Active Adult Living Financial Tips

Holiday Gift-Giving without Spending all your Savings

December 22, 2021 • Admin

As seniors, we live on a tight budget, and every penny counts. We have planned our months and usually, it goes without any mishaps. Then come the holidays. Christmas is the worst season when it comes to spending money. So, here are five ways of enjoying the holidays without money worries.

  • Set a Limit on all Gifts – Setting a limit on the price of gifts can help you save a significant amount of money. Whether it is less than $25 or $50, you are bound to spend much less than other times if you set a dollar limit on your gifts. Maybe your family might not be happy with the idea, but, hey, it’s your money, and you have to spend the next year figuring out a way to earn it back.
  • Draw Names – This is an ideal setup for large families. Whether you have set a budget or not, buying gifts for the whole family is not easy. Try to organize your gift-giving by drawing names with you purchasing a gift for only the person’s name you draw.
  • Give Homemade Gifts – If you are good at baking, you can avoid store-bought gifts this season and consider baked home goods. Or, if you are good at crafting, you can make gifts for your family that they will cherish for a long time. You can also knit sweaters and scarves, or quilts, if you are good at this, and present useful and meaningful gifts. This enables you to make an impact while saving your money.
  • Take Advantage of Sales – There are many sales that come up during this time of the year. We suggest you take full advantage of these sales. You can also consider shopping online as this is cheaper than actually visiting the stores. Point to keep in mind; the money you save should go back into your pocket and not on purchasing more gifts.
  • Purchase “Group” Gifts – Instead of giving gifts to every member of one family, you can consider buying a common gift for the whole family. For example, gifting something for the home can be cheaper than gifting each member of the home.

Now you have 5 ways of gift-giving without spending all your money. Try it out, you are sure to save quite a bit if you follow this method.

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