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How to Save on Holiday Gifts

Posted in: Money Management

Gift giving is among the most popular holiday activities. We get that warm fuzzy feeling when we see a loved one unwrap a gift that we spent time, money and care selecting. However, it’s easy to get lost in the holiday glee and end up spending much more than we anticipated. It’s important to remember that your friends and family would never want you to risk financial stability at their expense, especially around the holidays.

With a little creativity, you can find the perfect gift without busting your budget. Here’s a look at five options:

  • Homemade Gifts – Homemade gifts are often the most appreciated and the most cost-effective. Your time is a part of the gift. Think about the recipient’s likes and hobbies, and then match your skills accordingly. Potential gifts include recipe books, bath salts, coupon books, coasters, picture frames, dried herbs and candles. You can also search Pinterest loads of  creative ideas and how-to guides.holidayGift2
  • Used Goods and Regifting – Gifts don’t have to be brand new to be well received. Shop at consignment stores and antique shops for unique goods that are a fraction of the new cost. These are great places to locate hard-to-find items and those that are no longer produced. You can also consider re-gifting, as long as the item is in working condition, and you feel the recipient would truly enjoy it.
  • Online Auction and Deal Websites – The web offers an abundance of opportunities for low-cost gifts. You can find great deals on the auction site Ebay, but be sure to monitor your bids closely to get the best price. Craigslist is an excellent source for local deals, and it’s a good option for larger gifts that wouldn’t ship easily. You can also subscribe to group buying sites like Groupon and Gilt City, which offer significant daily deals.
  • Gifts of Time – Holiday gifts don’t need to be something you can wrap. Volunteer your time to cook dinner, vacuum the house or wash and detail a vehicle. These types of gifts save your loved ones time and money.
  • Secret Santa – If you have a large group of family or friends, you may want to try a secret Santa gift exchange rather than buying each person a gift. Put all the names in a hat, and each person draws one individual to purchase a gift for. Set a price limit that works with the group. The secrecy adds to the fun, and everyone saves a significant amount of money.