It’s Christmas week! And for most people, there are still a couple names on their to-buy-for list. If you’re strapped for time and want to give someone a gift with a financial twist, here are some of our favorite holiday gifts that go beyond cash:
Money Magazine Subscriptions or Finance Books
Financial reading material is perfect for everyone – regardless of their life stage – because everyone has more to learn. Here are some of our choices for recent grads, but even those with more money experience can pick up some tricks and advice from these books.
Practical Holiday Gifts
There are a wide range of holiday gifts that fall under this category, but they’re usually overlooked. A practical gift to save money could be anything from buying your brother new tires to gifting a college student with gas and grocery store gift cards. If you’re very close to someone who may be down on their luck or just starting out, you could even offer to pay off a bill or cover an upcoming cost.
Appointments and Experiences
There are some affordable experiences that many people won’t buy for themselves, and those make for thoughtful holiday gifts. For your friend who has been talking about how much she’d love a massage, pick up a gift card from a local spa. Pay for the gas or a plane ticket for your sibling to visit home. Or even buy a session with a financial planner for someone looking to overhaul their finances.
Donations to a Goal or Cause
What do you buy someone who has everything? Donate to a cause they care about in their name, or purchase gifts that give back. Buying for kids? Cuddle + Kind donates meals to children with every purchase, and the stuffed animals are gorgeous. You can also “adopt” an animal from the National Wildlife Federation and receive stuffed animals and posters in return. Is someone on your list saving up for a big trip or a new place? Give them some cash with that in mind.
Start a Savings Account
If you want to gift a child with money, a 529 plan is a great option to help save for their education. You can donate once to set it up, or you can make monthly deposits to add to it. 529 plans have better payoff than other savings accounts, so it’s a good option for long-term savings.
Combine your Resources
If you’re still stuck on what to get your significant other, try foregoing gifts in exchange for something you really need or would like to do together. It might feel less exciting, but instead of spending money on gifts for each other, you could combine your cash and put it toward your new car fund or that piece of furniture you’ve both been eyeing for months. Go in on a bigger goal together and you’ll both be receiving a gift you definitely want. This also works for roommates, business partners, parents…anyone who would benefit from a gift you both share.
About Your Richest Life
At Your Richest Life, Katie Brewer, CFP®, believes you too should have access to financial resources (like this financial checklist) and fee-only financial planning. For more information on the services offered, contact Katie today.