Author bio: Ksenia Yudina is the Founder and CEO of UNest, the first mobile app that makes it easier than ever before for parents to save for their children’s future. Ksenia is an entrepreneur and financial expert with over ten years of experience in the financial industry.
As a wealth manager she helped affluent parents access smarter saving and investment options. She founded UNest to extend the same financial acumen to parents across all income levels and backgrounds. To date, UNest has helped tens of thousands of parents save millions of dollars for their kids’ future.
The holiday season is upon us, and soon enough it’s time to open the gifts. You know the scene; your kids are getting more joy from the box than the toy that was inside it.
Meanwhile, you're staring at a pile of new clothes that will never get worn.
Instead of guessing what your friend's child or your niece or nephew are now into, have friends and family gift into a kid's savings account. You'll be making holiday shopping immeasurably easier and more rewarding for the gift giver. And you'll be helping build a bright financial future for your kids.
The Numbers Are In…Parents Prefer Money Gifts for Their Kids
You won't be alone if you pick money gifts over clothes or toys. A recent survey conducted by Harris Poll on behalf of UNest found that 65% of young parents would rather receive a monetary gift for their kids. It just makes sense.
Before you know it, your kids will be hitting all manner of wonderful (and potentially expensive) milestones. Whether it's for their education, first car, an apartment, or a wedding, cash gifts now can make a world of difference in how you cover future costs.
Best of all, parents that suggest a financial gift for their kids from friends and family are helping simplify things for the gift giver — one less toy to buy, wrap, and ship. Particularly this socially-distanced holiday season when getting together isn't the best option.
The Gift That Keeps Giving!
We all get nostalgic around the holidays. Balance that out by thinking about the future, and the best possible start you can give your kids as they grow up, inspiring you to reach out to those around you to have them contribute to your kid’s saving account.
Getting down to logistics, how do you make it both easy for family and friends to gift money while also making the best possible use of the presents when they come in? Family-focused solutions like the UNest Investment Account for Kids include a gifting feature. You just send out a link and watch the gifts come in.
Set Goals. Watch Progress. Be Happy!
To really maximize the benefit of collectively contributing to your kid’s saving accounts, share your goals with your gift givers. Let them know the value of each dollar in moving towards the financial goals you have for your family. Share the progress and repeat for birthdays and kindergarten graduation gifts. Money makes sense, particularly when your kids are too young to really care about an expensive article of clothing.
Lastly, don’t be shy about reminding family and friends about why you are being so diligent about saving for your kid’s future. Together you can help your kids limit the chance of needing loans, with the funds to get a head start on the big milestones ahead of them. A few less toys and a less cluttered wardrobe in the short term can make a world of difference in the not too distant future!
Josh founded Money Buffalo in 2015 to help people get out of debt and make smart financial decisions. He is currently a full-time personal finance writer with work featured in Forbes Advisor, Fox Business, and Credible.