Despite all of the holiday discounts, it’s easy to wind up feeling that you’re spending so much on gifts that don’t matter. Sure, there are a slew of gifts that give back (and those can be great) but sometimes the impact feels too far afield.
So, how can you feel more fulfilled in your gift-giving this holiday season? How about giving a few of the more personal finance-challenged folks on your list something that can give them a little help getting their act together. Granted, this is not something you can do for every single person on your list (it might feel weird with a colleague, it would be weird with a boss.)
Giving this kind of gift “depends on your relationship with the person and whether or not there is some context for why a financial gift would be appropriate,” says Farnoosh Torabi, Financial Expert and Host of the Podcast So Money. For example, is this going to your best friend who is struggling to pay off her student loans or a coworker you just met?
Once you determine who you’re selecting for, you have to figure out what would best benefit them because the “gifts are only as valuable as the gift-recipient makes them out to be,” says Torabi.
Ideas to consider:
What about cold, hard cash? This is a risky kind of financial gift. “People love receiving cash,” Woroch says, but “you can’t control their purchasing decisions and the money could end up going toward something that eventually ends up in the corner of a closet.” If you’re really looking to make a positive impact on someone’s financial life, it’s best to go another route.
With Rebecca Cohen