Christmas time is upon us. Every year gift-buying seems to outshine the true meaning of the holiday, often leaving many of us stressed about buying the perfect gifts. However, if you’re like us here at ELP Budgeting Services you value your money. Buying meaningless gifts that will be forgotten in a few months isn’t appeasing. Furthermore, breaking the bank on gifts is even more unnerving. We’ve gathered a list of “8 Financially Savvy Non-Toy Christmas Gifts Your Children Will Appreciate”.
Are you a parent struggling with gift ideas that won’t break the bank while leaving a smile on your child’s face? ELP Budgeting Services guarantees you’ll win Christmas with these eight gifts.
1. Custodial Account
Give your children a major financial start by funding a custodial account this Christmas. By doing so, your child gains up to an 18 year head start on investing and earning compound interest. Investing just $100 a month throughout their childhood could mean passing off an account of $50,000 on their 18th birthday.
2. Staycation and all the Fixin’s
In 20 years, your children may not remember the toys you bought them, but they will remember experiences. Give the gift of a staycation this Christmas. Pick an area in your state you’d like to explore, and plan your weekend staycation. Looking for something to put under the tree? Purchase a suitcase and travel journal to unveil to Staycation surprise.
3. Monthly Subscription Box
Are your children always crying boredom? Do you want your children to spend more time stimulating their mind? Look no further than a monthly subscription box. Subscription boxes are made for all ages and interests. Companies such as Little Passports, KiwiCo, and OwlCrate are sure to have something to excite every child.
4. Stock Shares
What are the popular toys for your child’s age? Instead of wasting money on the toy, use your newly opened custodial account to purchase stock shares in the toy company. For example, rather than purchasing a PlayStation 5, purchase stock shares in Sony Corporation. As a result, your child can potentially build wealth off the other parents buying PlayStations. They may not understand the value now, but after 30 years of compound interest earnings they’ll be forever grateful.
There’s no better time to inspire charity than Christmas. Teach your children the importance of giving through a charitable donation. Allot each child an amount and work together to find a charity near and dear to what moves them. It is better to give than to receive! (Don’t forget to claim your tax deduction while you’re at it.)
6. College Savings Account
Gift the give of education and open a 529 account for each child. Commit to funding the account regularly. In addition, explain the importance of education and encourage your children to contribute a percentage of any monetary gifts in the future. They’ll be sure to thank you when graduating college without student loans.
7. Local Memberships
What better way to support small business than purchasing a child membership at a local establishment? Encourage physical fitness by signing your child up for Karate or a local play gym. If you are interested in family outings, patronize your local aquarium, zoo or theme park for a membership. Experiences are priceless.
8. DIY Coupons
If you’re anything like us at ELP Budgeting Services, ‘free is for me’! DIY coupons are sure to put a smile on your child’s face at no cost to you. Each “coupon book” gives the child an opportunity to redeem the coupon for the indicated “prize” Need ideas? Our ELP favorites are: Stay up late, Dessert after Dinner, and 30 Minutes Extra Screen Time.
Back to the Basics
In conclusion, giving a non-toy gift is a great way to tap in the true reason for the season. Each gift on our list is kind to your pockets, creates meaningful memories, or teaches financial literacy. Join ELP Budgeting Services in valuing your money and getting back to the basics this Christmas season.
Be sure to let us know if you add any of these gifts under the tree this Christmas. We love to hear from you!