7 Tips to Save on Holiday Gifting

7 Tips to Save on Holiday Gifting

The biggest shopping days of the year kick off before the Thanksgiving leftovers are finished! These 7 tips to save on holiday gifting can help you navigate the fine line between the joys of giving and the pressures to overspend.

1. Set a Strict Budget.

Sometimes, overspending slowly creeps up on you. You tell yourself that it’s ‘only a little more’ here, find a ‘too good to pass up’ bargain there, and maybe have a few instances of ‘but it’s perfect.’ Little by little, small overages add up to a large deficit in your holiday budget.

Yes, the holidays are a special time of year. But they’re not so special that they should damage your financial standing the other 11 months. One in three Americans goes into debt with holiday spending.

The money-smart approach is to decide what you can afford in advance. Then stick to that. And that requires this next step…

2. Make a List.

And check it twice! You cannot budget realistically without some research. Whether it’s online or during a relaxing window-shopping stroll, confirm current prices to plan your budget. If you’re ordering online, be sure to include shipping (and start early for the lowest-price shipping options).

Of course, you need to set priorities:

1. For those closest to you, find the best price for a special gift.
2. For everyone else, find the best gift for the price that fits your budget.

With some advanced planning, you can keep your budget on track.

3. Use the 24-Hour Rule.

Call them the Budget Killers. They’re impulse purchases. They increased with the start of lockdown in 2020. With more time spent online, we were tempted by things we saw on social media. Then the lifting of lockdown restrictions rang in a new round of celebratory impulse purchases.

We spend an average of $314 a month on impulse purchases, according to a 2022 survey. The holiday season can seem to justify spending without consideration. That’s where the 24-Hour Rule comes in: To decide if a potential impulse purchase is really the best gift and truly worth the cost, sleep on it. (As a back-up plan, confirm a liberal Return Policy in writing.)

4. Save as a Family.

For larger families gift-giving can get pricey! You can propose a number of options for everyone to scale down and spend more wisely.

Consider a Secret Santa, where you draw names so that each person buys one gift and gets one gift. If you won’t be together before the holidays, you can find free online apps to manage the drawing remotely.

Or decide that you can celebrate together simply and each donate to a worthy cause. Look to your family to make it meaningful. For instance, if it’ll be your first holiday without a family elder, you can each give to their favorite charity in their name. Or donate to plant trees in your community or in another country; many well-rated charities serve just that purpose.

5. Give of Yourself.

The most thoughtful gifts often require only an investment of your time. You may know people who want nothing more than a pet-sitter, a daylong visit from a gardener, or a helping hand to de-clutter a closet.

Ask what talents you have to offer. You can home-cook or hand-craft gifts. If you have a flair for scrapbooking, you can help someone organize family photos into albums and wall art. You can teach a child to ride a bicycle or spend a few evenings reading to a senior. Nothing is better than the ‘gifts that keep on giving.’

6. Stay Alert. Get Alerted.

Scam artists don’t take off for the holidays. In fact, it’s their busy season! They’re relying on you to be rushed, distracted, and more vulnerable.

Besides doing your best to stay alert, you can automate alerts for your PFFCU Rewards Visa^® Credit Card and PFFCU Debit Card. Log in to Online/Mobile Banking, go to Settings, and then go to Account Alerts, or visit the Card Management tab and select Alerts. You can define what activity you consider suspicious (e.g. dollar maximums, international purchases) and choose the quickest way to reach you.

7. Don’t Spend; Redeem.

Have you been accruing points with your PFFCU Rewards Visa? You can redeem your points for gifts. Most ship within 2-3 business days.

Your Rewards options include a wide range of brand-name products as well as gift cards to national retailers and restaurants. If none are exactly what you’re looking for, you can redeem Reward Points for cash deposited directly into your PFFCU Share Account; then use the money for that special something.

With these tips, you can celebrate without worries about January’s blizzard of bills. Shopping responsibly and thoughtfully in the weeks prior puts you in a better position for a low-stress holiday. When you can relax and fully enjoy time with your nearest and dearest, you’ll have found the true spirit of the season!