As the holidays quickly approach, you might be starting to think about what to give as gifts.
While there are many options you can give for gifts, many people – like me – appreciate practical gifts that they can truly use.
I have a large family, and it can be challenging to shop for all of them at once while keeping the cost low. This meant that every Christmas, we exchanged these admittedly awful gifts, such as ugly posters, ill-fitting clothes, or patched together homemade scarves. After giving and receiving many terrible Christmas and birthday gifts, my family all admitted to one another that we never actually used any of the gifts we were given. We vowed to cut back our gifts and only give each other small, useful items.
Since I love personal finance, I always ask for something personal finance related. To me, these are the best gifts because I can truly use it year-round, whether it’s a resource or a product.
If you have a friend or family member who is passionate about personal finance or who wants to grow in their knowledge of personal finance, they likely would appreciate a personal-finance related gift.
Here are 10 personal finance gifts to give to your family and friends.
1) Personal Finance Books
Books are an easy gift to give, and they can provide a resource to anyone, no matter where they are in their financial journey.
One book we have to mention Hustle Away Debt, which was written by Young Adult Money’s very own David Carlson. He outlines his story of how he has used side hustles to help pay down his $100k of student loan debt.
Some of our other favorites include:
- Corporate Survival Guide for Your Twenties by Kayla Cruz
- Debtless: Helping Students Take On Less Debt by Josiah Kennealy
- Dear Debt: A Story About Breaking Up With Debt by Melanie Lockert
2) A Budgeting Program
How would you like a personal finance program that manages all of your finances, including your budget, retirement accounts, net worth tracker, and more? Budgeting programs are another great gift idea.
Personally, I love to use Personal Capital to handle my own finances. Other options for personal finance software include Tiller (read our full review here), Quicken, Mint, and You Need a Budget. Most of these programs offer free versions and paid premium versions.
3) A Budget Book or Journal
Not everyone loves to use digital products to handle their budgeting system. Some prefer to use a journal or notebook to keep track of their finances. Some of our favorites include:
4) Credit Monitoring Programs
Gifting a credit monitoring program might not be the most glamorous gift, but it can provide serious financial protection. Since most people like to think that their credit information would never be stolen, credit monitoring programs can often be overlooked. People may not realize that they should have purchased it until it was too late.
That is why a credit monitoring program is a great gift option. One of our favorites is TransUnion. You may need to sit down with your friend or family member to set it up, since it does require some personal information from the user before you are able to purchase the premium version.
5) Tax Preparation Software
For a personal finance loving family member who files their own taxes, giving tax preparation software like TurboTax would be the perfect and practical gift.
If you are shopping for holiday gifts, tax software makes a perfect gift, just in time for tax season. And let’s be honest: most people do their taxes themselves, using a tax software. Practical and almost for sure will be used and appreciated.
6) A Session With a Financial Planner
What better gift than giving someone the opportunity to sit down to speak with a certified financial planner? A financial planner can answer some of your family member’s most pressing financial questions and cater their answers depending on your friend’s financial situation.
7) A Career Coach Session
For anyone who is about to enter the workforce, a session with a career coach can be a dream gift. A career coach can help individuals figure out what it is they want to do for a career and how to get there. A coach can also teach them interviewing skills, how to improve their resume, and how to capitalize on their strengths in the workplace.
These career skills are imperative for anyone who wants to earn more money at their 9-5. Gifting a session with a career coach can help set your friend or family member up for success in the long-term.
8) An Actual Piggy Bank
For kids, a physical piggy bank is one of the first tools they will use to understand money. Why not purchase a fun piggy bank to give as a gift?
Kids love putting any spare change into their piggy bank, and adults are able to use a piggy bank as a tool to teach their children the importance of saving money. The earlier kids start understanding about money, the better off they are more likely to be in the future.
9) A Savings Fund
Instead of giving physical gifts to my nieces, I started a savings fund for each of them. In lieu of purchasing a gift, I add that money to their savings fund. I discussed this with their parents, and we all agreed that it was a great idea. If I put $50 a year into each of their savings accounts, I should have $900, not including accrued interest, for each of them by the time they are 18.
The best part about savings funds is that they are relatively easy to do. I just mark my calendar once a year to remind myself to add money to that account. No need to spend time picking out the perfect gift.
10) Charitable Donations
A charitable donation on behalf of your family or friends is always an appreciated gift. Find an organization that your family member or friend cares deeply about and send them a donation in their name. Not only is charitable giving making a difference and giving back, but it is an incredibly thoughtful gift.
Editor’s Note: DC here – I just wanted to say that for some people this is the absolute best gift you can give! My family does secret santa each year and the person I picked was passionate about the environment. Donating $50 in their name to The World Wildlife Foundation was a great change of pace from all the other gifts being exchanged, and they absolutely loved it.
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Have you given or received a personal finance related gift? What was it? If not, what are some of the best affordable gifts you have given?
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All great ideas Rachel! The only thing I’d say is to be sensitive to how the person may receive the gift. That being said, I’ve been the beneficiary of some of these gifts and they were great/met a need or want I had. I actually exchange services with a family member where I help them with some financial areas and they help us with things around the house so we both get to help out.
Thanks John. That’s a great point. Some people aren’t comfortable talking about money and might not appreciate such a gift (though I wish everyone would be comfortable). That’s a great idea to do an exchange with your financial knowledge!
nice ideas thanks for sharing!