Money Smart Holiday Gifts for Kids
November 30, 2016
Kids are typically the easiest to buy for during the holidays. Let’s face it, they want everything! However, most of these gifts will be broken or forgotten far too soon. Consider this year giving a money smart gift to your children or grandchildren, something that will last them more than just a few weeks. We have come up with a list of our top choices for kids:
A 529 College Savings Account
These accounts can be opened by parents, aunts, uncles or grandparents to use for higher education. All the gains are tax-free to be used by any child in the family, at any accredited college, in any state, for tuition and most college expenses.
A Piggy Bank
This is a great gift for small children. Typically the best time to start is about 3-5 years old. A particular one I recommend is the MoneySavvy Piggy Bank which is divided into four chambers that are labeled save, spend, donate and invest.
This app makes an online game out of managing the family allowance. It helps you assign chores and creates “rewards” in the form of money in a “savings account” or “stars” for completing tasks in a certain time frame. Set it up to pay out automatically on a weekly or monthly basis.
If you are interested in setting up a 529 College Savings Account for a child please contact us to set up a time to meet one of our Wealth Advisors. We would be happy to help you get it started.