Four Ways to Save on Christmas Gifts This Year

Pop quiz: How much money did the average family spent on Christmas gifts last year?

1. $455
2. $646
3. $815
4. $1,090
5. $425,000

If you guessed B — $646 – you’re right. If you also think that number seems a little low, you’re not alone. If you think it seems a little high, you’re a savvy shopper who’s figured out how to save a few bucks during one of the biggest spending sprees of the year. Maybe we can grab coffee sometime and share our secrets! Oh, and if you don’t mind, I’d like to share a few of those secrets with the following list:

1. MAKE YOUR OWN GIFTS – Homemade gifts not only cost less than most other gifts, but they mean that much more because they’re, well, homemade! The only cost associated with these gifts are the supplies which, if you buy wisely, should cost somewhere between $10 and $20. Need some ideas? Try a personalized book of coupons, a fabric-covered notebook, or an assortment of cookie cutter soaps. Need 97 more ideas? Check out this website!

2. BAKE YOUR OWN GIFTS – If you’re good in the kitchen (specifically with the oven), you should definitely consider baking your own gifts. A dozen cookies in a nice tin are an ideal present for just about anyone, including friends, family, neighbors or co-workers.

3. TRY A GIFT EXCHANGE – Got a big family, a large pool of friends, or a few dozen close co-workers? Instead of buying a gift for each person in the group, suggest a gift exchange. You’ll only have to buy one gift – and, yes, you’ll only get one gift – but you’ll save plenty of money. Perhaps you’ll save enough to buy a few “just because” gifts throughout the year!

4. MAKE A LIST AND CHECK IT TWICE – It works for Santa, and he should know a thing or two about making the most out of a limited budget (I assume he has a budget, those elves don’t work for free!). Start your list by writing your total Christmas spending limit at the top. Then write everyone you’d like to shop for and how much you’d like to spend on each person. And then – here’s the hard part – do whatever you have to do to stick to that budget.