7 Ways to Make Christmas Gift-Giving Affordable
Christmastime is a season of giving. And there are many ways to do so…volunteering your time, sponsoring a child or family in need, donating to a food pantry, and so much more. But, of course, most of us are accustomed to Christmas being a season of gift-giving to our loved ones as well.
The goal is for your gifts to be meaningful. And meaningful gift-giving is about the thought you put into it, not necessarily how much you spent. So, make your gifts thoughtful while keeping it affordable and realistic for your budget.
Maybe your motivation for not overspending is that you want to be sure Christmas doesn’t become too commercial or materialistic for your liking. Or maybe you’re super focused on the process of getting debt out of your life, and you don’t want to lose momentum during the holiday season.
No matter what your reason, here are 7 ideas for how to make your gift-giving both meaningful and mindful of your budget. (For gift-giving strategies specifically for your kids, click here).
1) Decide on a specific gift budget for each person before you begin shopping.
If you decide how much you aim to spend ahead of time, it will help give structure to your Christmas finances. This strategy helps you avoid accidentally spending more than you actually have or are comfortable with. And when you keep your spending in check, you’ll thank yourself at the end of the holiday season. You’ll be able to check your bank account or credit card statement without seeing shocking amounts that give you that pit-in-your-stomach feeling.
2) Create a Christmas savings fund.
I talk about this in depth in my “How to Plan and Save for Christmas” blog post. But as a quick overview, in January (or even in December) start putting aside some money each month for the following Christmas. This way, when Christmas comes around again, you’ll already have the money you need because you saved a little at a time throughout the year. Again, your future self will thank you for being prepared. And your finances during the holiday months will be a lot less stressful and hectic.
3) Shop all year round.
By doing this, you’ll spend money here and there throughout the months. That way, when November and December roll around, your finances in those two months don’t have to bear the entire burden of gift costs.
4) Together with family and/or friends, set an agreed upon spending limit for gifts.
Let’s say you get together with extended family for Christmas. You discuss it ahead of time, and everyone agrees to set a spending limit of $30 per gift. There are two major advantages to doing this. 1) Talking about it and deciding together allows the opportunity for everyone to choose an amount that’s mindful of one another’s circumstances and budget. 2) Doing this helps avoid the scenario where some people give extravagantly while others give more modestly, and then it’s just…awkward.
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5) Do a gift swap where everyone buys for just one other person.
This idea works well for get-togethers with large families or with friends. Again, this would be something you discuss and agree upon in advance. Maybe you all agree to do a Secret Santa kind of thing. Or maybe you decide to play a gift swap game like White Elephant. Either way, gift-giving will be much more affordable when you only have to give to one other person. An added bonus: Since you’re only buying for one person, you may be able to splurge on them a little, if you want.
6) Give the gift of experiences.
This can be a particularly good idea if you’re giving to someone who's a minimalist, someone who seems to already have everything, or someone who just prefers experiences over things. I love giving gifts that involve spending time and creating memories with my family. If you’re going this route, Groupon has a ton of great deals on things to do. Spa experiences, museum passes, shows, city tours, wine tastings, paint nights, adventure parks, cooking lessons...you name it! So, you can give gifts of experiences that don’t have to break the bank.
7) Give gifts of service.
If you are really trying to limit your gift spending, giving gifts of service are a great alternative! If you see a need that a person has, you can fill that need. For example, you can give a couple the gift of babysitting their little ones, so they can finally enjoy a date night. You can give the gift of cleaning someone’s house who just had a baby. And depending on your area of expertise, you can also do things that you’re particularly skilled at. If you’re a photographer, for instance, you can give the gift of a photo session. Hair stylist? Offer to do hair! You get the idea. Get creative!
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Conclusion
In the end, remember that how much you spend on a gift does not equal how much a person means to you. It’s about the effort that you put into showing them that you thought of them and you care. Gift-giving is not worth going into debt for, and it’s not worth adding financial stress to your life in any way! By trying some of these ideas, you can give to your loved ones and free yourself up to fully enjoy Christmas, no financial strings attached!
Merry Christmas, everyone!
Do you have any other suggestions for how to make gift-giving affordable? Share in the comments below!
