Money gifts for kids
are a great way to give a special child in your life a meaningful gift that can grow in value as they grow in age. Here are some ideas to get you started on the type of money gift appropriate for various ages and occasions.
Savings bonds are a classic alternative to giving cash. The bonds mature over the years and earn interest. Children can redeem them for any purchase once they've reached maturity.
Can you open a Roth IRA for your kids? Sure. There are a few requirements, but if your child qualifies, it can be a fantastic investment account for your kids.
Cash can easily be deposited into a child's savings account
for use in the future. It often works to give cash (or a check) when you don't have a special purchase in mind.
4. 529 Plan ContributionsWant to contribute money for the child's college education? Consider contributions to a 529 plan, where the money can be invested and taken out tax free for college.
5. Gift CardsGift cards work well for older children who like to shop. You can designate a special store where they can pick out their own gift.