of these financial holiday gifts will show your friends or family that you’re thinking about them. I know there are many other great financial gifts to consider that would make great Christmas gifts. What financial gifts have you given in the past, or would you suggest?