Dec 22, 2022

Budgeting Tips to Make Christmas Gifts Affordable

We all know that Christmas brings a lot of great memories and great dessert ahem (fruit cake) but it also comes with A LOT of price tags, right? ⁠ Here are some tips to be mindful of BEFORE you get to the mall. ⁣⁣Happy shopping! 🎅🏻🎄⁣⁣

5 Ways to Save Money

It’s a fact. If you don't plan ahead, giving gifts can really be expensive. Christmas is just around the corner, so we need to jump on the planning bandwagon pronto! Having a plan will make it much easier for you to shop for gifts, have peace of mind and enjoy that “on the move” hot chocolate! Now it goes without saying that the most important thing you can do is to make a gift-giving budget and put money aside each month throughout the year for that fund aka a Christmas sinking fund. Learn how to start your 2023 Christmas sinking fund here.

Before we get started grab your FREE Christmas Budget Guide and Checklist here.

Let's get into how to make a plan for how much you can spend on gifts.

1. Write down how much you plan to spend

When making a gift budget, it's important not to just pick a number at random. Birthdays, anniversaries, and holidays like Christmas should be taken into account. Figure out how much you want to spend on each person, and then add those amounts together to get your gift budget for the year. 

Source: National Retail Federation

After you have determined your spending limit, you should increase it by 15% so that you will be prepared for any unforeseen expenses that may arise throughout the year in the form of presents. Take that total and divide it by 12, and that will give you the amount that has to be set aside in your gift-giving budget each month. Talk about preparing for Christmas gifts, am I right?

Here’s a really great Hot Chocolate recipe and the best “on the go”coffee cups according to Vogue.

2. Go full DIY! (you can even if you aren't creative)

When saving money, DIY (do-it-yourself) gifts are excellent. They are incredibly considerate and let you use your creative skills. A picture frame, candle, self-care kit, care package, note, or song are excellent examples of homemade gifts. A great inexpensive present is anything you can make that you know someone will utilize. Whatever your craft, you can make a thoughtful, one-of-a-kind gift, whether you knit, crochet, paint, bake, cook, weld, or sew.

Make it a family event where everyone creates a homemade gift to improve bonds. For example:

For people who feel they lack artistic or creative talent, there are a ton of tips and lessons available on YouTube and Pinterest. Keep in mind that making and researching handcrafted presents takes time. Planning ahead will help this choice operate best. Be aware that certain DIY projects may cost more than simply purchasing the item; in that case, take the best course of action for you.

3. Give the gift of practicality (people appreciate these more than you know) 

If you go the practical route, you can rest assured that the present will be put to good use and the money won't go to waste. You can save money by making your own gift baskets instead of purchasing a pre-made one. You may spend as little as $20 or as much as $30 per recipient on useful presents. Any present that you know the person will actually use is a practical gift. For example here are some cool ideas: 

Here are 108 Actually Useful Gifts All Practical People Will Appreciate

4. Give a gift of memories 

Carefully considered, heartfelt presents are always well received. If you want to go the additional mile in showing your appreciation, consider giving a present with some sort of personal significance (plus points if it's also something you made yourself). The knowledge that you have about the person is as important as the gift itself when it comes to selecting a meaningful present. A thoughtful and heartfelt present may be something they casually mentioned like or wanting, or something with significant personal significance, like a framed ticket stub from an unforgettable first date. The price of such a present is open-ended, much like that of a handmade one.

5. Make time more valuable than money

There is a proverb that goes something like, "The thought is what counts." The prospect of shared experience can be more satisfying than receiving a material present for some people. By making a concerted effort to spend time together this year, in whatever form it takes (in person or online), you may save money. It's all about the memories, not the trinkets, this year.

Bonus Tips and Tricks 🎄💡

  • Gather your loved ones together to organize a secret Santa gift exchange.
  • Limit the amount of money you will spend on the present.
  • If you have a particular interest in a particular kind of gift, it may be worthwhile to stock up on them whenever possible.
  • Benefit from coupons, price reductions, special offers, and other rewards.
  • Shop the off-season products—especially apparel. If you time your purchases well, you can save a lot of money by buying after major holidays such as Thanksgiving, Valentine's Day, and Christmas.

Check these out!

I hope you have a very Merry Christmas! 🎄

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