We’re in the Money

GIFTING IN 2020

FINANCIAL GIFTS THAT LAST

WITH MANDY GARLAND, FIRST BANK

Do you remember your favorite gift from last year? What I recall most are the times spent with family and friends more than what I received. In this year where family gatherings and community celebrations are limited, how can we give gifts or lessons that provide a lasting, memorable impact? How about something that’s more than the latest online craze? Those can be fun too, but in times like these, some people might be searching for a practical route. Show your friends and family that you care with gifts that keep on giving for years to come.

For younger children, now is a great time to teach them about saving, as well as, giving. Contact a local shelter or find an angel tree in your area. Let your children go with you to pick out some things to help those in need. You can also consider letting your child go to the bank with you to set up an UTMA-Minor Savings Account. While the days of stamping a savings book are long gone, it can still be fun to check the account online with your child. They can watch the balance grow with contributions from their allowance or other family members. They will thank you later.

If you are ready to give your teen or young adult more responsibility, FirstBank’s Swipe Smart Checking is another great teaching tool. It is designed for customers who use a debit card to access their money without checks. It’s great for students and other customers opening their first account. Consider gifting them with an opening deposit and then they can be a part of deciding where their money goes.

Another fun avenue is gifting individual shares of stock to allow them to own a piece of their favorite company. Show them how to check the stock symbol and watch the price and trends. I have given FirstBank stock to my children, which is traded on the New York Stock Exchange, to show them how to track a stock’s value over time.

While the pandemic has made 2020 one that most people want to forget, let’s end the year enjoying our usual traditions while being mindful of COVID-19. Driving around looking at holiday lights and baking cookies are some of my favorites. Wishing you a great holiday season and an even better new year!

MANDY GARLAND First Bank

Mandy Garland serves as Senior Vice President, Middle Tennessee Regional Marketing Coordinator for FirstBank.