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7 Ways to Save Money on Christmas Gifts

7 Ways to Save Money on Christmas Gifts
box of dollar bills tied with red ribbon

Christmas is supposed to be the most wonderful time of the year, but it can cost you. Americans planned to spend an average of $823 on Christmas gifts in 2022 according to a NerdWallet survey. 

This amounts to a staggering total of $178 billion in gift spending. What's concerning is that one third of gifts in 2021 were charged to credit cards, the balances of which are not yet paid off (NerdWallet). 

The average credit card interest rate in America is over 24% according to lendingtree. Those Christmas gifts will cost a lot more than what's on the price tag if you can't afford to buy them outright, or to pay off your credit card balances in full when the transactions post.

You can do Christmas without going into debt. Let's look at some ways to save money on Christmas gifts. 

***This post contains affiliate links. I earn small commissions from clicks and qualified purchases at no extra cost to you. Thanks for your support!

7 Ways to Save Money on Christmas Gifts

Prepare Ahead of Time

Christmas comes at the same time every year. It's not an emergency or a surprise. Start a sinking fund or participate in your company's holiday cheer fund if possible. 

Set small amounts of money aside throughout the year to cover your holiday gift spending. Use budgeting envelopes to pay in cash. When the cash runs out, then the shopping is done.

Make Lists

Make a list of gifts you'd like to give. Check it twice! See if you can eliminate any people or items. Create lists or favorite items online, so you can monitor for price reductions. 

Camelcamelcamel is an Amazon price tracker that monitors the ups and downs of price points so you can ensure you're getting the best deal.

save money on christmas gifts

Impose a Strict Limit

  • Dollar Amount: Decide on a price you can afford per person on your gift list. Do not exceed that amount. Stop shopping when you reach the limit.
  • Item Count: The 4 gift limit is popular for kids
  1. Something you want
  2. Something you need
  3. Something to wear
  4. Something to read
  • Use a Container: Fill a stocking or sack. Arrange gifts in a basket or bin. Stop shopping when the container is full. Wrap it with cellophane and tie it with ribbon so you can't keep tweaking.

Give Homemade Gifts

You can't go wrong with a heartfelt homemade gift, especially one that's practical. You could make ornaments, bird feed, stovetop simmer or candles. Perhaps you're skilled in crochet, and can make cold weather accessories or coasters. 

Host a Gift Exchange

Have an ugly Christmas sweater party, and encourage guests to bring one gift only. Give instructions for the amount to spend or the type of gift to bring. You might limit the gift to $10 and instruct guests to only purchase items from the dollar store, for example. 

Or host a gathering after Christmas, and instruct guests to only bring items they already have on hand - a great opportunity to regift. 

Request that gifts are bagged or wrapped so no one can tell what they are. Everyone will bring one gift and take one home. 
save money on christmas gifts

Prioritize Experiences

Plenty of experiences are free or low cost. Rather than exchange gifts, consider meeting up to share an experience. Go see Christmas light displays or ice skating. Host a craft night or have a hot cocoa bar. 

Opt Out

There's nothing wrong with wanting to save money or avoid clutter. Inform your tribe that you wish to skip exchanging gifts. 

Make it clear that you will not be purchasing gifts, then release any feelings of guilt or obligation to reciprocate if they still decide to give you gifts. After all, a true gift is given freely without expectation of receiving anything in return. 

Your tribe might even be relieved. Perhaps they share the same feelings about gift giving, but felt pressure to participate. Deciding to forego exchanging gifts can help reduce stress during the holiday season.

Summary

Christmas is less wonderful if it's too expensive. But it doesn't have to be. Save money on Christmas gifts by sticking to a list and budget. Make homemade gifts or arrange a gift exchange. Go in on an experience or opt out of gift giving altogether. Christmas can be whatever you make it, so make it more affordable and enjoyable. 

What was the best inexpensive Christmas gift you received?




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