Holiday Money Saving Tips: 5 Ways to Save on Gifts This Year

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The holiday season is upon us, meaning that along with all of that festive cheer, a whole lot of spending is imminent. If you are one of the countless Americans looking to tighten their belts this year in the face of inflation and economic volatility, you probably are not all too excited at the thought of blowing money you do not have on gifts for your friends and family. Go here for more Christmas offers this holiday season.

The average American spends more than $1,000 on Christmas, with the majority of that figure going to gifts. However, you do not need to fork out wads of cash to let your loved ones know you are thinking of them. Rather, you can follow our simple money-saving tips to ensure you have a special Christmas without breaking the bank. 

Read on to find out five easy money-saving tips for the holiday season. 

1. Set Strict Limits 

One of the best money-saving tips for this festive period we can offer is to set and agree on strict price limits on gifts this year. Contact everyone you are planning on getting a gift for and ask if they will agree on keeping spending on each other below a certain limit. 

They will likely understand if you want to spend less and will probably be relieved that they are not under pressure to spend big. A simple $40 limit per person will likely save you some serious cash. 

2. Get Thrifty 

If you are looking for saving money tips and tricks, opting for second-hand purchases is good advice all year-round. During the holiday season, this is especially true. There is nothing wrong with second-hand presents and it is unlikely most people will notice or even care where you got the gift from. 

It is the gesture that counts. Check out used item sellers on Amazon or hit up your local thrift stores to save money on all your presents. 

3. Shop Wisely 

One of the most important money-saving tips for holidays in the new world is to do your research before you shop. Make sure the stores that you choose offer good value for money and, most important, have a credible returns policy. 

You can use this database of customer complaints to find out more about the return policies of your favorite retailers. This way, you can ensure that you are able to return unwanted presents and save money throughout the festive period. 

4. Make Your Own Gifts 

One way to give memorable gifts to your loved ones while spending very little is to make something for them yourself. Anyone can head to the store and buy a new pair of Airpods or video game system. However, no-one can buy a bespoke gift that you have made just for them.

There are no limits to what you can create as a gift. Knitwear, paintings, photography, furniture, home decor, and so much more can be made at home at very little cost. 

5. Secret Santa 

Finally, you should consider setting up a secret Santa scheme if you really want to keep costs down. Secret Santa is when your group of friends or family are all secretly given one person in the group to buy a gift for. 

This way, everyone gets a gift, while everyone else only has to buy one present instead of a gift for everyone. Learn the ins-and-outs of secret Santa and see if your loved ones are keen to participate this holiday season. 

More Money-Saving Tips for You 

If you are looking for money-saving tips for Christmas this holiday season and beyond, we are here to help. In our Finance section, you will find carefully-curated guides that detail all of the ways that you can save money and boost your bank balance, ensuring that next year will be your most secure and prosperous year yet.

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