How can you save money on gifts this Christmas?

by | Nov 30, 2022 | Personal Finance

It is the season to be jolly and we all need our finances to stretch as far to cover all the festivities, whether you celebrate Christmas or just prefer to splurge on New Year’s Day. It is also a time of giving and receiving, and everyone is under pressure to buy expensive presents. However, you can go against the grain and give thoughtful gifts while still remaining within your means.

Here are some terrific gift suggestions for you if you’re seeking to stay to your spending plan, pay off debt, and save money.


Understand your gifting philosophy

Before we go over any gifting hacks and tricks to save you money, before you find out how to gift, you need to know why you gift. The latter often informs our gifting strategy and how much money we end up spending in the process. For example, we need to be cognisant of whether we gift to pass on something of sentimental value, to be pompous to onlookers or simply out of obligation.


The 4-gift rule

It is true that when it comes to gift, it really is the thought that counts. However, this does stop the receiver from chucking your thoughtful gift at the bottom of a dust collecting pile in one corner of the garage years thereafter if they find no use for it. This is where the 4-gift rule comes in. Simply put, this rule works by categorising your gifts for your family into something they want, something they need, something to wear, and something to read. More than just a cute rhyme; This strategy also promises to help you remain budget and prevent your holiday season from turning into a materialistic frenzy.


Give family gifts

A wonderful concept is to give gifts to your family. In essence, each family trades gifts and gives something that the entire family can enjoy, as opposed to each person giving a gift. A game the whole family would like, a food-related present, or an experience gift are a few suggestions. This is great since it keeps things straightforward while preserving the giving spirit.


Pawn, sell, or buy preloved

Let’s face it, times are tough. Money isn’t always there to go around, especially after a global pandemic, an international war, and a couple of episodes of record-breaking loadshedding interruptions, to name a few.  So, there is really no shame in some good old-fashioned second-hand shopping for your gift items. Also trade in or sell all your unused items to make some a bit extra cash.

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