One of the best gifts anyone ever gave me were savings bonds.



I don't remember their face value. All I know is I redeemed them for far more than grandpa paid out in the early '70s.



They covered most of the cost of the first car I bought, a used Toyota Tercel. That blue aluminum can got me through Indiana winters, an internship in Louisiana and my first newspaper gig in New Mexico.



It served me well. But a larger lesson prevailed: How money, properly invested, grows dramatically with time.



This holiday, it's hard to be cheery with so many of us unemployed or underpaid, digging out of debt and still angry about last year's financial fiasco. What better time to give a gift that emphasizes the virtues of saving? The value of growing money?



If you're scrambling for a meaningful last-minute gift, here are some ideas that fit the bill. Pun intended.



Start your own bank: Holidays are for miracles, so give the miracle of compounding. Even if Ben Bernanke won't.



Jennifer Koski, associate finance professor at the University of Washington, tracks and rewards her kids' savings and expenditures on a spreadsheet.



Each week, their allowance is automatically credited to their "account" in one column. When they buy something, the cost is debited, or subtracted, in another column. She also deducts $1 a week to give to a charity of their choice. Best yet, she pays interest on account balances, compounded weekly.



"They quickly figured out that it makes a lot of sense to save," Koski says. Especially since she pays an above-market interest rate of ... 14 percent!?!?



"Sorry," Koski adds. "You have to be my child to be a customer at Koski Bank."



Don't be intimidated by Koski's spreadsheet, an example of which you can

. You can replicate her idea just as easily with a calculator, notebook paper and generous rate.

Give to someone's Health Savings Account:

A little known feature of these 6-year-old medical savings accounts is that anyone can contribute to them on another's behalf. Anyone. You can give to Bernanke's if you're so moved.

Unlike flexible spending accounts, unspent HSA balances don't disappear at year's end. That makes them a great health-savings vehicle for young people. Interestingly, the HSA account owner gets to deduct the contribution above the line on 2009 tax returns, says Dean Sandow, an attorney at Farleigh Wada Witt in Portland. Maximum contribution: $3,000 (or $5,950 for families) a year.

Individuals and families can start these, not just employers. But you must be covered by a high-deductible health plan, meaning the deductible is at least $1,150 for an individual and $2,300 for a family plan. You can't be on Medicare or be another taxpayer's dependent, either.

Withdrawals can be used without penalty to buy nonprescription drugs or to pay premiums for health insurance for the unemployed. Banks, credit unions and insurance companies can manage the account, and the money can be invested like an IRA in just about anything.

Set up a Roth IRA:

Need to gift money by Dec. 31 to keep your estate in check? Madeline Moore, a certified financial planner in Portland, tells such clients to fund a Roth IRA for a younger member of the family as a holiday gift.

A Roth can receive up to $5,000 a year of after-tax dollars. The balance grows free of tax, and the beneficiary pays no tax on withdrawals made in retirement. And they aren't just retirement accounts. After five years, account owners can, without penalty, make withdrawals to pay college tuition or up to $10,000 to buy a first home. Balances can be passed on to heirs, along with your holiday heirloom leg lamp.

Give a subscription:

To Kiplinger's Personal Finance, Money or SmartMoney, says Suzanne Rague, a fee-only adviser with Portfolios Northwest Inc. in Beaverton. "These magazines do a good job of covering a wide range of personal finance issues, and are interesting to read," she says. When this column just isn't enough!

Trendsetters also can follow Kiplinger on Twitter and SmartMoney on its mobile site.

Give a gift certificate to a fee-only adviser or planner:

A certified financial planner charges $150 to $200 an hour, Moore says. That's likely enough to help a young earner set up a budget. You'll need more for a full financial plan.

Start a college savings plan

: Perhaps you haven't because you worry the recipient, or beneficiary, of the account's proceeds won't go to college. Well, Congress played Santa on this. Section 529 of the U.S. tax code allows those who establish the account (the owner) to transfer the account to another family member, even a beneficiary's first cousin.



Give Series I Savings Bonds:

A no-brainer. They currently yield 3.36 percent interest. The rate adjusts every six months to stay ahead of inflation. They come in denominations as low as $25. If you spend them on higher education, you don't have to pay federal tax on the interest. And you can gift them

.

Need I say more? Yes. Make sure the child is listed as a beneficiary, not a co-owner, of the bond. And that you meet requirements listed at

.

Give a book:

Since the last book I read was the 600-page "Income Tax Planning for Financial Planners," for this, we turn to experts:

"

" by Michael B. Rubin, a CPA and certified financial planner.

"My kids aren't ones to gush over gifts, especially if they are on the 'preachy' side," says Ron Kelemen, a certified financial planner with The H Group Inc. in Salem. "Nor are they always consistent with thank-you notes. But this book brought me enthusiastic thanks and lots of 'Gee, I want to get started' comments -- that they have actually implemented."

"

" by Vicki Robin and Joe Dominguez.

John Settle, associate professor of finance at Portland State, says, "It is a money management guide (not so much an investment guide), but is really strong in advocating for a good psychological relationship with money."

"

: The Good, the Flawed, the Bad, and the Ugly."

Terry Donahe, a certified financial planner with Cascade Wealth Management in Lake Oswego, recommends this book from Larry Swedroe (one of my favorite authors/

) and Jared Kizer. Christmas Trees -- an options trading strategy -- didn't make the cut.

Give homemade, from the heart:

Loretta Moesta, president of O.U.R. Federal Credit Union in Eugene, has kids make cards or personalized photo albums for far-away relatives. She also likes handmade coupon books bearing the following deals:

"I can go on and on," Moesta says. "It isn't the money, or the gift that breaks or ends up at Goodwill, but the lasting memory. If you know anyone who is suffering from a terminal illness, they don't want stuff -- they want you."

After all, it is only money.

Happy holidays.

Brent Hunsberger does not give financial advice but welcomes questions, comments and holiday gifts. Reach him at 503-221-8359.