Harris: Last-minute financial gifts for the holidays!

By Charlestien Harris, Retired Financial Coach at Southern Bancorp 

It’s crunch time! You’re a procrastinator, and you waited until the very last minute. Well, it happens to the best of us – myself included! I ordered some gifts online and received an email that said, Your gifts will arrive on December 26 – sorry for the delay. You’d think that put me in a predicament, right? Wrong. I just decided to get creative.

Below are some quick suggestions for us last-minute shoppers who, for whatever reason, didn’t get the shopping done earlier to avoid the holiday rush:

1. Give gift cards.
No guessing game here – how can you go wrong? The card is redeemable at the retailer named on the card or can be used anywhere, like a Visa or Mastercard. This choice offers a variety of options, such as choosing a person’s favorite store, restaurant, or gaming platform. This option is versatile and can be a great choice for any recipient.

2. Give cash.
Who doesn’t like cash? Much like the gift card, this option offers a wide variety of uses. It can be more convenient for the recipient because cash can be used almost anywhere items are sold. You don’t even have to formally wrap it – you can present it directly or put it in a festive envelope, which can usually be found in the greeting card section of most retailers.

3. Give prepaid debit cards.
This option can be the next best thing to giving cash! A prepaid debit card offers flexibility and allows the recipient to choose how they want to spend the funds. They can use it for online purchases, bill payments, or grocery shopping. This may also be an excellent tool to reinforce the habit of staying within a budget.

4. Give online subscriptions.
This is a great option for new parents. I’ve given new parents six months of diaper delivery to their home address, and it was a big hit! As all parents know, diapers are a huge expense. It was simple to set up, easy to maintain, and easy to stop when the six months were up. You can also use this option for gaming, streaming services, music platforms, and online learning.

5. Give donations in their name.
This can be a very sentimental gift idea. Giving a donation in the recipient’s name to a charity or organization that has special meaning to them is thoughtful and impactful. It reflects their values and helps fund great causes, allowing organizations to continue their work and provide services to those in need.

6. Give a prepaid phone card.
This is a perfect gift for someone who doesn’t have a regular cell phone plan. The cost alone can sometimes hinder people from affording a phone. Purchasing a prepaid phone card will enable the recipient to stay connected with family and loved ones during the holidays. Most cards are easy to use and come with instructions on how to activate them.

7. Give a 529 college savings plan contribution.
This gift will last long past the Christmas season. Contributing directly to a college savings plan is a great way to support your children or grandchildren in furthering their education. It’s easy to do – just check with your state’s Secretary of State office for details. Each state is different, so you’ll want to know the guidelines for setting up such accounts.

8. Open a savings account for them.
As a counselor, I often hear clients say, “I just can’t save.” One way to help is to open a savings account and make the first deposit. Of course, you’ll need to know the requirements of the chosen financial institution. Most savings accounts can be opened with as little as $50. It’s a great way to get someone started on the savings track and encourage them to continue saving regularly.

Christmas is almost here, and if you’re still in the dark about what to give, I wish you the best. Waiting until the last minute can create a rush for some, but stress for others. Whatever you decide to give, take time to spend with your family and cherish each moment.

May each of you have a Merry Christmas and a happy Holiday season! For more information on this and other financial topics, email me at charlestienharris77@gmail.com or write to P.O. Box 1825, Clarksdale, MS 38614.

Until next week – stay financially fit!

Charlestien Harris is our financial contributor, a retired financial coach with Southern Bancorp.