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Give a Lasting Holiday Gift
Wondering what to get your kids, grandkids, nieces or nephews for the holidays? What about building their future . . . what better gift could you give than that?
How do you do that? Open a savings account in the child's name. Ok, so it's not the most exciting holiday gift. But you can make the holidays fun and help build your child's savings. Here's how:
This holiday buy one less gift, or a less expensive gift, take the amount you saved and put it into a savings account. If you did that for birthdays too, putting in $20 twice a year over 15 years you'd have saved nearly $500 for the child.* That's a significant amount of money for a young adult to use for college expenses, a deposit on an apartment or a down payment on a used car.
Help your child learn to save by having them add $10 a month to that savings account over a 10 year period and that savings would grow to over $1800!
So, while it may not seem like the most exciting gift to give, it is a lasting gift. Will they remember the hottest toy of 2008 when they turn 18? Maybe. But your gift will be one they remember for a lifetime. And, if you're the aunt, uncle or grandparent give a copy of the deposit receipt to the parent. You'll definitely put a smile on their face!