The Ultimate Guide To Saving Money For Holiday Gifting

With the holiday fever setting in everywhere around us, there is no escaping the enthusiasm and festivities, or the emotional spending it may induce. Even though the world is still trying to battle the global pandemic and its adverse consequences, the holiday season gives us some form of respite from every kind of stress; and the opportunity to focus on the good things in life like our family and friends.

The holiday season is a great opportunity to remind your near and dear ones how special they are and pamper them with some presents. It also allows us to indulge in one of our most enjoyable activities: some old school retail therapy.

However, all of us are susceptible to get carried away with all the shopping and gifting, to the detriment of our financial goals, emergency funds, and more. Hence, it is also a great time to point out some quick and nifty tips and tricks for saving money on gifts while making the most of this holiday season. It becomes even more pertinent given the financial stress many might be undergoing due to the COVID-19 pandemic.  

Tips to make the most of this festive season

Here are a few tips and tricks you can easily follow to get each and every one of your close ones a great gift without breaking the bank: 

  • Have a fixed gifting budget 

The holiday season usually involves a lot of personal expenses apart from gifting, like traveling and lodging expenses if you are visiting your family and friends in another city and expenses on hosting guests who come over. So, the first step is to evaluate your financial position and allocate a holiday gifting budget before the holiday madness sets in. You can further subdivide the budget on an individual basis so that it becomes easier to find apt holiday gifting options.

  • Have a gifting list in advance

To avoid unnecessary expenditure and last-minute splurging, make a  list of people you want to give something to and possibly think of a suitable holiday gifting option. This helps streamline the gifting process, and you can also buy gifts in bulk or avoid last-minute surge pricing on gifts and save a lot of money while not compromising on the quality of the gift.

  • Do not get carried away with festive sales

With the onset of the holiday season comes the myriad of festive season sales on every possible platform. E-commerce giants like Amazon and Flipkart have already started luring in customers with their special holiday discounts and periodic flash sales. If used in a planned manner, you can end up saving money due to these discounts but more often than not, rather than ordering gift we intended to buy, we end up buying a lot of things just because “we need gifts” and “it was so cheap that I could not resist” and regret them later. So, do yourself and your bank balance a favor and avoid any type of impulsive or panic buys.

  • Wrap your gifts

Professional packaging can be criminally expensive, especially during the holiday season. So, ditch your professional packaging service or those overpriced gift bags and wrap your gifts. Not only is it easier on your pocket, but it also adds a dash of personalized touch and can have great sentimental value. While at it, you can also help save the environment by ditching those regular plastic wrapping sheets and go creative and upcycle and reuse whatever material you already have at home!

  • Switch to handmade gifts 

Nothing is more endearing than getting a gift from someone that they have actually spent time thinking about and making. While it is easier to just go to the mall and pick something up, it is not as intimate as that card or candle holder or those handmade chocolates that you made for your close one. So, go creative and make something special for your friends and family this holiday season and see them bragging about it for several holiday seasons to come. Not only is it more economical and saves you a lot of time, but you can also add some personal customization as per the recipient.

  • Organise gift exchanges instead 

Rather than buying one gift for each of your friends or family members, it is easier just to gather all of them together and organize a quirky gift exchange instead. A secret Santa party is a great way to introduce all your friends and family to each other while significantly reducing your holiday gifting expenditure. This way, you just have to buy one or two meaningful gifts instead of worrying about buying a dozen of them, and then there is always the excitement of the surprise gift. 

  • Use an app or e-wallet 

With the onset of the holiday season, the market is flooded with cashback and bank discount options for their existing as well as new users. Apps like Lettyshop and Paytm let you further get cashback on already discounted items. So, do your research well and make the most of these offers and save a lot of money while at it.

Parting thoughts 

Cash payments are on their way to obsolescence, of course, fueled by the fear of the spread of the COVID-19. Even without it, a much more digital, sophisticated approach to finances and money has been the way to go, too many of us, for a long time now. Register with Salt by clicking here to experience a customer-centric, hassle-free, borderless, and seamless banking solution to put an end to all your worries and enjoy the festive season to its fullest.

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