NEW YORK (CNN/Money) - So, you haven't finished your holiday shopping yet? Don't stress.

If you want to forget about the crowded malls, your first impulse may be to dig into your pockets and give the ultimate last minute gift. Cash.

It's a great idea, but don't think that it's your only last-minute option. Today's 5 Tips have a few hints for harried holiday shoppers.

Think about it, whomever you give cash to will not be standing on line in the mall the day after Christmas, waiting to return something that doesn't fit.

Some tips for giving cash: A $100 bill may look impressive, but it may be harder to spend than smaller denominations.

Giving cash is just like giving a wrapped gift; presentation counts. Banks will usually trade in wrinkled bills for newly printed, crisp bills. Everybody loves the smell of fresh cash.

Looking for a perfect last-minute gift? CNNfn's Gerri Willis shares five tips for holiday shoppers. Play video (Real or Windows Media)

The U.S. Postal Service doesn't recommend mailing cash because it could get lost in the mail. In those cases, a check is the better way to go.

And we can't talk cash without talking about taxes. If you want to avoid the gift tax, you should limit your yearly gifting to family members and friends to $11,000 if you're single, or $22,000 for couples.

For the recipient, there is no tax, except for gains in value after the gift is received.

There are, however, legal ways to give more than $11,000 without feeling the IRS pinch. You can pay for someone's college tuition or medical bills. The key here is to pay the medical facility or school directly, not via the person for whom the gift is intended.

Gift certificates for stores, restaurants, and movie theaters are always a good option. One Web site, www.GiftCertificates.com, offers certificates for several different merchants, which you can order up to Christmas Eve and have e-mailed to you or the recipient.

GiftCertificates.com's SuperCertificates program allows you to buy a certificate that can be redeemed by one of several different stores, restaurants, or airlines.

Gift cards are becoming an increasingly popular option and, according to Boston consulting firm Bain & Company, gift card sales could break $45 billion this year, up 15 percent from 2002.

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Consumer Reports says retailers like gift cards because they are harder to counterfeit. And consumers say gift cards are convenient because the magnetic strip tracks the balance, allowing shoppers to use the same card on several occasions.

The key, however, is to read the fine print for details on fees, handling charges, and expiration dates.

Store gift cards are usually fee-free, but bank-issued Visa and MasterCard gift cards carry a few that range from $5.95 to $11.95.

Also, if you don't use the card right away, you may find yourself with a shrinking balance. Some cards deduct a few dollars per month after a certain amount of time it is not used.

Many merchants automatically deduct as much as $2.50 a month from gift cards, beginning as soon as 6 months after they are first purchased. For example, Wal-Mart's card deducts $1 a month after 24 months of non-use.

If you don't want the hassle, why not give a long-distance calling card for friends and relatives whom you want to call you more often?

Dee Lee, a Boston-based financial planner, suggests giving plain old EE bonds this holiday season.

You buy these bonds at half their face value which means a $50 bond costs $25. The current interest rate for an EE bond stands at 2.61 percent and is better than most savings accounts.

There are tax advantages to earmarking these as education savings.

Buying a bond requires a Social Security number. If you don't have the number for the recipient, use your own. The number is solely for record keeping purposes.

You can buy savings bonds through your local bank or online at www.savingsbond.gov.

Why not give the gift of equity? This is an especially good idea for kids or teenagers.

Check out www.OneShare.com, where you can buy a framed stock certificate for one share of a kid-friendly business such as Disney, McDonald's, Toys R Us or Krispy Kreme Doughnuts.

The cost depends on the company's stock price. You'll also have to add in the price of the frame and OneShare's fee.

And for an additional $10 you can also give educational tools from OneShare, including online games and an investment book.

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Once the gift is given, the child is entitled to annual reports from the company, dividend checks and other perks that any other shareholder would receive.

Among some recent stockholder perks: Pixar gave free posters for upcoming movies to its shareholders, Disney offered free tickets to Disneyland, and Denny's invited its shareholders to a free dinner.

But these perks aren't not just for kids: one year Boston Beer offered a free bottle opener.

Consider a Coverdell Education Savings Account, which functions like an IRA but is used for education, not retirement.

The account allows a maximum yearly contribution of $2,000 and the money grows tax-free. One person can contribute the entire $2,000 or several people can put in some cash towards the limit.

Among the advantages of a Coverdell account is that it can be used for grades K through 12 as well as college and beyond up until the child is 30 years old. The money can also be used for books, supplies, and even after-school tutoring.

There are some disadvantages as well. For example, if you make a mistake and contribute more than $2,000 in any given year, the government will impose a tax penalty on the excess amount.  

Gerri Willis is the personal finance editor for CNN Business News. Willis also is co-host of CNNfn's The FlipSide, weekdays from 11 a.m. to 12:30 p.m. (ET). E-mail comments to 5tips@cnnfn.com.