Save Money by Creating a Gift Reserve
Benjamin Franklin said, "By failing to prepare, you are preparing to fail.” Oh, how these words ring true, especially when it comes to finances and even gift giving.
How much money do you typically spend when you get an invitation to a child’s birthday party? By the time you get the actual gift, wrapping paper and a card, is it $20, $30 or more? For some, this unexpected expense can really take a bite out of the budget. However, there is something you can do to prepare for events like birthday parties, Christmas/holidays, weddings, teacher’s gifts, etc… and now is a perfect time to start.
It’s as Easy as Creating a Gift Reserve.
A gift reserve is a stockpile of gifts, cards and wrapping paper. Inevitably, the gift you want to buy isn’t on sale when you need it, but if you shop off season or during post-holiday sales, and take advantage of regular sales, coupons, rebates and rock bottom prices, you’ll save yourself a considerable amount of money. Then you’ll be set to “shop” from your own gift reserve.
How Do You Get Started?
Make a list of all the potential gift giving opportunities you might have throughout the year. If you have three weddings this summer, you can buy three gifts when you find a great deal. Buy some gifts that are age-specific to your child(ren), because they'll likely be asked to parties by their classmates. Start looking now for gifts for Christmas and the holidays. If you wait until the last minute, you could be spending more than your budget will allow.
Now the Fun Begins.
Once you have a game plan, you’ll be able to keep an eye out for deals that have rock bottom prices. If you don’t have the time to scour store fliers, find online deals/coupons or stroll all the clearance aisles, then follow one of your favorite money-saving blogs (e.g., www.YourRetailHelper.com, www.Hip2Save.com or www.Becentsable.net, to name a few). They will do all the hard work for you by matching all the deals, coupons and rebates for you to ensure you’re saving the most money.
Mine Freebies/Dollar Bins
Another money-saving strategy is grouping together freebies or small miscellaneous items to make a larger gift basket. A small freebie from your favorite bath/body store may not seem like a substantial gift. But what if it were grouped with four or five freebies you collect from your frugal shopping throughout the year? You now have a gift worthy of giving. (A word of caution about dollar bins: Make sure it’s really a good deal. It’s easy to spend more than you normally would, even if it is from a dollar bin.)
Timing Is Everything
When is the best time to get hot deals? Definitely shop post-holiday sales. Sites like www.PriceWatch.com will also tell you when the gift you’re looking for is at a rock bottom price. Historically, there are even certain times of the year that products go on sale. For instance, TVs are typically on sale before the Super Bowl. In January, you can find good deals on electronics, linens and computers.
What About a Gift Registry?
The desire to give someone a gift from a gift registry is compelling. However, if you’re on a tight budget, you shouldn’t feel obligated to buy an expensive item off a registry. Plan ahead and get rid of the guilt. If a gift is thoughtful and appropriate, it shouldn’t matter how much you paid for it.
Above all else, be an opportunist when it comes to great deals. There is freedom in having control over your money. Preparing for your gift giving by creating a gift reserve is an easy way to stay on track. Here’s to a frugal 2012!
Anna Bannister is a work-at-home wife and mom of three children. She is dedicated to saving money for her family on all things. Her money-saving tips, deals and resources can be found at www.YourRetailHelper.com.