5 unique financial gift ideas
The holidays are upon us, meaning it's time to get together with family and friends and exchange gifts. While shopping can be fun, finding just the right holiday gifts for our loved ones is sometimes challenging.
Before you resort to giving cash or an ordinary gift card, expand your gift-giving opportunities by checking out these valuable security and financial gift ideas.
5 unique financial holiday gift ideas
1. Gold and Gold IRAs
Facing high inflation and unstable world affairs, many investors are looking for non-traditional vehicles to place their money, like gold and other precious metals. While gold isn't "inflation-proof," and it's not for everyone, it is a valuable gift that may provide a return over the long term.
Gold coins are a unique collectible to fill your holiday stockings with, and your family will treasure the gift more than cash. Unlike clothes, toys and other common gifts, gold is valuable, beautiful to look at and lasts forever. You can buy gold through an online dealer or local dealer.
Gold IRAs are another unique financial gift that works just like a standard IRA, but it allows you to hold physical gold and other precious metals. You likely won't be able to give a gold IRA as a surprise gift, as you'll need to work with your gift recipient to set up an account in their name. While opening a gold IRA is relatively straightforward, you'll have to follow IRS directions for assigning a custodian and depository for your gold.
2. Pet insurance
Pet insurance can help pay for expensive veterinary bills if your pet is ill or injured. With the high cost of veterinary services, pet insurance could be a unique gift for a family member that could come in handy if they suddenly face a large, unexpected vet bill.
Think about the older people in your life who may be living on a fixed income or others with limited financial means. How would they fare if they had to pay a substantial vet bill?
You could give peace of mind by getting pet insurance for a loved one, but you don't want to saddle them with premium payments. As such, you'll need to be comfortable covering the premiums to make this a true gift.
Pet insurance monthly payments will likely run you $15 to $40 for a cat and $30 to $70 for a dog. You may receive lower premiums by opting for a baseline coverage package. For example, base pet insurance for dogs and cats starts at $10 per month at Lemonade.
You can get a free price quote online right now so you know exactly what to expect.
3. Home security systems
A home security system is an ideal gift for any homeowner looking to protect their property from burglary, theft and other crimes. According to a UNC Charlotte study, 50% of burglars said they would stop trying to break into a home if it had a security system.
Still, a SafeWise study discovered only 25% of Americans own a security system for home protection. For a relatively low cost—roughly $32 per month on average—you could help secure the home and property for someone you care about with a monitored security system. Knowing that someone is watching their property and can contact authorities in an emergency can give someone you care about an enormous sense of assurance, particularly for those who are older or who live alone.
You can get a free quote online right now or use the table below to start exploring servicers.
4. Medical Alert Systems
Medical alert systems are another gift that can not only help older Americans and those who live alone but could also potentially save their lives. When someone experiences a medical emergency, such as a bad fall, heart issue or a broken bone, getting to your cell or home phone to call for help may not be an option.
That's where it can be invaluable to use a medical alert system, also known as a personal emergency response system (PERS). These devices typically come with a button and two-way speaker, allowing you to contact emergency medical services with the push of a button.
You can find medical alert systems online or at your local drugstore. Get quotes from multiple providers to ensure you're getting the best deal.
5. Custodial Roth IRA
Would you like to jump-start your child's savings while teaching them important lessons about investing? You can do both by opening a custodial Roth IRA for kids.
As its name suggests, a custodian, usually a parent, holds and manages the IRA for a minor with earned income. While you, as the custodian, have the final say on the investments to include in the account, a custodial IRA presents an excellent opportunity to review and discuss different investment choices with your child.
You can open a custodial Roth IRA or traditional IRA and enjoy their respective account and tax benefits. Depending on your state, your child can manage the assets at age 18 or 21, and they own all the funds in the account. That means they'll enjoy the fruits of the compounded interest on their savings. They may be able to use the funds for college tuition, a down payment on a home, or any other financial goal.
Opening a custodial IRA is a simple process that involves filling out a sign-up form through an online brokerage. It pays to shop multiple brokerages to compare performance, options and fees.
Start exploring your IRA options online right now.
Don't forget
Shop early for financial gifts.
The holiday season is in full swing, which means you should begin shopping for your gift list now. Allow for time to explore your options and to shop and compare different providers. With the financial gifts listed above, you can give a unique holiday gift that provides security, safety or financial benefits long after the new year.
