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Every year when December 1 rolls around, the same few thoughts pop into my brain. First: “Wow, it’s still pretty cold for summer” (I try not to dwell on that one too much) and second: “What the hell am I going to get everyone for Christmas?”

I’m hardly unique in thinking the latter, as almost everyone has people in their lives that are difficult to buy for. And there are only so many times you can purchase scented candles, Gold Class gift cards and nice soap before it starts to get a bit old.

What’s the problem?

According to Finder, the average Australian adult will spend about $1000 on Christmas this year, with the majority of that funnelled towards gift-buying for family and friends. That’s a serious chunk of change, and if you’re spending that much, you’d want to make sure you’re getting it right.

Unfortunately, we can’t always get it right. Finder also reports that one in five of us say we’ve re-gifted a dud Christmas gift, and almost half of us (42 per cent) say we’ve unwrapped some truly terrible presents on Christmas Day.

What you can do about it

So to help reduce the number of bad gifts passed around these holidays, while simultaneously giving you some fresh ideas for the difficult-to-buy-fors in your life, here’s our official Money-related gift guide. These suggestions are perfect for those people in your life who might need a bit of financial inspiration, or for any kids you might want to set up for success early on.

• Books on money: Starting here with the tangible (because who doesn’t love unwrapping an actual present?), a good book on finance can be a perfect place to start someone’s money journey, given that around 45 per cent of Australian adults are considered to be financially illiterate. Dawn Thomas, senior wealth adviser at The Wealth Designers, has a raft of recommendations for Australian books for people at all different stages of life. These include Girls Just Wanna Have Funds by Molly Benjamin, Sort Your Money Out by Glen James, Buying Happiness by Kate Campbell, Kids Ain’t Cheap by Ana Kresina and Money School by Lacey Filipich. I would also throw in Money guru Bec Wilson’s recent book How to Have an Epic Retirement, ideal for anyone in your life who’s in or nearing retirement.

• Collectable coins: If you’ve got any coin collectors in your life, then this is obviously a slam dunk, but even if they’re not a numismatist, a coin or series of coins could be good. Ron Hodge, chief executive at digital wealth platform InvestSMART, says coins can be a novel way to get on board the current silver and gold rush. “Collectable coins are a tangible way to introduce kids to the concept of long-term value. The Royal Australian Mint releases limited-edition coins each year, including Australiana themes and Chinese New Year designs,” he says. For example, the series of Bluey-themed coins released earlier this year would be perfect for kids, and have already appreciated decently in value. “It’s a keepsake they’ll treasure, and hopefully one day, appreciate for its growing value,” Hodge says.

• Covering costs: Handing over money as a Christmas present can feel a bit soulless or boring, but there are times when direct financial relief might be precisely what your giftee needs. In these scenarios, Cara Williams, founder and financial adviser at The Hazel Way, says covering significant costs in their life can be a nicer way to have an impact. “Useful and helpful gifts are practical solutions that remove daily pressure points. These could include prepaid costs for groceries, fuel or gym memberships which make a huge difference in someone’s everyday life,” she says. At the higher end, making a contribution to someone’s mortgage, rent, or student loans is sure to be appreciated, but obviously comes at a more significant cost.

• Investments: Starting someone off with an investment portfolio can be a great way to get younger people especially interested in investing. But to be abundantly clear before we get into this next point, no child aged 16 or under wants to find a stock certificate under the tree, so it might be best to have a physical gift to go with it, or at the very least a box of chocolates. Williams suggests starting an account for them with a micro-investing platform or something similar, and adding to it each Christmas for a gift with some delayed gratification.

• A conversation: Finally, if you’d prefer to be more traditional with your gifts these holidays, Thomas has one final suggestion: pair your present with a chat about money and a check in on how they’re going. “Something as simple as helping a teenager move from a default balanced option to a growth option (where appropriate for their long-time horizon) can mean a difference of up to $100,000 at retirement. In the process, you’re teaching compounding, long-term investing, and the role of growth assets,” she says. “A couple of intentional conversations about budgeting, super, or investing basics will last far longer than anything that ends up gathering dust on a shelf.”

Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.