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Press Release
Wednesday, November 28, 2007
Gifts that Keep Giving
Tips on Giving the Perfect Holiday Gift that will Continue to Give for Years to Come
Dallas - November 28, 2007 - On the heels of the busiest shopping weekend of the year, the National Retail Federation reports that consumers spent an average of $347.44 this past Black Friday weekend. With almost a month left until Christmas, Consumer Credit Counseling Service of Greater Dallas (CCCS Dallas) suggests spending remaining dollars wisely by giving gifts that could benefit loved ones for years to come.
Savings bonds, college savings accounts, deposits into money market accounts and other financial assistance could help your loved one achieve a goal in the future or in a couple of months. By spending the amount you budgeted for each present on one of the following financial investments instead, you could help your niece attend college or your grandson buy his first car.
CCCS Dallas offers the following suggestions for gifts that keep giving throughout the years:
Open your children a savings account and teach them the basics of balancing a checkbook and creating a budget - Teaching children the basics of budgeting at an early age will help them when they're on their own. If your child has wanted a particular item such as a cell phone, give him/her a savings goal and budget so the child appreciates the item and understands how money works. Present the gift with a cute piggy bank and deposit slip showing the amount you deposited to get your child started.
Demonstrate the difference between a cash gift and a savings bond by giving one of each - Remember that a 10-year-old does not really think strategically, so giving a small gift of $25 could fulfill the immediate need for a kid who loves presents. But, a savings bond for the future can demonstrate how money grows over time. Be sure to explain that once the $25 is spent, it's gone forever. Then explain how savings bonds work. Kids CAN learn the value of starting to save early, while understanding the time value of money.
Open a college savings account - Instead of spending $350 on a game system, put that money into a tax-free college savings account, which many states offer. Package the account information with brochures on several colleges, a college sweatshirt or a book on preparing for the SAT to make a fun presentation. Information on college savings accounts is available at www.savingforcollege.com or www.bankrate.com.
Make a deposit into a savings account for a relative saving for a home - Find packaging that resembles a home and write a note explaining you've sent a check to the bank to help save for that down payment.
Open an IRA for a recent college grad - A lot of college grads lack funds to contribute to their retirement. Use the $200 you would have spent on an MP3 player to open an IRA or deposit into an existing IRA. This will help the graduate get off to a good start.
Register a friend for a financial education course - If you have a friend or family member who has confided in you about money problems, finding a financial education course could help him/her figure out money problems and get back on track. You could package the course information along with a savings bond to show you are concerned about your loved one's financial future and want to help. Free and low-cost seminars are available at www.cccs.net.
Make a credit card payment for a friend or relative currently facing financial strain - Helping a friend or family member who is usually very responsible will show that person how much you care about them. However, if this person has a reoccurring problem it would probably be wise to find that financial education course instead.
CCCS can help you and your family sensibly plan your budget, or help when financial problems have gotten out of control. Contact your local CCCS office for more information on financial education and free debt seminars, or call (800) 249-2227 or visit www.cccs.net.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a non-profit, community based credit and debt management service. Established in 1974, CCCS Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS Dallas is a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. For more information, visit www.cccs.net.
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