Plastic toys. Another gaming device. More clothes. Candles. Socks. Chocolates.
Instead of your usual approach to giving “stuff,” imagine you used your money to give game-changer gifts this holiday season. Here are a few ideas that have a big impact.
Spoiler alert! Money, for a specific purpose, is a fabulous gift that can change someone’s life.
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Money for education
It could be for a Registered Education Savings Plan (RESP). A newborn today is expected to pay more than $100,000 for post-secondary education costs after high school. An RESP provides funds for those future costs. The added benefit of giving an RESP gift is that there is a 20 per cent government match of contributions through the Canada Education Savings Grant (up to a maximum match of $500 annually). This makes your gift go even further!
You could also consider financial support for tuition and books. Though there’s not a government grant for this, it could make a huge difference for a student in your life, and lighten the financial burden of paying for education costs out-of-pocket.
Money toward a down payment
If your loved one is working hard to save up for their first home, money toward their First Home Savings Account (FHSA) could be a game changer. For most first-time buyers, it takes years to build up a down payment, so you could repeat this strategy and make small contributions every year until they buy. This also lightens the financial burden for parents and grandparents who are often being asked for larger sums for down payment contributions — it breaks up the ask into much smaller chunks.
Help fund a big goal
Is your family member or friend launching a business, starting a family, changing their career altogether or beginning to invest? Consider a contribution toward their big goal. Perhaps you are helping them buy a key piece of equipment they need to start manufacturing their new product, covering some of the out-of-pocket fertility treatment expenses, paying for a course to help them pivot in their career, or helping them invest money in the stock market for the first time. Every little bit counts in helping your loved one move forward with their dreams.
Gifts to support wellness
This could be a gym membership, personal training sessions, swimming goggles, running shoes, a subscription to a meditation app, a journal, classes at a yoga studio, counselling sessions and even a financial planning session for an individual or couple. What could help your loved one feel stronger going into the new year? This kind of gift could transform your loved one’s health and mental well-being.
Acts of service
Your time, energy and skills can be a huge gift. Imagine using your handy skills to help your loved one build a bookshelf or install safety railings. What if you offered regular babysitting or a deep clean to busy, exhausted parents in your life who could use a hand?
Perhaps your friend could use an expert purging service, or help organizing their home, and you have that skill set.
Could you assist a sibling or a senior in making a website, or a photo book?
Of course, the service itself is a gift, but the real gift is you spending memorable time with your loved one, and that could change your relationship.
Local purchases and charities
Supporting local farmers, brewers, small businesses and charities is a game changer for them. Think about where you could spend your money, and how that might help. Perhaps there’s a local pop-up market in your neighbourhood where you could focus your dollars and shopping list.
Some people are simply hiving off a portion of their total shopping budget and dedicating it toward a donation. If made to a registered charity they will receive a receipt that can be used to bring down their tax bill. Others are dedicating volunteer hours to make a difference in their community.
These game-changing gifts aren’t just for those who “have everything.” They’re for anyone you’re thinking of buying for that could benefit from something extra thoughtful this season.
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