As we head into the season of giving, you may already be making your shopping list and checking it twice. But before you hit the mall, do you have a plan to shop wisely and stick with your budget?
For some helpful tips, check out What’s Your Holiday Spending Strategy?
And if you’re looking for new ways to give, here are some personal finance gift ideas that can really make a difference.
There are plenty of toys you can buy for children, but helping them learn basic financial concepts can be fun and rewarding—a classic piggy bank, cash register, coin-counting machine or money-related board and video games are some things to consider. For more inspiration, check out Learning Resources and Fat Brain Toys.
Give to Their Favorite Charity
One thoughtful gift idea for hard-to-shop-for friends and loved ones is making a donation in their name to their favorite charity. If you need help choosing one, read Charity Matters: Ways to Give Wisely.
Financial Magazine Subscriptions
Magazine subscriptions are inexpensive but a gift that lasts all year long. Kiplinger’s, Money, Entrepreneur and Consumer Reports are just a few of the choices on the market today. You can tailor your choice to what interests them most.
Give the Gift of Education
If you want to give something meaningful to a family member or friend, consider opening and contributing to a 529 Plan, a tax-advantaged savings option that can help pay for higher education costs. It works in conjunction with other college saving accounts: Coverdell Education Savings Account and College Saver Share Certificate. You can also contribute safely and securely to an existing account with UGift529.com.
Start an Emergency Fund
Helping a young adult manage their money is a gift that has lasting benefits. Jump-starting an emergency fund account is a great way to help them build security and avoid going into debt.
A Financial Gift for Yourself
As you head into a new year, do you have questions about your future? Give yourself some peace of mind by scheduling a complimentary financial consultation with one of SchoolsFirst FCU’s financial advisors. They will help you discover smart ways to save for your future. Read why Financial Advisors are for Everybody to help you prepare.
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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or BALANCE counselor who can help tailor a solution for you.
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