One of the most popular traditions of the holidays is giving and receiving presents. For most people, the joy of giving gifts to loved ones is tempered by the thoughts of having to pay off a huge January credit card bill. But you don't have to go into debt to make sure that everyone gets something special this season. Here are 10 money-saving tips for your gift-giving this holiday season.
10 Ways to Save Money But Still Give People Something Great
1. Participate in a Gift Exchange
Buying gifts for everyone in a group of friends or all of your coworkers can get expensive. This year, have everyone draw a name and buy just one gift for that person. Don't forget to set a price limit on the gift to avoid competitive gifting.
2. Re-Gifting
Regardless of the bad name that re-gifting has received through the years, there is no reason it should be a social taboo. If you get a gift which you truly believe someone you know would appreciate more than you, don't be ashamed of re-gifting it, especially if it's something you don't need or will never use.
3. Give an Experience
Things are wonderful, but presenting someone with the opportunity to experience something different and exciting is almost always better. Taking your nieces and nephews out for a day of adventure is a much better gift than buying them something they will lose or get bored with quickly.
4. Provide a Service
Has that classic car been sitting in your brother's garage for years gathering dust? Why not offer to fix it up for him? If you're an expert at something, you might be able to give something to someone that's of more value that a physical gift. You can also swap your service to someone else in exchange for something you can give as a gift.
5. Bake or Make Something
Yes, homemade gifts can be a bit too artsy sometimes. But you can avoid an uncomfortable situation by giving something the recipient will actually enjoy using or eating. The holiday season is the perfect time to give out your 'secret recipe' to anyone who has been asking for a copy.
6. Shop Out of Season
If you plan ahead, you can stock up on gifts throughout the year when they go on sale. It is a good idea to stow away a few gifts in the back of your closet for an unexpected occasion.
7. Purchase a Couple or Family Gift
Save money by foregoing individual gifts and give a more significant shared present. Not only will you cut down on your budget, but you also won't have to shop for as many presents.
8. Shop Smart
Look for two-for-one deals, introductory offers and special discounts. Lots of subscription services have great deals you can gift to someone.
9. Send E-Cards
For some people on your list like a former college roommate or a family friend, you usually just send a holiday card each year. Why not save on the cost of a card and postage by sending an e-card this year? The person will know you're thinking of them, and you can save some cash, not to mention paper.
10. Start Giving Your Grown Kids Their Inheritance Now
Do your kids have a favorite piece of furniture or painting they already called 'dibs' on? Why not give it to them now as a holiday present? Not only will you save money and delight your children, but you can have the pleasure of watching them enjoy it.
Gift-giving doesn't have to strain your budget or break the bank. There are plenty of ways to not only save some money when you're buying gifts, but also still show who you're giving a gift to that you care about them.
If you need help with your budget and controlling your spending, or you want to find ways to save more and plan for your future, Escient Financial is here to help. Go ahead and...
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