Holiday gifts can be a challenge — throw the effects of COVID-19 in there and you’re probably thinking, “What on earth am I supposed to give as a holiday gift this year?”
2020 has truly been a year like no other, we’ve had to pause and reflect on our relationships and shift our priorities to account for the new normal. While holidays may look a bit different this year, this year has made for a great opportunity to give a gift that can leave a lasting impact. Shiny new toys and gadgets may be exciting, but consider adding a gift that’s not only unforgettable, but also responsible to your list this year.
To help you get gifting, we’ve rounded up a list of the top financial savvy and memorable gifts you can give and receive this holiday season:
Gift Of Real Estate
Quality real estate deals are usually out of reach for everyday people. Vancouver-based addy is changing the game so that literally everyone has a chance to get into the market. The team at addy identifies properties, breaks them up into investment increments valued at $1, and opens the investment opportunity up to people like you.
This holiday season, give the gift of real estate by getting your loved one* to open an addy wallet account and then YOU can fund it with as little as $1. They can decide what properties to invest the funds in. addy properties are ones that they can drive by, take photos of and be proud to own.
*must be over the age of the majority
Gift of Life Insurance
Everybody is guilty of buying themselves something while holiday shopping, so why not get yourself the gift of life insurance? Indirectly, you’re giving the gift of protection to the ones you love, as well as giving yourself peace of mind (we can all use a bit more of that this year!)
If you have a partner or anyone else who is financially dependent on you (like children or elderly parents), getting life insurance is one of the greatest gifts you can give to yourself AND your family.
If something were to happen to you, your family knows that they are taken care of. Think of it this way – how would you be financially if your partner unexpectedly passed away? The financial burden would get overwhelming, without mentioning the emotional grief.
It’s also technically one of the most selfless gifs you can get a person. There are gifts you know you experience with somebody or watch them enjoy, but life insurance you get for them knowing it’s a gift for only them.
If you’re still not convinced, think of all the areas this gift could help your loved ones.
- Cost of Education: Even with two people consistently putting money aside, saving for a child’s education is tough. If something were to happen to half of the contributing income, it’s safe to assume things would be even tougher. With a life insurance policy, you know that your children will have their education covered no matter what. It’s the gift of knowledge!
- General Expenses: The reality is that many expenses in a partnership don’t automatically decrease by 50% with the loss of one income earner. The cost of mortgage payments, property taxes, childcare, and more will stay unchanged – depending on your situation, you may even see some additional expenses come up, like paying for support around the house.
- Outstanding Debts: There are a ton of different ways Canadians accumulate debt – mortgages, loans, or credit cards, to name a few. However, if something happens to you, that debt may be passed on to your loved ones. If one person’s income vanishes overnight, it can leave the other person struggling to stay afloat when both daily expenses and debt payments fall on their shoulders.
These are just some of the ways that life insurance protects your loved ones’ future financial plans – and really, is there a greater gift than a secure financial future?
The best part is you can get this as a last minute gift. In just a few minutes you can get a quote online that’s customized for your exact needs and start the process. Skip out on the mall rush and shop safety at home!
Gift Of An Emergency Fund
If you’re struggling to find a gift for someone in your life, why not give the gift of an emergency fund? An emergency fund, a pool of savings meant to be used only in the event of a sudden financial shock, is something that every adult needs. Financial events such as unexpected medical bills, unforeseen car repair or a sudden loss of income are all instances in which it makes a major difference to have some liquid cash put aside to cover those extra expenses. Particularly since we're almost a year into the pandemic, many Canadians have seen their emergency savings dwindle by now, and likely need some assistance re-building. By giving your loved ones a sum of money earmarked for emergencies, you’ll be helping to insulate them from financial insecurity over the coming winter.
However, the key to ensuring that an emergency fund is used for its intended purpose is to store it separately from one's main bank account; the temptation to spend that extra money is real if it’s too easily accessible. Instead, suggest to your recipient that they start an account with QUBER to store your gift. QUBER is a Canadian mobile app that helps its users save money by offering them access to the QUBER Vault, a secure account they can hold their extra savings in. That way, your loved one will be able to store their emergency fund separately from their own bank account for free and continue to grow it if they wish. They’ll be able to access your gift within a couple days in the event they truly need it, but they won’t have instant access to it to spend it in an impulsive moment. Ultimately, while you'd hope the people on your list don't ever need to use your gift, financial emergencies happen; when your recipient remembers they already have some money put aside to help handle such a problem, they'll be thinking of you and thanking you in a major way.
For more information on emergency funds, check out Emergency Funds 101.
Gift Of A Will
It may not be the shiniest or sexiest gift, but it is certainly impactful. Helping your loved ones complete their will means they can leave the ‘gift’ of blueprint for your friends and family to follow during what is likely an emotionally difficult time. Not only does giving the gift of a will open the door to having an open conversation about their end of life plan, but it will help take the burden off family members to guess (and challenge) what their final wishes would be in the future.
In many ways, the gift of a will is the gift that keeps on giving. Plus, you’ll feel great knowing your gift is empowering your family to feel confident in making their end of life decisions. If you still haven’t made a will for yourself, consider grabbing a Family plan to help you and your loved ones check this to-do off their list this holiday season!