Credit Card (Image credit: 401(K) 2012)
Many people eagerly anticipate the discount bonanza that comes with Black Friday, while others, like myself, are less enthusiastic about splurging on festive gifts. The joy of giving is something I deeply appreciate, but as we’re currently handling leftover bills – not to mention student loans – from my husband’s time in grad school, overspending is something I want to avoid.
If this situation sounds familiar, don’t fret or feel stingy. Instead, celebrate your ingenuity and thoughtfulness for stretching your budget to give your loved ones thoughtful presents while also saving your hard-earned money. Here are some strategies you could consider:
1. Utilize Swagbucks: If you’re not already a user of Swagbucks, perhaps it’s something to think about for next year. I strive to accumulate as many Swagbucks as I can throughout the year, and then in early November, I convert them into a PayPal pay-out. This year, I was able to redeem 10,000 Swagbucks, equating to a $100 PayPal deposit that was added to my gift-buying budget within two weeks.
2. Cash in credit card rewards: Several credit card companies propose points that can be exchanged for cash or certain benefits. My card company, for instance, offers $50 restaurant gift cards or $50 Visa debit cards for 5,000 points. By letting these points accrue over an entire year, I was able to exchange 5,000 points for a $50 gift card for a restaurant that my mother loves.
3. Make homemade gifts: For those who are skilled at crafts, custom-made presents can be a delightful option. From cooking supplies to clothing, such gifts are a wonderful way to show your love. My children, for example, treasured the homemade scarves they received from their grandmother.
4. Try Craigslist: If you’re shopping for children, Craigslist could be a treasure trove of bargains. There are often ‘new in box’ toys available at a lesser price than Amazon or eBay. For young children who may not care if a toy is second-hand, this can be a great way to save money.
5. Leverage deal sites: I regularly monitor portals like Mamasource, Groupon, and Living Social for substantial discounts on appealing gifts. Over the summer, I found a half-price science kit on Mamasource which will make an ideal Christmas gift for my science-loving son.
6. Draw names: For large families, doing a gift draw can be a helpful method to reduce expenses. Each person picks a name from a hat and buys a gift for that individual only. To ensure fairness, set an agreed-upon spending limit for gifts.
The holiday season doesn’t have to equate to financial stress. By employing these strategies and using your ingenuity, you can provide delightful festive presents without breaking the bank. Any other clever hacks you have to cut costs on holiday gifts?
