5 Money Gift Ideas for the Holidays

Invest in a Good Financial Read A one-year subscription to a money- or business-related magazine is usually reasonably priced -- from $20 to $30 -- and can provide 12 months of financial learning."I gave a client who wanted to start her own business a subscription to Entrepreneur," says Neil Palache, founder of The Wealth Creator Company for Women Inc. in Westlake Village, Calif. "She'll receive phenomenal information on running a business, franchising and how to deal with startup challenges."To decide which glossy to order, think about the person receiving your money gift and base your decision on that person's likes and interests, says Palache. For example, someone interested in investing might like SmartMoney magazine. Other publications to consider are: Forbes, Bloomberg Businessweek, Money or Inc.

Pay Off a Specific Debt

Have a close relative that recently lost a job? If the circumstances are right, you may be able to provide the most help and the best money gift by paying off a certain debt that person owes, says Carla Cargle, financial adviser and founder of Genesis One Wealth Builders in Sugar Land, Texas. Family members who are actively paying down high balances will appreciate your contribution much more than they would a fuzzy new sweater stuffed in a box.

To pay off a debt, find out which of your relative's accounts has the highest interest rate, suggests Scott Crawford, founder of DebtGoal, a personal debt management website. Then ask the recipient how to make a payment directly to that account. In most cases, you'll be able to send a check straight to the lender.

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