In addition to the usual toys for the kids this holiday season, consider giving them the gift of financial literacy. Today, I have gift ideas that will help your kids move towards financial security.
First, an old classic – the tried and true piggy bank. This is a great way to show kids the importance of saving because it’s interactive – they literally see the money they’re saving. You can even use multiple piggy banks to teach them to save for different goals –some money for charity, some for long-term needs like investing or a rainy day fund, and finally some money for daily use.
If your child is ready for the next step, consider opening either a savings account or investment account. This is one of life’s financial milestones, so give them the full experience. Arrange for them to have a meeting with a financial professional at the bank or an investment firm. Make sure the representative gives them a basic, yet kid-friendly, overview of the financial services they provide. And when your child gets their first statement in the mail, take the time to go over it with them. Your child will become familiar with how these important accounts work, and they’ll feel more comfortable with managing their money.
Give the gift that keeps giving – teach your children to become financially empowered.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.