How to Make the Most of $500 on Your Kids and Family - Quicken Loans Zing Blog

If you had $500 to spend on your family this holiday season, would you spend it on your family? Family is defined differently for everyone, whether it consists of siblings, kids, cousins, friends or pets. Despite the difference in what we call our family, most people agree that their family is the most important part of their life. Here are some ways you could spend $500 on your family.

No kids

I understand. I have a family, but I don’t have any kids. Between pets, siblings, parents, nieces, nephews, cousins and friends, there are plenty of people (or animals) that us child-less people can spend $500 on. Heck, it can cost $500 to get a cat or dog’s teeth cleaned. If you won $500, think about things like a wine tasting trip with your sisters or chipping in on a road trip with friends. And think about the look on your nieces’ and nephews’ faces (and your siblings’) when you show up with the oversized teddy bear and remote control car their parents wouldn’t buy.

Young kids

Now is a great time to put money away for future expenses. A lot of bank accounts or certificates of deposit have decent interest rates. After 15 or 20 years, this could add up to a sizable chunk of change. Adding some money every month is definitely a good idea, but imagine if you could add $500 more to that account one month.

Teenagers

They always say that kids don’t grow up; the toys just get more expensive. Between iPods, clothes, video games and their respective consoles, it wouldn’t be hard to spend that much over the holidays on your teenager.

Maybe you’d prefer to spend $500 on activities or trips with your teenagers, as opposed to buying things. Put this money toward a vacation you could take with them. Depending on where you want to go and what you want to do, $500 could cover things like amusement park tickets for the family or the cost of gas and souvenirs on a road trip. Get creative to make the most out of the money you spend on your teenagers.

All-grown-up kids

This might just be me, but your grown-up kids would probably get more use out of money than they would out most things from the department store. Think about what they do for a living, where they live and how they spend their time. What would THEY use $500 on? Would they spend it on their own young kids? Maybe you could help them out by splurging on your grandkids this holiday season. Are they trying to do some home renovations? Putting some money towards the investments they are trying to make might end up being a much appreciated use of money.

Winning any sum of money and spending it on those you call family is genuinely thoughtful. Regardless of whether you put it toward buying tickets for a trip, funding one of their current projects, buying some electronics they’ve had their eyes on or buying anything else you know they’d love, this selfless gesture is sure to make them smile.

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