In today’s fast-changing world, financial literacy is no longer a luxury but a necessity. According to a survey conducted by the Pew Research Center, 63% of millennials have clear concerns about their financial situation and are interested in improving their financial situation.
Additionally, 72% of millennials have expressed interest in increasing their knowledge of personal finance, indicating that there is a market for educational assets. By capitalizing on this growing interest, companies have the opportunity to offer financially savvy corporate goods that resonate with enthusiasts and empower them to navigate the complexities of managing their money.
In this article, we will talk about the best budget-friendly gift ideas.
1. Monthly Budget Planner
This is an ideal gift for someone who helps you save cash and live on a budget. There is also a budget planner that helps you keep track of how much you are spending and where you can cut back on your spending.
- Pay your bills on time
- Save your receipt
- Declare your monthly fees
2. Monopoly
It’s a game we’ve all played, a game that doesn’t often get much attention. The best game for personal finance enthusiasts, this Monopoly model makes playing the board game more convenient than ever.
3. Books about money
Financial products can quickly add to your child’s bank account, but it’s worth building strong financial habits. It’s never too early to start helping teach your kids about money topics.
There are a wide variety of books available to help children learn about the value of money and how to grow and protect the money they earn. For elementary school students, choose a fun picture book or an easy-to-read book about money. For middle school kids and older, consider a book about investing. Whatever gift you give, make sure it makes financial sense to you.
4. Buy stock in inventory
To introduce your grandchild to the stock market, give them stock in a company that produces a product they love. Not only will this get your grandchild started on a portfolio at an early age, but it’s also a great opportunity to have a long discussion about how the market works and why investing is part of a financial plan. For adults who don’t want to spend a lot of money on stocks or who want to give their older children some experience with buying and selling stocks, there are plenty of stock market shares for kids available online.
5. Prepaid Debit Cards
Kids today are more independent than ever before. Give them the power and responsibility to make their own financial choices and mistakes with a prepaid debit card. There are many prepaid debit cards available, but look for ones that are primarily geared towards kids. Many of these cards offer features that allow you to track your child’s purchases, block them from purchasing at certain stores, and even top up the card when the balance is low.
Conclusion
When it comes to financially smart gifts, most students will choose cash. Or maybe tickets to a European backpacking experience or a Mexican beach vacation. But with student loan debt now higher than SAT scores, it’s wise to think about what makes a good gift. To get your graduate off to a financially balanced start, you can choose the financially smart gifts listed above.
