6 Christmas gifts to help your financial future

Christmas financial planningDeciding what to buy loved ones for Christmas can be difficult, and more often than not we waste our time and money exchanging material gifts that we simply do not need. There are some gifts, however, that can help change a person’s life for the better and secure their financial future-what more could they ask for at Christmas?

Here are 6 unusual but very useful gift ideas.

1. A will

It sounds odd and morbid, but many people put off making their will so why not take matters into your own hands and buy your spouse or relative a will for Christmas. You can make arrangements through a local solicitor that will probably cost you from around $120-$2000 (depending entirely on the state of their affairs). Alternatively you can buy a Will Kit for about $30 from the Post Office. Where there’s a will there’s a way!

2. A financial plan

For friends or family who struggle to organise their finances themselves why not treat them to a tailor-made finance plan and help ease their money worries this Christmas. Book them a session with a financial planner (be sure that they’re a member of the Financial Planning Association) who can help them to manage their money and create an individual plan to suit their needs. Fees are varied from case to case but financial organisation is priceless.

3. A tax return

Tax can be a major source of stress for the less organised amongst us and many people avoid doing their tax return at all costs. Paying for a relative’s tax return to be organised by a professional accountant or tax agent can make an unusual but extremely helpful gift. A basic return can cost from $100-$150 but can help relieve your loved one of their tax-related stresses.

4. Investment literature

There are many interesting and helpful investment books out there with top tips for money management that would make great gifts for people with unorganised finances. You could even subscribe to an investment magazine on your loved one’s behalf. There’s a whole range of literature out there that can seriously help with finances.

5. A budget

If Christmas has been especially harsh on your bank balance this year why not avoid buying your spouse a gift that they could easily do without and take the time to plan and organise a family budget. Download a planner from the internet and sit down together to discuss your finances and where you could cut back. Talk about long-term goals and future luxury expenses like holidays that will give you the motivation you need. With the New Year just around the corner, there’s no better time to begin your budget journey.

6. Savings plan

There is always one person in the family that just cannot manage to motivate themselves to save their money. Having savings is essential but some people need some encouragement, so set up a savings plan for your loved one as a practical Christmas gift. If you have a smaller budget simply open up a high interest account, pay in your contribution and then ensure that they set up a direct debit to the account.

The information in this article does not constitute legal or financial advice. If you would like to discuss any of the above in greater detail, please contact your local Axis adviser.

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