I’m a peculiar person when it comes to gifts. I never spent an afternoon trying to find where my parents stashed Christmas gifts. In fact, two presents from Peach are sitting in my office, unwrapped, and I haven’t had the slightly temptation to take a peek. I don’t gleefully rip the wrapping from a bunch of presents in a row. Instead, there is a very extended, methodical process in which it takes me a long time to get through all my gifts. Thanks delayed gratification.
What I relish even more than the painstaking act of removing wrapping paper from a package without a tear (oh, yeah – I can do that) is the act of giving presents. There is just something about finding that perfect gift that a loved one isn’t expecting and didn’t put on a wish list.
Alas, gift giving at Christmas time often costs significant money because you have to hit everyone all at once. At least birthdays a staggered, unless you’re in the Gosselin family or Octomom.
In order to combat this budget buster, I do what any financially diligent, type-A personality would: write a checklist.
None of this will be mind-blowing. Trust me, I wish I had some special secret to automatically reduce the cost of gift giving (other than don’t give any). But one or two of the tips may help you save some money, or at least get cash back in the process.
- Start early – really early.
- It’s not just that I start the actual shopping process particularly early. I keep a running list on my phone of gift ideas throughout the year. Anytime someone on my Christmas gift list mentions something he or she would want – it goes on the list. This reduces the headache of scrambling for ideas in late December. It also helps buy items on sale throughout the year.
- Making a list – and checking it a whole bunch of times.
- I’m admittedly a little Scrooge-esque about the people to whom I give presents. I prefer to spoil those I really care about instead of giving $10 gifts to a bunch of folks. In mid-November, I draft up a gift list and then potentially make cuts. Or have open conversation with some friends about doing a Secret Santa or just nixing a gift exchange and spending time together instead.
- Set budgets per person not just overall.
- Yup, people are assigned dollar amounts. I put a maximum I would want to spend on said person and then shop accordingly. It also helps take the sting out if you and a friend/family member agree on a maximum budget together. Hey, I guess you can put a price tag on love.
- Cash in on my credit card rewards
- I’ll let cash back accrue all year long and then dump it into my checking account or use it as a statement credit during the holidays.
- Use cash back portals like Rakuten* and Mr. Rebates* when shopping.
- Like your average millennial, most of my Christmas shopping is done online. Instead of just clicking directly to my intended website, I first check cash back portals like Rakuten and Mr. Rebates. By simply clicking through those sites, I can earn a little bit of cash back. It doesn’t end up, that being big bucks, but so far I’ve earned $50 back on shopping this year. Granted did include some holiday bonuses Rakuten grants and not just off the percentage back.
- Tip: put all rebates go directly into savings and don’t use it as an excuse to spend more.
- Combine going through a cash back portal with a rewards credit card and it makes you feel like you’re saving a little bit on your budget. Learn how to stack cash back here.
- Use credit cards with highest cash back value on purchases.
- I’m always sure to check and see which credit card would earn me the most cash back on a purchase before I check out.
- Shop sales.
- Pretty self-explanatory…
- Combine purchasing power with my sister.
- Cailin, my young sister, and I have been known to put our money together in order to buy something nicer for our parents. As we’ve gotten older, many of the more fun presents are experiences to share instead of just another trinket for the house. It’s nice to be able to treat our mom and dad to a night out or a fun family evening because we don’t all get to see each other too often.
- Use Groupon or LivingSocial to find experiences.
- Speaking of gifting experiences – Groupon and LivingSocial are great sites to help find deals. Even if you can’t find a deal, they can help get the creative juices flowing. Peach and I used Groupon to do a painting workshop class, which means I now have art in the apartment – double win. I gave my friend Hannah a chocolate tour of New York as a birthday gift. Unless you have particular materialistic loved ones, the experience route is often the way to go.
*I do get a small referral bonus if you sign up for Rakuten or Mr. Rebates. So send me some Christmas cheer and sign up!