And when picking out presents for kids, I’m sure many of you will go for the easiest route – the Toys & Games section.
Sure, your children, niece and nephews will love you for it but let’s get real here, after a couple of weeks, they will just get bored of the toys you got them. What a waste of money, right?
So this year, why not rethink about the kind of gifts you are planning to give. Go for something that has long-term benefits – like gifts that will teach young minds about financial security and money management, which will surely come handy in the future.
Today, let’s highlight my favorite financial gift ideas that will surely make a difference in the lives of the kids in your life.
A prepaid debit card.
Give your child the responsibility to make his/her own financial choices with a prepaid debit card geared towards kids and teenagers.
You can find many banks that allow minors to get their own cards (under your supervision, of course), which can be a great tool to teach these young individuals about the importance of money and how to properly handle it.
Children’s books about money.
It’s never too early to start introducing a child to topics relating to money. When picking out books, make sure to choose ones that are written for their age. Here are some book recommendations that will not only teach them about the value of money, but also how to grow and protect what they earn.
Something to launch a business.
Whether it’s a crafting kit for selling accessories, a printer for making money out of their designs, a baking lesson for them to learn how to make baked goods to sell, giving your child something to help them start a small business is a good gift idea that will teach them about turning their passions and hobbies into money-making opportunities.
Contribute to the child’s college fund.
They may not appreciate this today, but don’t worry, their future self will. You can make contributions to the child’s 529 College Savings Plan or Coverdell Educational Savings, a tax-deferred trust that assists families with educational expenses.
Now, if you really want to give the kids toys this Christmas, just opt for the ones that can introduce or teach them about money, like the following:
With everything from college funds contributions to debit cards, business-building gifts to books and toys that teach about money, there is a perfect financial gift for every child in your life. If you have more gift ideas, feel free to share it in the comments section below.