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10 Best Tips for Staying on Budget When Buying Gifts

Jenna Taubel

Jenna Taubel About The Author

Nov 20, 2018 7:44:00 AM

how to save money on holiday shopping | tips to stay on budget when giving gifts | first alliance credit union mn Giving the perfect birthday or Christmas gift to someone you care about always make you feel good inside. No matter how much you care for someone your giving a gift to it's important to stay on budget. These ten tips offer ideas to keep your gift giving affordable and still be sentimental.

Gift Giving Tip 1: Plan a gift budget

It's hard to stick to a budget when you haven't created one. Write down all the occasions you have coming up, from birthdays to Christmas to weddings that will require you to buy a gift. Then decide how much you can spend for each of the different occasions, knowing that some events will require more money than others. Then stick to those limits no matter what. By knowing your spending limits beforehand you can stretch those amounts as far as you can and still give great gifts without feeling like you broke the bank.

Gift Giving Tip 2: Don’t be afraid to DIY a gift

An easy way to save money on gifts is to give handmade items. If you plan and make a present for someone it often means more than any store-bought gift could. Especially if it is specialized to that person's likes. If your not sure where to start, look through their Pinterest boards to get inspiration for their style and interests.

Gift Giving Tip 3: Give a shared gift

Sometimes the budget you have given yourself for gift giving can feel limiting. That’s where shared gifting comes in! Go in with a friend or sibling on a gift, you will be able to afford a more expensive gift so that you can get your favorite people the items they’ve been wanting the most or even something they’d never buy themselves but you know they would love.

Gift Giving Tip 4. Don’t start late

Start shopping in advance to give yourself enough time to compare deals and avoid the need to pay extra shipping to expedite packages. The earlier you begin your holiday shopping then more likely you are to stay on budget.

Gift Giving Tip 5: Get thrifty

Before you rush out to spend money on expensive gifts consider going to your local consignment store. Not only are you sure to find a bargain, but you may also find a unique gift that nobody else will. You can often find brand new items at thrift stores. Or combine this tip with tip number two and you will truly have a unique gift for your special someone.

how to save money on holiday shopping | tips to stay on budget when giving gifts | first alliance credit union mn

Gift Giving Tip 6: Re-gifting is an option

Everyone has items lying around that they’ve never used. Before you spend money on something new, consider giving a gift from something you already have. Just make sure you haven’t used it and it’s still in good condition. You can re-gift just about anything - books, clothes, candles, toys. Nobody needs to know you didn't buy it, just make sure you don’t re-gift to the person that gave it to you! That would be embarrassing.

Gift Giving Tip 7: Use cash

Paying with cash makes it psychologically harder to overspend than when swiping a credit or debit card. Barbecue nothing shows you've run out of money like an empty wallet. Using cash is an easy way to not overspend. Once your out of cash it means you've hit your maximum gift budget and it's time to stop spending.

Gift Giving Tip 8: Shop online

Completing most of your shopping online can help you stay within your budget. You are able to see exactly how much you are spending before you actually buy something. If your online shopping cart is nearing your gift giving budget its time to stop browsing and click check out.

Gift Giving Tip 9: No emotional spending

Emotions tend to rule our decision making, often when it shouldn't. So be careful when buying gifts based on emotions. Don’t let the way you feel about a person make you buy something expensive that the person may not want or need.

Gift Giving Tip 10: Stop buying stuff

This is the most important step to staying on budget when buying gifts. Stop spending money for presents once you have fulfilled your list. Especially stop spending money once you have spent your entire Christmas budget. Its okay to come in under budget and not spend every single dime you have budgeted for on gifts.

Wrap Up

No matter if your budget is $10 or $1,000 for giving gifts it's important to stay on budget and find ways to save money along the way. The more you can plan ahead for your gift giving needs the easier it will be to stick to your budget. Don't be afraid to get creative with your gift giving in order to avoid overspending on gifts.

We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.