Making Money Personal

Finding the perfect gift for those on your list can sometimes be puzzling. If you’re racking your brain looking for a gift for someone, and you want that gift to be of good use and value, consider the benefits of a simple financial gift instead.

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.

Finding the right gifts for our loved ones can be challenging.

For many, choosing the right gift can be difficult because you want to make sure whatever you select for the person is something they can use and like.

One great gift that most anyone can use is money. If you’re at a loss for a gift idea this year, there are some awesome financial gift ideas for many different ages that can be both useful and appreciated.

For the young ones in your life:

• Don’t overlook the simplicity of giving cash or gift cards. If you want to make it fun for littles, give them a couple of fives or a bunch of ones. Maybe throw in a cute piggy bank or a new wallet for those a little older. Gift cards work great if you would rather give something a little more personal. Select some gift cards to places that provide them opportunities for fun memories that’ll last.

• Fund an account like a savings account or a Flex CD. Starting a savings account helps them build savings habits, and a Flexible CD gives them the benefit of an interest-bearing account that compounds over time.

• Set aside money for college with a 529 plan. Start building an account that they can use toward college and college-related expenses. The earlier they get started, the better.

Financial gifts for adults might be a little more tricky since there’s a chance that most already have established banking relationships and funding. But there are still options for the adults in your life:

• You can gift them money for a celebration or special event. If they’re planning an upcoming event like a vacation, birthday party, or wedding, consider offering cash towards the special event as a holiday gift.

• Consider offering money towards their financial needs – If you know your friend or family member is working to pay down student debt, medical expenses, or saving for a home downpayment, it might be a nice gesture to offer some funds towards those needs.

• Consider giving investment assets as financial gifts. Stocks, bonds, or other investment assets might be good gifts for those who value building wealth. Because of regulations and rules surrounding gifts like these, research beforehand and even talk to a financial professional or accountant. But it can be an excellent idea for those interested in giving something that will grow in value over time and contribute to their net worth.

• You could give the gift of a financial plan. If you know someone starting out in life or trying to organize their finances, you can offer to cover the cost to meet with a financial planning professional as a gift. Sometimes, people intend to connect with a financial planner, but because of schedule conflicts, financial constraints, or other reasons, they haven’t been able to complete the effort. Giving the gift of a financial plan to a loved one might be the first step they needed to build a bright financial future.

In summary, this time of year, considering financial gifts for friends and family could be an excellent way to provide a quality gift that will continue to pay into the future. For any advice or assistance needed in getting started with giving any of the gifts mentioned in this tip, feel free to contact the credit union staff or consult our financial planning professionals at trianglecu.org

If there are any other tips or topics, you’d like us to cover, let us know at [email protected]. Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.

Have a great day!