Saving Opportunities for the Gift Giving Season

Written by: Guest Writer

3 min read | Published: December 12, 2024

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According to the Conference Board Holiday Spending Survey, U.S. shoppers are expected to spend an average of $654 on holiday gifts this year. Although this might not seem like much to some, this amount is likely unrealistic for most college students. Participate in the joy the gift-giving season brings by looking for ways to give affordably this year. To help with this endeavor, we’ve compiled some of our favorite low-cost tips for providing presents without blowing your budget.

Organize a Gift Exchange

Conducting a gift exchange with your friend group or family can be a great way to give without the heavy financial obligation of buying a present for every single person in your inner circle. It can also allow you to be more focused and intentional since you’re purchasing for a single person rather than an entire list of people, allowing you to home in on their personality and select an item that comes from the heart. To make this process fair and easy, consider using a gift exchange website or app that automatically draws names and connects people with their person’s wish list. Try agreeing on a spending limit everyone is comfortable with to keep the spirit of giving a pleasant one.

Give Gifts After the Holiday

Semester finals are stressful enough without the added pressure of the holidays. Try giving yourself a break this year and celebrate after the typical gift-giving season. Although this delayed act may seem awkward at first, it can give your wallet a break when purchasing presents and discounted seasonal items during post-holiday sales.

Another way to partake in post-season deals is to keep additional offers provided by companies for yourself. For example, some restaurants give you a money-off discount toward your next dine-in experience when you purchase a certain dollar amount in gift cards. Often, these offers can’t be applied to a bill until after the holidays, so why not save them for yourself? If you decide to take someone out to eat as a gift after the holidays, this could give you a discount on your bill, reducing your financial obligation. As you make purchases, think opportunistically to save money for yourself while giving to others.

Use Your Rewards to Reward Others

As many of us know, reward-earning credit cards offer great opportunities for us to receive cash back or other incentives. This year, check on your points or reward balances before you shop to consider ways they could help you shop this holiday season. For example, if you have a cash back balance of $50, you could transfer this amount to your checking account to purchase a gift or two. The money you saved could then be applied toward purchasing presents for those you couldn’t previously afford to buy anything for or could be set aside for additional financial goals or bills. If you don’t have enough cash back to implement this year, consider using your rewards-earning card as you shop for presents this holiday season to earn incentives that could be used next year.

Celebrate festivities with food

If you’d prefer to stay out of the stores and have baking talent to show off, consider giving the gift of food this year. Giving baked goods can offer a low-cost present option for you in exchange for a bit of time and skill. If you don’t have access to a full kitchen, explore no-bake options or ask a friend or family member who does have a kitchen to join in the fun. Let your creativity flow, then package your homemade goodies in a simple box adorned with a festive bow or ribbon.

Don’t become a grinch this holiday season if your gift-giving account balance is less than desirable. Instead, consider what strategies, rewards and skills you can use to make the season merry without breaking the bank. We hope these tips provide you with additional knowledge to deliver a financially stress-free time of year!