News Release

CHICAGO- (November 30, 2012)—The holidays are here, and the Money Smart Kid is offering some tips for children on gift-giving and helping others without spending a lot of money. Here are some of 11-year-old Deirdre Flanagan’s holiday savings tips and gift-giving ideas:

• Make it yourself. Everyone from parents to teachers to bus drivers will appreciate something hand-made just for them. Picture frames, personalized mugs, or drawings/paintings are classic and timeless ideas. So are baked cookies or perhaps a glass jar filled with tea or fixings for hot chocolate or other treats.
• Offer to give your time as a gift. Time is one of the most precious gifts a child can give. A creative way kids can donate time is by making individualized coupons redeemable for arranging fun activities such as a stay-at-home movie night complete with homemade popcorn. Another possibility is making the coupon redeemable for chores such as vacuuming, dish washing or baby-sitting younger siblings.
• Make a list and stick to it. Everyone has been guilty at some time of going into a store with that perfect present in mind for another, only to end up with that perfect present for yourself. Kids should make a list of what they want to buy before they go shopping and stick to it. 
• Find ways to make extra money. There are plenty of ways kids can earn money for holiday spending. Shoveling snow or wrapping gifts are ideal choices for older kids, while helping decorate, or selling handmade cards is better suited for younger ones.

Flanagan is available for interviews on this topic. She is the winner of an essay contest on managing money held as part of the Federal Reserve Bank of Chicago’s annual Money Smart Week. A 6th grader from Monee, Ill., she attends Cardinal Joseph Bernardin School in Orland Hills, Ill.

Visit Money Smart Week.

Federal Reserve Bank of Chicago Background

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation’s central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.