Choosing the single life this Valentine’s Day? You can still share the love with your friends! Here is a unique Gal-entine’s Day gift guide from MyBankTracker.com, an independent financial comparison site, to put your money to good use. So sit back, relax and watch the friendship (and money) grow!
1. Invest in Your Bestie’s Future
Offer to pay for that class s/he wants to take – it could open doors to more career opportunities. If your best friend wants to open a business, give a small cash investment to help start it or cover the cost of business cards, applying for a business license or creating a website.
2. Redeem Your Credit Card Rewards for a Trip
If you want to give a special gift but don’t have enough cash, redeem your credit card reward points for a gift card or to book travel for a Galentine’s weekend away! Even if you only have enough to book a hotel or one plane ticket, every little bit helps.
3. Help Pay Off a Loan
If your friend struggles with student loans, a car payment or credit card debt – offer to help pay some of the balance to reduce the principal.
4. Offer to Add them as an Authorized User
If your best friend doesn’t have a credit history, add him or her as an authorized user on your credit card so you can help establish your friend’s credit. It’s important to set limits and monitor the balance, but your credit habits will benefit his or her credit score.
5. Offer a Savings Match
Even though some people are diligent about contributing to a 401(k), they struggle to build an adequate emergency fund. Offer a one-time or continuous savings match to help jumpstart your friend’s savings goals. Show off your financial savviness and suggest opening an online high-yield savings account.
6. Give the Gift of Stock
Rather than cash, give the gift of stock by transferring shares or purchasing individual shares from companies like SparkGift or StockPile. In the long run, it comes with a higher return and can help your bestie learn about investing. Plus, for us money nerds, there’s the excitement of watching the stock increase in value.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
