We’ve finally reached that time of year, the holidays. If you’re anything like me, right about now you’re waist-deep in travel plans, holiday meal planning, and of course, the dreaded gift shopping. It seems like every year we go into this frenzy trying to find the “perfect” gifts for our loved ones, scouring the internet for deals, fighting with random strangers over the last hot item on sale on Black Friday, and maxing out our budgets, all in the name of Christmas.
Well if you’re still paying off those credits cards from last year’s holiday spending spree, skip the lines this season and instead consider giving the gift that truly does keep on giving. I’m talking about the gift of financial health and wealth. Here are just a few ways to wealth building gift ideas that won’t break the bank.
Sign them up for a financial planning seminar.
All you have to do is check out Instagram and Facebook and you’ll find tons of resources, tips, and online communities solely dedicated to helping people get their money right. There is no shortage of seminars, both online and in-person, happening throughout the country to get information on everything financial from getting out of debt and boosting your credit scores, to planning for retirement. So for that friend or family member who has shared with you that their goals for 2018 involve working on their finances, give them the gift of financial education by offering to pay for their seat in a financial planning workshop. (Hint: You can find some great resources at My Fab Finance.)
Open a savings account for your child and talk to him/her about the importance of saving.
Have your child break open that piggy bank and store their change in an interest-bearing account. Talk with them about the importance of not only saving, but saving their money in spaces where it has the ability to grow over time. Get them comfortable with building a nest egg to use later in life for what really matters. Teach them how to monitor their accounts each month to see how their money is growing as they continue to make small deposits over time. If you want to shop around for banks with the best interest rates, check out Nerd Wallet to compare.
Have you ever spent so much money in a store you jokingly said to yourself, “as much money as I’ve spent in this place, I should own stock in it.” Well that doesn’t have to be a joke. And for that special someone in your life, gifting them shares of a company that they love and may already patronize frequently, can be a great way to sow seeds into their financial future. You can purchase stocks in a number of ways. If you are currently an investor, you can transfer stocks that you own to someone else with a simple transfer form. Contact your broker to get details on the specific process. If you don’t currently own stock and want to make a one-time purchase, you can go through sites like Give A Share or Unique Stock Gift to purchase shares, and some companies even still give out an official certificate of stock to make the gift complete. You can also purchase stock directly from some companies. For a list of companies that allow direct share purchases, check out First Share.
Holiday gift giving doesn’t have to be stressful. And with these simple and thoughtful investments, you no longer have to feel bad shelling out hundreds of dollars every year wondering if the receiver will use it once and toss it on the shelf. Financial wealth is something that can be used over and over again and then some and there’s nothing more valuable and useful than that.
Contributor: Christina Merriweather
Blog: My Fab Finance