With the holiday season approaching, you may be planning to purchase the latest toys or popular gifts for your loved ones.
Rather than gifting something that might be used once, why not invest in a gift that can have monthly, yearly or even lifetime use?
A yearly or lifetime membership
A yearly or lifetime membership is an excellent gift for relatives that can be enjoyed by family of all ages.
Why not gift a yearly or lifetime membership to the UK’s best attractions? A Zoological Society of London yearly membership costs up to £105 and gives access to London Zoo and Whipsnade Zoo. A Merlin Annual Pass costs around £8.99 per month and gives you access to any Merlin attraction, including The London Eye, Alton Towers Resort, Sea Life centres and more.
You can also gift free entry to more hundreds of National Trust-protected locations across the UK, with a free handbook provided every year with ideas for visits for a National Trust annual pass for a one-off payment of £1,730.
Alternatively, you can gift subscriptions for everyday enjoyment. An Audible subscription opens up the world of audiobooks for your loved one from only £7.99 per month. A Headspace app subscription could provide some much-needed respite from busy life, and costs £49.99 per year.
If you would prefer to gift something more tangible, you can sign them up for a subscription box. For example, for little ones, a Toucan subscription box encourages creativity through playing with crafts for £71.40 for 6 months. For the beauty lovers in your life, a Birchbox offers a selection of beautiful makeup products every month for £12.95. There’s sure to be a gift for everyone that can be enjoyed again and again.
A trust fund, savings account or pension
The future security of your loved ones – particularly little ones, or those still in education – is important. Why not help ensure that their future is more stable with a trust fund, savings account or pension?
By setting up a trust fund, you can ensure money is being put aside for important life milestones, such as university tuition, a wedding or a house purchase.
You can set up a trust fund with a trustee – an individual or business you trust – to ensure that the money is safely managed. It is worth speaking to a solicitor about the process before getting started.
Find out more about setting up a trust with the Money Advice Service
A savings account is another way to help a younger relative financially. Some banks and building societies offer the option of opening a savings account for a child with just £1, meaning you can start small and contribute over time. You can choose between an instant access savings account or a regular savings account, depending on whether you want to allow your relative to use their savings when they want, or to encourage saving over a period of time.
Find out more about setting up a savings account with the Money Advice Service
Alternatively, you can ensure your younger relative has support for their retirement with a pension plan. Rather than giving them money now, you can put some away that will give them a head-start in later life.
You can put up to £2,880 into a pension for a relative under the age of 18, and this amount is worth £3,600 after the pension provider claims £720 in tax relief. This is a simple way to reduce inheritance tax for your children or grandchildren, as you can gift up to £3,000 per year tax-free.
Find out more about setting up a pension for a young relative with Moneywise
Charitable donations in their name
You can also make a charitable donation as a gift. To do this, you “buy” a gift on someone else’s behalf through a charity, such as World Vision’s gift of a goat or chicken to a vulnerable child and their family; an outdoor play kit for children through UNICEF; or a school bag kit through Save the Children.
The payment for the gift can be made in your relative’s name, and they will often receive a thank you letter from the charity, as well as perhaps a free gift or welcome pack.
Find out more about charitable giving
For relatives under the age of 16, you could buy premium bonds on their behalf to safeguard a cash amount and to enter them into a monthly prize draw with a prize of up to £1 million.
You can buy bonds for between £25 and £50,000. The more bonds you purchase, the greater the chance your relative has of winning a payout.
Find out more about premium bonds with National Savings and Investments
Gifting for the future, not just the present
By giving your relative a gift in one of these ways, you can help to safeguard their future, support worthy causes and reduce the amount of waste created during the holiday season.