Are you looking to buy gifts for your loved ones? If so, then you are aware how expensive it can be shopping around the stores for a gift that will be amusing while at the same time not breaking the bank. This has become a source of pressure, especially during holiday seasons, which are characterized by many family gatherings and gift-giving.
However, you don’t necessarily need to buy gifts for your friends and family that are exorbitantly priced. Therefore, here are nine ways to save on gift purchases, especially with the present economic situation, that has left most people with little cash to spend buying gifts.
1. Set and stick to your budget.
One of the best ways to prevent careless spending when buying gifts for loved ones is by setting a budget even before arriving at the mall. If you are undecided about what to buy, set a mental budget on the total amount of money you are looking to spend. Nevertheless, it is best to always have a list in place for the gift you are looking for, and this prevents you from deviating from the set budget.
With a budget in place, it will be easier to make sure not to go overboard on the spending, especially if you are on a tight budget. Moreover, you should know the amount of money to spend on each of your loved ones. For example, you can get your mother a gift valued at $50, while your siblings’ gifts are worth $20 each. Having this set budget prevents you from feeling compelled to get your siblings more expensive gifts too.
2. Plan and buy your gift in advance
Another excellent way to save money on gifts is by planning before the time comes to gift your family or friends. For instance, you can decide to take advantage of the various holiday sales weekends, including Cyber Monday, Black Friday, and Labor Day to shop for Christmas presents.
Once you get the gifts, make a list of those whom you’ve already shopped for and their gift. You should also have a list of those who are yet to get gifts. Doing this ensures you do not forget anyone or get one person more than one gift. Planning ahead to purchase your present gives you enough time to compare the prices of goods, and know where to get better deals, thereby minimizing your spending.
3. Use cash instead of credit cards
During the holiday season, it is easy to get caught up in the spirit of gift-giving and use your credit card to buy gifts for your loved ones. As a result, you end up overspending way beyond your means. The best way to avoid such a scenario is by using cash to pay for gifts.
You should instead withdraw money from your bank account and then go shopping. Are you worried that your cash will not be enough? If this is the case, you should consider purchasing gift cards that can later be used during a huge sale.
4. Skip gifts for the adults
Most of the gifts you buy your adult family and friends in most cases get trashed, returned, or forgotten about altogether. Therefore, your attempt to add some joy in their lives goes down the drain, so does your hard-earned money. This can be a bitter pill to swallow, especially if you come from a big family where buying everyone a gift can become expensive.
In contrast, kids treasure gifts, something they very much look forward to when during the holidays or when celebrating a special occasion. It would be best if you therefore, prioritized giving gifts to families with kids who will appreciate the presents a lot more and skip the adults.
5. Purchase most gifts from one-stop-shops
This is also another way of saving money by buying gifts for your loved ones. The reason for this is that you get exposed to far less advertising as well as fewer products. For example, going shopping in more than one store makes you more likely to spend more money due to the greater variety of gifts. You should instead opt to go shopping at a huge store with discount offers. This will save you money, and the precious time you would have otherwise spent moving from one store to another.
6. Gift exchange
In today’s society, the celebration of events such as birthdays or holidays like Christmas are considered as a tradition. Nevertheless, it can get quite expensive to buy gifts for all your loved ones. You should therefore opt for other cost-effective ways of gifting, such as having your family or friends agree to the gift exchange idea.
This system works by drawing names from a hat, thereby necessitating you to purchase a gift either for one of your family or friends. You should all agree on a gift limit that helps ensure everybody gets to spend within their budget.
7. Get kids gifts from cheaper stores
Shopping a kid’s gift is very easy as they do not care to know the price of the gift and where the present comes from or how much it costs. Therefore, you should buy these presents from discount stores which usually stock popular toys at an affordable price, and save yourself some money. You should also use this strategy when shopping for adults by going to huge wholesale retailers. Here, you will find a vast range of products at discounted prices, thereby saving a considerable sum of money.
8. Get a group gift
If getting a gift for all your family or friends is out of your budget, then consider getting a group gift. This not only saves your money but also the hassle involved looking for the perfect gift for each person. One such gift that can be enjoyed by the entire family includes buying season pass tickets to the local zoo or a hiking trip to enjoy the holiday.
9. Buy second-hand items
Although getting second-hand gifts is often frowned upon, it is still a great way of getting presents of exceptional quality. While shopping for a second-hand gift, you should set aside enough time to look for a quality item while saving money.
Some places to shop for second-hand products include goodwill, garage sales, and thrift stores. Without a doubt, you will find a quality second-hand gift if you set aside enough time to do a thorough search.
Gift giving is not about the quantity or size of the gift, rather it’s about love and care for your family and friends. Therefore, you should not strain yourself financially to get a gift for your loved one. If you want to get a gift for your family or friends but are deprived of cash, use these tips mentioned above to save money.