We’ve all walked away from the holidays with useless items in tow. Remember the teddy bear tie that Aunt Mary thought was just too cute?
It’s our kids that get this the most. Let’s not forget the sheer overwhelm that comes from opening all those presents — many of which get used once and then tossed aside. There is a simple solution. Enlist the support of your family and friends in saving towards something more meaningful.
Give the Gift of a College Education
Freshman Fund allows parents to open a college savings fund and invite anyone to contribute to it. Ugift, an online gifting service from Upromise Investments, also lets 529 plan owners invite others in their social network to contribute to their account.
Help Kids Reach Their Goals
With SmartyPig, parents can open an account for their kids, help them set concrete goals, and then watch them save to achieve them. Of course, parents can invite friends and family to help out. Finally, the site offers a number of redemption options.
Establish a Family Fun Savings Account
Opening a savings account for the purpose of sharing fun, family experiences is another terrific alternative to the run-of-the-mill holiday gift. Create excitement by making a list of all the great things you plan to do with the funds. Then, encourage everyone in your clan to contribute their allowances and spare change to the account. Bank of America Keep the Change Savings Program offers one good way to do this by rounding up purchases made with your Bank of America Check Card and then transferring the difference from your checking to your savings account.
In this economy, a holiday gift is a terrible thing to waste. The gift of savings today gives back tomorrow. And, at the same time, reduces the number of ugly sweaters under your tree! Sorry Grandma.
[...] Then, see where you can shave costs. This is a budgeting basic that can give you some extra cash to put towards saving for a rainy day, college savings, your 401(k) or just good old fashioned family fun. [...]