You probably know a friend or relative who wants to become a Penny Hoarder, but has something standing in their way — a low-paying job, a disorganized budget or a small business dream that has not yet become a reality.
This holiday season, give that person one of these eight gifts to help them with their finances.
These presents could help them build a better budget, achieve their career goals and start hoarding those pennies!
1. Your Money or Your Life
Vicki Robin & Joe Dominguez’s “Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence” is probably my favorite financial book of all time.
It got me seriously thinking about how much I was earning, how much I was spending and how to bring my earnings up — while keeping expenses down.
We’ve included the Amazon link to get you pointed in the right direction. If you’re going to save money by buying a used copy — total Penny Hoarder move — purchase the most recent edition.
Robin and Dominguez regularly update the book, so it always has accurate and useful information for future Penny Hoarders!
2. You Need a Budget
If your loved one wants to get on the penny hoarding bandwagon, but needs extra organizational help to track those pennies, give them You Need a Budget.
YNAB operates on four financial rules.
The first is “give every dollar a job” — spend it on short-term expenses, save it for upcoming expenses or put it toward the future.
It’s a great tool for people who want to manage their money, but feel their pennies slip away before they have a chance to put them to use.
3. The $100 Startup
Inspire your loved one to earn more money with Chris Guillebeau’s “The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future.”
This book gives people the tools to create small businesses or side hustles based on their skills and interests. Guillebeau also emphasizes you don’t need a lot of cash or extra resources to start a new business.
Sometimes, you just need $100.
Financial software Quicken has been around for decades.
It’s still an extremely popular choice for people who want to manage their money, track their spending and plan for the future.
Today’s Quicken includes a mobile app, bill pay features and other tools to help keep your loved one’s finances organized.
If you think your gift recipient will take Chris Guillebeau’s advice and start a small business or side hustle next year, give them the gift of FreshBooks, a small business accounting software program.
FreshBooks helps create and track invoices, manage and track expenses, and even track the time you’re putting toward a project.
It’s like having your own virtual accountant.
6. Financial Planner
Since we’ve brought up accountants, consider giving your loved one a session with a CPA or financial planner.
Many people don’t appreciate the help of a good financial planner until they get the chance to sit down and discuss everything from next year’s taxes to their children’s college educations.
If you have a friend or relative who says things like “I wish I knew more about investing” or “I wish I knew how much I should be saving for retirement,” a financial planner might be the best gift you can give.
7. Professional Development
Give the gift that keeps on earning by paying for a loved one’s professional development.
Talk to them about what skills they want to learn to become better at their job or small business — then offer to pay for a course that teaches those skills.
These courses also are great places for people to connect with industry peers. Professional development courses are good opportunities for both learning and networking.
8. Gift cards
If a loved one is trying to get their finances in order, it probably means they aren’t making a lot of discretionary or personal purchases right now.
Give them a gift card to a favorite store, so they can treat themselves without affecting the budget they’re carefully crafting.
If they decide to sell that gift card online and put the money into savings, they’re well on their way to true Penny Hoarder status!
Your Turn: If you’re looking to improve your finances next year, what gift would you most appreciate? Would you like any of the items on this list?
Disclosure: We have a serious Taco Bell addiction around here. The affiliate links in this post help us order off the dollar menu. Thanks for your support!
Nicole Dieker is a freelance writer focusing on personal finance and personal stories. Her work has appeared in The Billfold, The Toast, The Write Life, and Boing Boing.