Money Matters

Sometimes money seems the most appropriate gift. Not only is it really easy to give, but who says "oh, darn, money for my gift?"

I find money, Savings Bonds to be specific, a great gift for young gift recipients. Baby's and toddlers really don't know the difference between opening 2 gifts or 10 gifts. Savings bonds are a great way to give now and give later. Parents are always happy to receive Savings Bonds for their children. Anything will help when the child gets older and needs some cash for that first car or expenses related to a higher education.
When giving a Savings Bond as a gift, here are a few things you should know:

1. Savings Bonds can be obtained at any banking institution. They are also available online.
2. You will need to know the full name of the gift recipient.
3. You will need the social security number of the gift recipient
4. The minimum purchase is $50 for a bond issued on paper, or $25 for a bond purchased electronically via Treasury Direct.
5. Savings Bonds earn money monthly in the form of interest. The interest is paid when the Bond is cashed.
6. At the time of purchase, a bond can be registered to a single person ("single ownership"), registered to two people ("co-ownership"), or can be registered to a primary owner and a beneficiary ("beneficiary").
7. Interest paid on these bonds is exempt from state and local income taxes.
8. A good site for lots of information on savings bonds is www.savingsbonds.gov