When it comes to getting gifts for your kids, not all presents are created equal. One of the best things that you can do is get a gift that will help teach your child about basic finances and money management. This is extremely important because most kids are not learning about money management at school, so it’s your responsibility to teach these lessons at home. Picking out the right gift can both help teach your child about money management while also making it enjoyable at the same time. Here are a few gifts you may want to consider buying for your child the next time you need to get a gift for him or her:
Better Piggy Banks
One of the first money management tools that most children receive his piggy bank, but there are far better piggy banks than the typical piggy bank that comes to mind. There are a variety of piggy banks that teach money skills that make sure that kids learn a variety of financial lessons as they put their money away. teaching kids about money management from the very beginning will help lay a foundation for many other money management skills, and it’s a great way to get any child to learn about basic money management skills.
Money Management Books
Money management books aren’t just for adults. There are a wide variety of money management books that are geared toward children that gives them a great foundation of basic money management skills. Since kids are already greatly interested in money from a young age, purchasing a book about money geared toward your child can be a great way to give the knowledge of financial basics.
Create A Family 401(k)
one of the best financial gifts that you can give your child is to create a family 401(k) plan. While this may not be a gift that your child will talk about endlessly when he first received it, it will be a gift that he will remember for the rest of his life and has a great opportunity to help him more than any other gift that you can give so that he has a secure financial future. Basically, you create a 401(k) plan for your child where you match a certain amount of money that your child earns. Like a 401(k) plan, the matching funds have to be saved and invested rather than spent. The family 401(k) plan is an excellent tool to teach children the importance of saving, and teaches them not to waste free money that is available to them when they get older.
One of the best ways to get your children interested in finances and investing is to give them stock in companies with which they are familiar. This is simply a matter of knowing what captures your child’s interest and then finding a stock that matches that interest. Because the stocks represent something that the child loves, it is an excellent way to teach them the basics about investing.
These are just a few of the large number of money management skill gifts that you can get for your child. Taking some time to think about a gift that will not only be something that your child joys, but will also help them learn money management skills is always a great way to go.