Bye Bye, Gift Guilt. Here’s How You Can Partake in Holiday Giving Without Overspending
There are plenty of holiday sales, and many promise huge savings. Between transaction and donation anxiety Giftthe holidays can stir up a lot of emotions…and debt. Most of us are making trade-offs to pay for the holidays, including buying less and shopping for fewer people, according to one company. CNET holiday spending survey.
Despite these trade-offs, it’s easy to overspending. Jean Saavedra CNET Finance Expert and founder save my moneySays people often feel stressed at the start of a new year and try to get their finances back on track.
“I see consumers spending hundreds or even thousands of dollars on celebrations, travel and gifts during the winter holidays, only to then face insurmountable credit card bills in January,” Saavedra said.
This doesn’t have to be your reality. Start 2025 with confidence in your career Budget Even set aside some money for you new year goals. And you can still give your loved ones a meaningful gift without feeling guilty. Here’s what we recommend.
Set expectations with family and friends
a lot of anxiety around give gifts Comes from trying to match the effort and expense of the recipient. Saavedra says before you start shopping for gifts, set guardrails with friends and family. For example, set a limit of $10 per person, or only buy gifts for the kids. Setting expectations now makes it easy for everyone to participate without having to worry about expensive gifts.
Another way to keep costs down is to play gift-giving games like White Elephant or Secret Santa, where you’re only responsible for buying one gift for one person. Gifts for everyone can be expensive, so this helps save on the budget.
Read more: My spending trigger is “fear of missing out.” This is how I control it
Categorize gift recipients
To keep yourself on track, set a Budget You will not exceed and set per-person limits by category. Saavedra recommends dividing the people you’re buying gifts for into three groups:
For example, you might consider sending a thoughtful gesture, such as a handwritten card, to an acquaintance or coworker. Or you could give them something smaller, like holiday decorations.
Figuring out how to lower costs for the first two groups of beneficiaries can free up money for your loved ones, such as close friends or family, on whom you might want to spend a little more. Even with them, though, set an amount you feel comfortable with.
Read more: No, you don’t have to give holiday gifts this year. How to shamelessly skip it
Choose thoughtful gifts without overpriced items
Saavedra knows how disappointing it can be to not be able to afford the fanciest gift, but it’s best to prioritize your own financial needs and goals. There are some well-thought-out alternatives that make just as much sense but cost a fraction of the price.
Get creative with homemade crafts and treats
Consider a homemade card, holiday cookies, or framed family photos. Saavedra said there is no shame in giving away items you received from others during the year.
Buy gifts in bulk
Saavedra also recommends buying in bulk if you’re donating to many recipients. You can save money by purchasing gifts at discounted prices at wholesale clubs like Costco and Sam’s.
Give away your skills and time
Your time and any other special skills can also make great gifts. One of Saavedra’s favorite gifts for parents with young children are nanny coupons. “It might cost you time, but it’s huge for parents because now sometimes nannies start at $25 an hour,” she said. Four hours of date night can easily cost them $100. “
Think about how your creative skills can help others and create a coupon or gift certificate. Here are some other examples of gifts of service for your loved ones:
- Archive tax For family members who are struggling with this task
- one home cooking You can prepare for next year
- walking the dog, pet sitting Or run errands during your friend’s next vacation
- House cleaning services for families with a new baby or friends with busy schedules
- Create a website or logo for a friend who has a new business
- Carpool service for children whose parents’ work schedules conflict
- Home repairs or upgrades for people who may need a handyman or don’t have the time
Read more: The Best Last Minute Gifts You Can Print or Email
Don’t wait until the week before Christmas to shop
To save as much as possible on your budget, buy early to get best deal. Saavedra uses browser extension Her favorite retailer sites, such as Camelcamelcamel, allow you to view the price history of more expensive items.
If you wait until the week before Christmas, the best deals may be gone, as retailers often increase prices later in the Christmas period.
However, Early holiday sales It’s currently in full swing, so you can currently find good deal About gifts.
Boycott the use of credit cards and BNPL schemes
Saavedra often sees people trying to recoup their finances and recover from overspending and recovery. debt Build up from the holidays.
Although it’s tempting to consider splurging on a gift through financing, e.g. Buy now, pay later plandoing so could severely damage your finances for years to come.
“These are essentially high-interest consumer loans designed to get you to spend money you don’t have.” Instead, Saavedra recommends spending only the money you do have and finding alternative gifts.
If you want to buy a gift but can’t afford it now but know you can pay for it in full later, consider Installment payment options on Amazonwhich has more protections to help you avoid debt. If you decide to make a purchase using a credit card, please consider 0% APR Cardwhich prevents interest charges from accruing for a period of time if you can’t pay your balance right away.
