A big budget item for some is buying gifts for special occasions including Christmas, birthdays, weddings, graduations, anniversaries, and other events. Other gifts include the transfer of money or property to family members and others, usually as part of an estate planning strategy.
#11 of 13 Things People Can Do with Money | by WealthPhase
We talked about a few different ways of cutting back on gift spending, and then I suggested that we skip the individual gifts but keep the stockings.
Seems a little crummy, doesn't it? If you choose to give away a large sum of money you already paid taxes on to a single individual, you may have to pay taxes on it again in the form of a gift tax.
We are not getting paid to promote YNAB. We just couldn't help passing along this great graduation gift idea.
Do something different this Mother's Day. Get your Mom one of these financial gifts that will be truly memorable.