Looking for ways to save money on gifts? Gift-giving can be a costly affair, especially during the holiday season or for special occasions such as birthdays or weddings.
During the holiday season or wedding season, I could feel the pressure of losing money only on giving gifts. Indeed, you are gifting to your loved ones which is great but it takes a toll on your wallet too.
Just like you, I face the same issue every time, but I have started following some tricks that is helping me saving money on gifts.
In this blog post, I will share with you some frugal-friendly tips to save money on gifts.
Ways to save money on gifts
Evaluate Your Spending Priorities
Evaluating your spending priorities can help you save money on gifts by identifying where you are willing to allocate more of your budget. What is truly important to you and where you want to allocate your resources, you can make more informed purchasing decisions that align with your values and goals.
This might mean prioritizing experiences over material items, choosing handmade or locally sourced goods instead of mass-produced products, or simply being more mindful about how much you spend.
Once recognized, these patterns allow us to reassess our priorities and adjust our spending behaviors accordingly.
Get Creative with DIY Gifts
DIY gifts is one of the best ways to save money on gifts. Instead of buying expensive items, you can make something unique and special for your friends and family.
Not only does DIY gifting save money on the actual gift itself, but it also allows you to repurpose materials or items you already have at home.
Also, one of the most important thing about DIY gifts are it shows how much you care and thoughtful you are. You are giving the person a memory and an inspiration to remember you.
There are many DIY gift ideas out there, ranging from handmade jewelry to homemade candles, personalized mugs or even reclaimed wood shelves. The options are endless if you let your creativity flow.
You do not have to be an art pro either; there are plenty of tutorial videos out there on YouTube that can guide you through the process step by step. For those who love baking, homemade cookies or cakes always go down well as gifts.
Take Advantage of Deals and Discounts
However, purchasing gifts can be a financial burden. Taking advantage of deals and discounts is an excellent way to alleviate the stress that comes with gift shopping. Many retailers offer promotions on specific items or even entire categories during the holidays.
Keeping an eye out for these sales can help you save money on gifts. You can stay updated on the latest promotions and sales events that they offer all year round by joining their loyalty programs.
For example, recently we were invited for house warming occasion and we had to gift something nice. As we had time, the event was a week later we bought a beautiful Ganapati idol from online on 25% discount.
With the online presence, many retail outlets are open to discounts and deals, they provide weekly or weekend flat 50% off on products.
Consider group gifting
Group gifting is a trend that has been gaining popularity among friends and family for the past few years. Traditionally, each person would purchase an individual gift for a recipient, but with group gifting, everyone contributes money towards one larger present.
For example, instead of buying several small gifts for a friend’s baby shower, all attendees can pool their resources and buy a high-quality stroller or crib together. This also looks like a significant gift.
I have a group of 5 friends, we practically grown up together. Whenever there is an event and we all are invited, we pool money from each and one of us take the responsibility of purchasing the gift.
It saves money greatly. Say, the gift you are buying cost 5000 thousand, it will hit your monthly budget if you are gifting someone such an expensive thing. Whereas, when you group gift you will only pay 1000 thousand rupees.
Use gift cards wisely
One of the best ways to save money with gift cards is by buying them in bulk from retailers or online platforms that offer discounts or promotions.
For example, many companies will offer bonus gift cards when you purchase a certain amount at one time. This way, you can get more value out of your spending.
By purchasing a gift card instead of a physical item, you know exactly how much money you are spending and can avoid any last-minute impulse purchases. It is also a great way to give someone the flexibility to choose their own gift within the specified amount.
Regifting has gotten a bad reputation in recent years, but it can actually be a practical and environmentally-friendly way to save money on gifts.
Instead of buying something from scratch, regifting allows you to repurpose an item that is otherwise going unused. However, there are certain rules to follow when regifting in order to avoid any awkward situations or hurt feelings.
Ensure the gift is appropriate for the recipient and occasion. You do not want to give someone a present they already have or that does not suit their taste.
Always remove any tags or personal notes from the original gift giver before giving it away as your own. Ensure the product is not worn-out or looks old to gift. Regifting is an eco-friendly way to save money on gifting while assuring it is in great condition to gift.
Use cash-back apps
This means that every time you buy a gift for someone, you will also be earning cash back that you can use towards future purchases.
You can also use credit card for gift purchasing, there as well you will get cash back offers for every purchase. Almost every bank and retail joint offer cashback opportunities, you can surely take advantage of them.
Shop at discount stores
Shopping at discount stores could be the solution you need. These stores offer a wide variety of items that are perfect for gift-giving purposes. Discount stores have an extensive selection of products, from toys to clothing and home decor items at affordable prices.
Most people think that shopping at discounted stores means poor-quality products, but I can asure you this is wrong assumption.
I love buying things from discount store, especially household items. Here in India, Market 99 and Mr.DIY are two absolutely stunning stores where you will almost get everything at an affordable price.
Recently, I bought a soft toy for my boy from Mr.DIY at Rs. 599 only, the same thing cost around Rs.800 outside.
In today’s time, when everything is becoming digital, people love to shop online. It is not only convenient, but also economy-friendly.
Shopping online has revolutionized the gift-giving experience for many people. With the click of a button, you can browse through an endless selection of gifts and have them delivered right to your doorstep in no time at all.
But did you know that shopping online can also help you save money on gifts?
Online retailers often offer discounts and promotions that are not available in-store. By keeping an eye out for these sales, you can get some great deals on gifts that would have cost much more if purchased offline.
Almost before every festive occasions, you will get festive discounts online, during peak holiday seasons like Black Friday, Christmas you will get to shop luxury products at an unbelievable discounts.
There are a lot of advantages if you shop online but there are great chances you keep slipping and end up overspend. Thus, it is important to control your buying impulses and stay within your budget.
Plan for special occasions
Planning for special occasions like birthdays, weddings or holidays is always a smart move when it comes to saving money on gifts.
Rather than waiting until the last minute and being forced to pay inflated prices, plan by shopping off-season or during holiday sales.
Shopping off-season is perhaps the best way to save money on gifts. There are numerous opportunities throughout the year when you can purchase gifts at lower prices than usual.
For instance, buying Christmas decorations and other holiday-related items in January after the holidays have ended can help you secure highly discounted deals.
Similarly, purchasing winter clothing during spring or summer will allow you to take advantage of clearance sales offered by various brands and stores.
You can also consider buying swimwear, beach towels and sunglasses around fall or winter as these products may be available at much cheaper rates than during peak summer season.
Make a gift basket
Making a gift basket can be an affordable and creative way to give gifts. Instead of buying individual items, you can purchase them in bulk and assemble them into a beautiful package.
One potential benefit is that it allows for customization to make the gift more personal or tailored to the recipient’s interests.
For example, instead of buying a single item like an expensive perfume or gourmet coffee blend, you could combine several related items such as scented candles, organic body wash, Massage oil and relaxing tea bags.
Catering your basket creation towards specific occasions makes gifting easy and a smart way to save money on gifts.
How do I budget for gifts?
One strategy for budgeting for gifts is to start early. This gives you more time to look for deals and compare prices on potential gifts.
Another tip is creating a list of everyone you plan on buying a present for and assigning a dollar amount next to their name based on how close they are in relation to you and the importance of the occasion.
Next, think about where you can trim expenses. By which I mean, look for alternatives like DIY gifting ideas, group gifting and so on.
Once you have a budget for gifts, it will be easier for you to shop beacuse now you know what to buy and on what budget. You will only need to look for ‘where to buy.’