Last year I had a blog post about saving for holiday celebrations and gifts. I’ve had some people ask about suggestions for saving on Christmas/Hanukkah gifts, so I’m revisiting this topic. Some of the ideas here are repeats of last year’s suggestions, but I have added some new ones.
- This is probably the hardest step to do yet one of the most important: Pare down your gift-giving list. Honestly go through the list and decide if you really must give a gift to each person. For example, your co-workers probably won’t mind if you don’t give them a gift every year. If you feel obligated to give a gift, think about giving a plate of cookies or making a charitable donation in their name instead of purchasing a gift. Once you have your gift-giving list pared down, stick to it!
- Instead of purchasing all the gifts, consider making some or all of the gifts. Most of us have some type of talent. Besides the usual talents of woodworking, sewing, knitting, crocheting, or other crafts, think about the recipient and what you could make that would fit their interests and personality. Cautionary note: if this is the route you want to take, be sure to start early to reduce stress.
- Music lover? Make them a personalized album of their favorite songs on MP3 or other media. Or, if you have a musical talent that they enjoy, record your own music for them. When our oldest daughter was young, she and I made a music album for my mother. Professional? No. Loved by my mother? Definitely!
- Person who loves to cook? Make a cookbook of their favorite recipes or cherished family recipes.
- Person who enjoys family photos? Make a video of their life or family adventures. Add background music for a gift that will be enjoyed for years.
- Pair an inexpensive purchased gift with a homemade gift that matches their interests.
- Purchase their favorite movie and add a gift of homemade hot chocolate mix or flavored popcorn. Here’s an example of an easy hot chocolate mix recipe: http://allrecipes.com/recipe/231440/hot-chocolate-mix/.
- For a coffee lover, pair a small bag of specialty coffee with a hand painted mug filled with “cake in a mug” mix. This web site has many recipes for making different treats in a mug: http://www.budget101.com/frugal/mug-cup-mixes-193/.
- Give gifts of time. Present the person on your gift list with a certificate they can “cash in” for lunch with you, for babysitting services, or for a movie night. “Lunch with you” certificate would be especially appreciated by a parent or grandparent.
- If you are a parent or a grandparent with pre-college age children, consider making a contribution to a college savings plan instead of buying gifts. While this may not reduce your “expense,” it is a gift that keeps giving while toys or electronics wear out or the kids lose interest in them.In addition to being a great gift, some states offer tax breaks for residents who make contributions to college savings plans. If you participate in the Nebraska NEST529 plan, you can even download a gift certificate from their website: https://www.nest529direct.com/home/grow/friends–family-gifting.html
What ideas do you have for saving money on gift giving? Share them with me here in the comments below. Then email me and I’ll send you a gift certificate for 10% off your choice of one of our services or workshops.
Judith Ackland has more than 26 years of experience in accountancy and financial planning, including seventeen years as a CFO of a diverse business. She started Crystal Financial in 2010 to help a wide array of individuals, families, and business owners better understand their finances and how good financial management could help them achieve their goals. Judith has an MA in Professional Accountancy from the University of Nebraska at Lincoln as well as a Certified Public Accountant Certificate and a Certified Financial Planner designation.
