Money is always a great present. However, sometimes you may wonder if there is a better way to gift money than cash. Read on to find alternative ways or giving money as a present.
Money is a great gift. But, depending on who you’re giving it to, there may be a better way to do so than writing a check or slipping some cash in an envelope. Kids tend to be amazed by receiving some cash, but it is not always the best option.
Helping out with money toward a child’s education is a great way to help plan for the future now, whether it’s for a newborn, niece, grandchild or someone outside of your family. As school expenses tend to be so high it is a nice gift to contribute with some money for their education.
Also, giving young children cash can help them learn about money and math as well as spending responsibly. Teaching children to manage and appreciate money early can create good habits that reward the recipient long past the initial gift.
Unlike cash that a teenager may be tempted to spend immediately, options like CDs, savings bonds, checks or money sent to their account digitally through an app can help teens learn how to manage deposits and balance saving with spending.
If you know the recipient buys things online, giving them an E-gift card or credit on an app store can make it easy for them to use their gift. Or find out, if they have any trips abroad coming up, and consider giving them foreign currency to use at their destination.
In case of a wedding, the couple may have set up a place to receive cash as part of their registries. Many couples set up gift funds to pay for honeymoons or other big expenses, such as a down payment. If the couple hasn’t set up a gift fund and you’re hoping to give money, consider a gift card to a store.