This Christmas, your kids’ lists may be filled with the latest toys and electronics. What happens when that new gift excitement ends? You’re stuck with storing all that stuff, which will eventually get replaced next year with the current latest and greatest. There has to be another way, and there is! We’ve got some gift giving suggestions for the kids in your life that will withstand the test of time.
The Gift of Saving Money
Savings accounts are one of the best presents this year as far as we’re concerned. It’s a quick, painless way to teach your kids about saving money and establishing good life-long habits. Most credit unions and banks offer some type of savings account for minors
, and having a savings account can make a child feel more accountable in a really positive way.
Kid’s savings accounts allow parents to have joint ownership over the account. This way parents can oversee the finances of their child until they are ready to do so on their own. A lot of financial institutions give members the options of managing their finances online as well as inside of the branch. Greater Nevada Credit Union has an online banking feature where you can decide to receive e-statements or monthly paper statements. Going over your bank statements with your child is just another opportunity to teach them about their new savings account and about the importance of saving in general.
The Gift of Education: 529 Plan
Our past blog about the 529 plan
explained how this education savings plan, operated by a state or financial institution, is specifically designed for funding future college costs. These plans can offer tax benefits and the choice between pre-paid tuition and college savings plans. (Think of the burning excitement you’ll see in your child’s eyes when you explain this!) In reality, it may not be as glamorous as some other gifts that provide instant gratification to children, though when they go to college, get an education, and get to pursue their dreams they’ll thank you.
The Gift of Financial Knowledge
Many families have those relatives that like to entertain kids with stories from “the olden days” and give out all kinds of old fashioned advice. Well, guess what? This year that can be you! Yes, we’re suggesting that in addition to all those practical gifts you’re giving them, you also give them financial advice. Don’t feel qualified? There are all kinds of online financial resources
and games, like the ones found here
, and you might even think about hiring a financial advisor to teach your loved ones the basics.
The Gift of Credit Union Membership
We couldn’t end this blog without mentioning Greater Nevada Credit Union’s Gift of Membership
. Back by popular demand, this certificate is an instant $10 value and makes a perfect stocking stuffer. Plus, it provides a lifetime of benefits for Living Greater!