Last Minute Gift Ideas That Give Back
December 20, 2011
By Katie Bryan, America Saves Communications Manager
Buy a Savings Bond – The U.S. Treasury will end over-the-counter sales of paper savings bonds on December 31, 2011. You will still be able to get savings bonds online through TreasuryDirect.gov but that system makes it difficult to buy savings bonds as a gift. Visit your local financial institution to buy a paper bond for someone you care about before December 31st.
Open a Savings Account – Opening a savings account for a child or teen can instill smart financial habits. Establishing a savings account will introduce them to banking concepts, such as interest and how compounding helps money grow.
Open a 529 – Help someone save for college by opening a 529. Student loan debt now exceeds credit card debt. Saving early (or helping someone save) will reduce the amount of debt a child or friend will take later in life for education. Click here for more information on 529 accounts.
Make a Payment on a Loan – Do you have a friend or family member in debt? Instead of buying them a gift they may not need, give them the gift of a debt payment. Giving them an extra payment will go a long way. Making an extra payment on a debt will reduce the amount of interest paid and the term of the loan.
- Written by Super User
- Category: Blog
- Published: 20 December 2011