It’s beginning to look a lot like Christmas everywhere I go. Instead of giving the typical race car set or princess dress for the holidays, consider giving a gift that helps teach the children in your life how to be financially savvy.
There are money gifts for every age range, but here are my six picks:
Everyone needs a piggybank, and now they come in every shape and size imaginable. Fill the piggybank with a small deposit or a bag of coins. I encourage my son to pick up loose change around the house and add it to his bank.
Toy Cash Register
Perfect for kids ages 2-6, “pretend play” with a cash register is an interactive, fun and easy way to introduce children to the concept of money. Most cash registers come stocked with pretend bills and coins and feature a large number display and working cash drawer.
Start your child on the road to investing with a real stock! Using a service like One Share, you can gift as little as one share in large companies they’ll recognize, like Disney, McDonalds, Mattel and more. Your child will even receive a stock certificate to hang on their wall.
Family game night wouldn’t be the same without the tradition of Monopoly. Teach your child valuable money and math skills as they add, subtract, multiple and divide to earn revenue. Choose a version most suited to the ages of your family, for example, Monopoly Junior is geared to ages 5-8.
Coverdell Education Savings Account (ESA)
A Coverdell Education Savings Account (ESA) may be a smart investment for you. An ESA lets your child or grandchild save for education on a tax-favored basis. We know parents and grandparents are often the central source of financial assistance for education. Scheduling automatic deposits from your account helps their funds grow effortlessly. We recommend that you speak with your tax advisor for details.
Credit Union Membership
If your child or grandchild isn’t already a Pacific Service CU member, it’s the perfect holiday gift! We offer special programs for young adults; including first-time certificate, checking, auto and credit card products to start them off on the road to a bright financial future.
Have a merry and safe holiday season!
by Kristin, Vice President, Marketing