It's easy to blow a budget ... and many already have. However, one can send a message by giving a gift gift with a personal finance focus.The ultimate holiday season lesson? It's important to understand personal finances... at any age. We've compiled a list of gifts that are pro-active in understanding personal finance and suitable for kids from one to 92.
Toys for kids:
Give the gift of words, and read a book to a little one. There are many books on finance, such as Alexander, Who Used to Be Rich Last Sunday," by Judith Viorst. This story is about a boy who gets a dollar from his grandparents, what he wants to buy and how his money disappears.
A board game like Monopoly, Pay Day and Life are excellent gifts for those in elementary school. It teaches the basics, like how to pay for property and how to count money, while making finance extremely fun.
Kim E. Jones, a financial planner in Broomfield, Colorado, recommends the Money Savvy Pig, a piggy bank that has four different sections. One for saving, one for spending, one for donating and the last one is for investing. This way, kids can experiment with their money, and find the best solutions for themselves.
Presents for teens:
If your teen wants money, don't fret. Offer to match the teen's savings as long as the money is spent wisely. "Any gift can be turned into a financial lesson with a little creativity," says Shelley Solheim, director of Financial Education for Capital One Financial Corp.
Why not buy a teen a share of stock? This will fuel an interest in stocks for the teen and the youngster will be eager to learn. Check out single shares of stock as framed gifts here.
Buy a teen a gift card for SmartyPig.com. The card can be used to open an account, or as money to add to SmartyPig. What is SmartyPig? SmartyPig is an account that is made with a specific goal in mind. The site also offers social networking, so an account holder can receive contributions from other people. Specific retailers offer dicounts that can be obtained once your savings goal is reached.
Gifts for all ages:
Is your friend socially conscious? Donate some money to their favorite cause. Maybe even buy a charitable gift card that enables them to pick out a charity of their choice. 'TisBest Philanthropy, Just Give, and The Network for Good are all charity gift card vendors.
Need a gift for someone who isn't likely to read a book on personal finance? Buy The Nuru deck of personal finance flash cards. The flash cards contain 30 cards, and contain words on budgeting, investing, loans, retirement, and insurance. Buy it for $9.95 here.
Click here for more finance-themed gift ideas.
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