Disclosure: I’m working with Fidelity Investments and MEFA to spread the word on the U.Fund Dreams Tour. All opinions are my own.
It's almost Christmas, and if you are still hunting for the perfect gift for the children on your list, you can stop looking. Have you considering giving a financial gift this season? It's such an easy gift to give, requires no shopping or wrapping, and will surely be appreciated. Here are some of the people on your list who a financial gift would be great for.
Reasons to Give a Financial Gift This Season
For the baby on your gift list
When my kids were little, we used to give them just a few small toys and then contribute to their college savings fund. They definitely didn't need the toys, and the money that we used to contribute to their college savings has continued to grow. Whether it's your child, or a relative, a college savings gift is a great idea.
For the kid who has everything
Some kids have so many things that they really don't need anything else. A financial gift is perfect for them.
For the tween or teen who don't want toys or clothes
My tweens have been increasingly difficult to buy for. Clothes aren't necessary because they aren't outgrowing their clothes quickly and they don't play with toys anymore. A financial gift, specifically one for college, is a great option. While they may not appreciate it immediately, they will later.
Why would you give a financial gift? Here are just a few reasons.
A financial gift won't end up in a landfill. I'm so sick of buying stuff that my kids never use, but a gift towards their college tuition will absolutely be essential in the future.
Useful and necessary
Whether you are gifting money to your own kids or to other relatives, you know that it will always be useful and necessary.
By saving the money instead of spending it, you'll increase how much your kids have for college in the future.
Keep in mind that there are tax restrictions on how much you can gift in a year, so be sure to research that before giving.
To learn more about how you can save for college with MEFA, visit their website.
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