Gifts of money are often received (and spent) with joy and appreciation that lasts about as long as it takes to get to the mall or log onto Amazon. But there are better ways to give that can provide valuable lessons about financial responsibility, stability, and charity—gifts that may improve your loved one’s quality of life for years to come.
Here are some alternative ideas to add meaning to your holiday gift-giving:
Experience Gifts
Experiences are thoughtful gifts that can last a lifetime. Whether it’s a concert, theater performance, or sporting event, shared experiences create lasting memories.
Enrolling your loved one in a cooking class, art workshop, or sports clinic shows support for their interests and encourages skill development. A membership to a zoo, museum, or science center provides endless exploration and learning opportunities throughout the year.
Personalized Books or Subscriptions
A personalized book featuring the child as the main character can be a delightful keepsake, often passed down through generations. Subscription services are another great option.
A monthly book subscription encourages a love for reading and offers new adventures each month. You can also explore craft, science, or cooking subscription boxes to keep the excitement alive well beyond the holidays.
Savings Account Contributions
Contributing to a savings account helps children develop strong savings habits. Partner with a local credit union to open a youth savings account or contribute to an existing one. This teaches the value of saving and allows them to see their money grow over time.
Contributing to a 529 Plan or Coverdell ESA
These tax-free accounts can be used for education expenses, including vocational and graduate school. Coverdell ESAs also cover elementary and secondary education costs.
To ensure the funds are used as intended (and to avoid financial aid complications), consider opening the account in your name with the recipient as the beneficiary. For more details, contact a financial advisor.
Volunteer Together or Donate in Their Name
For someone who has everything, donating on their behalf to a favorite charity can bring deeper meaning to the “season of giving.” Alternatively, plan a family volunteering day to teach the importance of giving back.
This powerful experience might include serving at a food bank or animal shelter, teaching kids about community and helping those in need. Charity runs or walks also promote family bonding while supporting a cause that resonates with you.
DIY Gift Kits
Encourage creativity with do-it-yourself gift kits tailored to a child’s interests, like a craft or baking kit. Include materials for a fun DIY project or non-perishable ingredients for a favorite recipe, along with a handwritten note or family recipe card.
By choosing meaningful alternatives, you can create lasting memories and teach valuable lessons that will stay with children into adulthood.
With the support of your local credit union, you can explore options that enrich the holiday season and nurture a brighter financial future for the next generation. Happy holidays!
Consult your investment advisor or tax professional regarding contribution limits and tax implications for education savings plans.
This column is sponsored by Bay Federal Credit Union
