5 November 2007 4 Comments Print This Post  Email This Post

Gift giving is one of those things we all have to do throughout our lives. There is always an occasion around the corner and you don’t want to show up without a gift. I’m all for giving gifts. I think its a nice gesture among friends and family and they produce great memories and sometimes keepsakes. What I don’t like, however, is to over pay on gifts. It’s not that I’m cheap and I don’t want to spend a lot on a gift, its because I’m smart with my money and I don’t like to pay more for something that will make the same impact. With the holidays coming around the corner sooner than you know it, I decided to think of 8 ways to save money on gifts.

1. Don’t wait until the last minute. I’m sure everyone knows that pretty much nothing is on sale during the holidays. After the new years, you’ll see 50-70% off everything. So don’t wait until the last minute. Develop a gift list long before the actual occasion so you can stumble upon on sale items and other deals. This is the reason I wrote this article now instead of the middle of December.

2. Buy Online. There are massive savings online through eBay, Amazon, Overstock among countless others. If you have a specific item in mind to give a certain person, you definitely have to do a quick online check on a comparison site such as MySimon. You’ll have hundreds of dollars this way.

3. Buy in Bulk. No, I don’t mean go to a trade show, network with suppliers and start buying gifts by the truckload. However, you can buy lots of cheap items together and use them as “whatever” gifts for people you may have accidentally left off your list. I loved what my girlfriend did last Christmas. There was a huge sale on DVDs for about $2 a piece in October or so. She bought like 20 of these and was able to make 10-15 gifts out of them. When it comes to gifts, it’s the impression that counts. The perceived value of the DVDs were at least $15.

4. Give books. Books are not only educational, but they go on sale all the time, which is great. I don’t think theres anything wrong with books in the clearance sections at stores. If you’re looking for specific books for someone, eBay or the Amazon marketplace has many great private sellers offering them in new condition for up to 70% off the list price. Again, the perceived value is the list price so your recipient won’t know how much you paid.

5. Give jewelry. You must think I’m out of my mind. How would jewelry save you money? My experience in the jewelry business really showed me how cheap some jewelry can cost. You need to look for the right type of jewelry, light weight and small. This is easy for girls, you’ll be able to get a sterling silver necklace for about $10 shipped on eBay if you look. My girlfriend just bought a 14k gold necklace for a friend for $25. It weighed less than a gram. For guys, try a sterling silver ring. Those can be had for about $10-$20 on eBay. Jewelry make great gifts because you can find very low cost jewelry, put it in a nice fancy box and the perceived value goes through the roof.

6. Give magazine subscriptions. If you get on a site like Magazine line, you can get magazine subscriptions for up to 80% off the cover price. A magazine subscription has a high perceived value as well so you don’t look like a cheap skate. I also like this because it comes every month or two and it reminds the person of your gift. It keeps on giving.

7. Know the Receiver. What I mean by know the receiver is to think about the type of person they are. Are they name brand lovers? If not, then don’t waste your money buying name brand things for them if they won’t even know what it is. If they are, then buy something name brand but spend less on it. Is your boyfriend fashion oriented? If not then don’t bother getting him a $100 coat if he won’t be able to pronounce the brand. I bought my mom a Coach purse once because I thought she would like it since its name brand. I barely see her even use it because shes not one to care for brands or expensive things. Don’t spend a lot of money on something you think is nice. Spend less on something that the receiver will enjoy.

8. Repackage! I couldn’t leave this out. Like the bread maker in the movie Old School (with two speeds!), repackaging saves you cash and lets you get rid of something that is just sitting. Of course, make sure the gift makes sense and don’t give something that is truly awful. I have lots of books, CDs and even clothes that I got as gifts and have never even touched. You can be sure some people on my list is going to end up with them and they’ll never know you didn’t go out and buy them.