Start a collection for your child: Just buy one new item each year; it doesn't have to be expensive. You could go for a train car, a popular baseball card, or a couple of add-a-bead pearls for a necklace. Diana Lawton, a mom in Chelmsford, Massachusetts, carries on a tradition from her husband's family. "I give our son a Christmas ornament every year," she says. "We try to find something that sums up what was special for him that year, like a trip we took or his favorite kind of toy."

If you feel a little more ambitious (and you have some room to spare!), buy a bottle of wine each year, starting with the year your baby's born. Tuck it away safely in a cool, dry place (like the back of a closet), and eventually, you'll wind up with an incredible wedding or housewarming present for your child. Just talk with the wine seller about which vintage will hold up best long term.