It feels great to be able to buy your children the things they want. The look on their faces when they realise that their birthday present is exactly what they have asked for is priceless. But, it is important to mix things up a bit and buy them practical things, as well. You need some of your presents to be ones that will help them with their futures, items that will help to build up a nest egg.
For example, you could buy each of your kids a 1oz gold bar, which you could keep safe for them. When they are old enough, they can decide whether to sell it and use the money for something like driving lessons or keep it for their children.
You could also buy them a money jar or piggy bank. Or open a savings account in their name and gift them the money that you have put in it to get things started. It is surprising how much better kids that have a bank account are at handling money than their peers who do not.
If your child enjoys collecting things, contributing to their collections can also potentially help them to build up assets for their future. There is a lot of money to be made by buying the right collectables.
Provided your child has the discipline to keep everything in pristine condition, by the time they are adults they could have quite a valuable collection. This interesting article is a real eye-opener. It tells you about simple items that were not crazy expensive to buy new, which are now worth tens of thousands of dollars. The article also provides some guidance on what to look for when buying collectables.
Any gift that helps your child to learn a new skill is another good option. Generally speaking, the more skills they learn the easier their life will be. So, if they want to learn more about programming, why not buy them a course that will help them to do exactly that.
Children always learn faster when doing something that they enjoy. Letting them explore their interests and develop their passions is just as important as paying for a tutor so they can do well at school.
But, perhaps the biggest gift you can give your children is your time. Putting aside some time to spend with each child on a one-on-one basis brings many benefits.
Getting away from everyone for a couple of hours a few times a month gives you both a chance to talk and catch up. The fact that there are no interruptions enables you to get beyond just having general conversations.
Spending one-on-one time with each child enables you to really connect with each of your children and strengthen the bond you have with them. Forming a strong relationship with each child will help them to understand that they can turn to you when they need you. They will know that even as they become adults you will always be there to assist and guide them when asked to do so.