We interrupt your regularly scheduled budget to bring you…the holidays. We want to buy lavish gifts for our persons, but struggling to pay student loans, spending half our paychecks on diapers, or saving aggressively for retirement, reminds us to be frugal. Here are some ways to save money on buying presents.
You Better Watch Out
The closer we get to the holiday, the farther the prices drop. The catch? Selection drops too. If there’s something specific you want to purchase, shop Black Friday or Cyber Monday. If not, wait until six days before the holiday. This rule of thumb doesn’t apply to shopping online. If you wait too long, shipping could cost more than the gift.
Making a List and Checking it Twice
As a note in my phone, I make a list of people I’m buying for. Then I ask myself, “Do I really have to buy gifts for all these people?” My husband? Yes. My coworker? Probably not; a hand written note of gratitude is best for some (e.g., coworker, boss, neighbor). If I’m concerned about hurting someone’s feelings, I communicate either directly or with a blanket social media post. (E.g., “I’m limiting gift buying this year and please don’t feel obligated to buy me anything.”) Next to each name, I write a dollar amount. This is my budget. Then I write in gift ideas. While I’m out and about shopping or online, I may find items on sale for one person that gives me wiggle room for someone else, but generally my budget is law and I stick to it. I resist the urge to impulse buy, which is easier while shopping online. When I’m at a mall, all the pretty lights, decorations, and music tempt me to go off list and over budget. As I mentioned in an earlier post, I try to pay in cash because the pain of physically handing over my hard earned money helps me stick to my budget.
Naughty or Nice?
Regifting is an option, but I’m kinda against it. Especially since I saw this.
Be Good for Goodness Sake
If I have a large gathering to attend, I enlist the help of the attendees. I initiate an email thread discussing options: Can we give group gifts (e.g., buy one gift for my sister-in-law, her husband, and their kids; like a streaming subscription, zoo membership, or a donation to their favorite cause)? How about setting a dollar limit and doing white elephant, Secret Santa, or just stocking stuffers?
Rooty Toot Toots
Time together is a gift when spent on intentional experiences: dinner out, a holiday performance followed by coffee, driving through light displays. Are you crafty? I’ve received some fabulous homemade gifts like from-scratch chocolate chip cookies and a hand-knitted Angora scarf that matched my winter coat.
Even someone who’s a responsible spender all year long can lose her mind at holiday time. If we bend to the pressure of spending more than we can afford, we buy ourselves guilt when the credit card bill arrives in January. If our recipient won’t remember in May what we gave her in December, let’s not spend a bunch of money on it.
Please share your tips for saving money on buying holiday gifts in the comments section.