It's that time of year again; the holiday spending season is here, and with it comes a laundry list of worries, holiday expenses, and stress. Gift-giving can quickly become expensive if you’re not careful; luckily, we have some money-saving tips to help make your holiday shopping more affordable!
Whether you’re looking for present ideas or ways to stretch your budget further this year, our gift-giving guide has everything you need to save money while still making sure your friends and family members feel special. Read on to learn all about creating meaningful gifts on a budget - so get ready for the most festive and frugal holiday season yet!
What Is Holiday Gift Giving?
Holiday gift-giving is the act of giving presents to friends, family, and loved ones during the holiday season. It is a way to show appreciation, love, and gratitude towards those closest to us. The tradition of gift-giving during the holidays dates back centuries and has become an integral part of the holiday approach to most cultural celebrations.
However, with the rise in consumerism and commercialization, holiday gift-giving has become more about spending money than showing genuine care and thoughtfulness. This often leads to overspending, financial stress, and even guilt for not being able to afford expensive gifts.
That's where our own holiday saving and gift-giving guide comes in - to help you save money while still making your loved ones feel valued and appreciated.
Money Saving Expert Holidays: What to Consider Before Starting Your Holiday Shopping
Before diving into gift buying, it's essential to set a budget and stick to it. Decide how much you can comfortably spend on gifts without causing financial strain. Once you have an overall budget in mind, make a list of all the people you want to buy gifts for and allocate a specific amount of cash for each person.
Remember that thoughtful presents don't have to be costly; in fact, some of the most valuable gifts are those with a personal touch. Consider homemade, DIY gifts or experiences instead of expensive store-bought items.
1. Making a List and Checking it Twice
Buying something for everyone you know can be tempting, but that's not always practical - especially when trying to save money. Be selective and prioritize who you'll be buying gifts for this year. Consider only purchasing gifts for close family and friends or participating in a Secret Santa gift exchange with a larger group to save money.
Once you have your list of names finalized, do some research to find out what each person would genuinely appreciate as a gift. Remember that it's the thought that counts, not the price tag.
2. Shopping Smart
Shopping early is one of the best ways to save money during the holiday season. Not only will you avoid last-minute panic buying, but you'll also have more time to compare prices and find deals. Look out for in-store and online sales and discounts, and don't be afraid to use coupons or promo codes to save even more.
Additionally, consider shopping at off-peak times, such as weekdays or early mornings, to beat the holiday crowds and avoid impulse purchases. And don't be afraid to also shop online or at second-hand stores or online marketplaces for unique and affordable gifts.
3. Avoid Holiday Debt
One of the most significant downsides to holiday gift-giving is the potential for accumulating debt. Sticking to your budget and avoiding spending beyond your means is essential. If you're struggling to afford gifts this year, consider alternative ways to show your love and appreciation, such as volunteering together or writing heartfelt letters.
Another way to avoid debt is by starting a holiday savings account or fund early in the year. By setting aside a small amount each month, you'll have a more substantial budget for gifts by the time the holidays roll around.
4. Look for Deals and Discounts
Another way to save money on your holiday gift-giving expenses is to look for deals and discounts. Plenty of websites and stores offer holiday discounts and special offers, so keep an eye out for them.
You can also use coupon codes and cashback apps to save extra money while purchasing. Just be sure to read the fine print and make sure the deals are legitimate before purchasing.
5. Consider DIY Gifts and Personalized Gifts
If you're looking for a way to save money and add a personal touch to your gifts, consider making something yourself. DIY gifts like cookies, homemade soap, or a knit scarf can be a thoughtful and inexpensive way to show someone you care.
Another option is to consider personalized gifts, like a photo album or a custom piece of artwork. These gifts show that you put some thought and effort into the present and can be cherished for years to come.
6. Don't Overspend on Stocking Stuffers
While filling a stocking with expensive gifts is tempting, remember that the small things can sometimes mean the most. Avoid overspending on stocking stuffers by choosing practical items like socks, gloves, or lip balm or by filling the stocking with homemade treats, holiday cards, or small trinkets.
7. Shopping List: Creative Gift Ideas on a Holiday Budget
Now that you have your budget planned and know how to shop smart, it's time to get creative with your gift-giving. Here are some ideas to get you started:
- DIY gifts: Handmade gifts show effort and thoughtfulness and can be affordable, too. Consider baking cookies or making homemade candles or soaps.
- Personalized gifts: Adding a personal touch to a gift can make it more meaningful while being budget-friendly. Consider printing photos and framing them or customizing a mug or keychain with someone's name.
- Experience gifts: Instead of buying physical items, consider giving experiences like concert tickets, cooking classes, or spa days. These can be more memorable and budget-friendly than material gifts.
- Gift baskets: Create themed gift baskets filled with smaller items like snacks, self-care products, or books. You can find affordable items at discount stores or use items you already have at home.
- Secret Santa: As mentioned before, participating in a secret Santa gift exchange with friends and family can save money while allowing everyone to receive a thoughtful gift. Set a budget for the gifts, and have fun drawing names and exchanging presents.
How Much Should You Spend on Gifts?
The answer to this question can vary greatly depending on your financial situation and the finances of the person you're buying a gift for. Generally, it's recommended for Filipinos to spend no more than 1-2% of their monthly salary on holiday gifts.
For example, if your monthly salary is Php 30,000, you should aim to spend no more than Php 600 on gifts. If you live in a condo in Taguig or Makati, where the cost of living is higher, you can adjust this percentage of pay accordingly. The key is to stick to a budget and not overspend.
However, don't feel pressured to match this guideline if it doesn't align with your budget or values. Remember that the thought behind a gift is more important than paying the cost, so focus on finding meaningful presents within your budget.
