Financial Tip of the Month
Topic: Cost-Effective Gifts
My lovely fiancee and I enjoy the show Adam Ruins Everything. This show debunks commonly held beliefs about many subjects: Voting, Hygiene, Work, the Economy, Going Green, Animals, the Wild West, etc.
We recently watched his Christmas episode (yes, we know it's June). An economist shed light on how much money is wasted each year on gifts.
For example, you buy a snowglobe for someone which costs you $50. You ask the beneficiary how much they would pay for that same item. In this example, we'll say $20. That's $30 of value wasted. And guess who captures that $30. No one other than the retailer.
People place different values on the same items, so how can you give a more cost effective gift? Here are some financial tips to ensure you're not wasting your hard-earned money.
1) Leverage wish lists and registries to buy people items they actually want. You'll save brainpower and you won't have to worry about them being polite and "loving" their gift.
2) Gift an interview to document someone's story and then you'll have the option to upload the interview to the Library of Congress so the person's messages are preserved. Download the free StoryCorps app to get started. This is also a great gift for the person who has everything and for the older generations.
3) Instead of buying someone more knickknacks, gift knowledge. You can reserve a behind-the-scenes tour at your zoo or museum to experience with your recipient. You can contribute money towards a 529 College Savings account for someone pursuing higher education. And, we have seen multiple supportive family members gift our Money Coaching and Personal Growth Programs to adult children.
Now go be a cost-effective gift giver!
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"If you're given a choice between money and sex appeal, take the money. As you get older, the money will become your sex appeal."
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