Start giving practical gifts
by: Christina Pontisso
Forget the toys, clothes, and games — instead invest in a financial gift this holiday season. Michelle Dosher, managing editor at the Credit Union National Association, Andrew Schiff, managing director at United Capital, and Odysseas Papadimtriou, chief executive of credit card website CardHub.com state their reasoning behind each gift option.
Here are some financial gift alternatives to consider:
1. Piggy bank – Ideal for: Young Children. “If you don’t want to make a contribution to a college savings plan, Michelle Dosher, managing editor at the Credit Union National Association, says to start with something as simple as a piggy bank with money in it. They will love unwrapping it and it’s a gift they can continue to add to throughout the year. It’s also a great way to teach young kids about saving.”
2. Invest in a college savings account – Ideal for: Suitable for ages up to 18 years old. “Its way more fun to give a toy but for grandparents it’s a good idea to give a smaller tangible gift and then make a contribution to a college savings account,” says Dosher. “It’s worth so much more than a toy when the child turns 18.”continue reading »