How to save for the winter gift-giving holidays

If you haven’t been stashing money for this winter’s gifting season, there’s still time to do something smarter than “charge it all, die of shock when bills come due). Here are some suggestions how to go about it:

• If you have disposable income and your problem is discipline, do whatever it takes to force yourself to save $X per week. A fancy way to do this is: open up an INGDirect.com savings account, set it up to automatically collect $X dollars from another bank account every week or month or whatever, and it will electronically stash those funds for you.
• Are you sure you don’t have disposable income? Are you brown-bagging your work lunches? Doing your own manicures and pedicure? Got a spare something sitting around you could sell on eBay? Got some DVDs you haven’t watched in over a year that you could sell to a used DVD shop?
• If you know how to save money, but there really just isn’t enough, I’ve got suggestions for you, too:
• • Pool with loved ones to buy the expensive presents. Let’s say the kids want a game console you can’t afford, and they’ve been really good all year and they deserve a nice present. Ask your relatives if, instead of everyone getting the kids small affordable gifts, you could all put something into a pool which which you’ll buy the kids that one big gift.
  • Don’t send Christmas cards. With the cost of cards and ever-rising mailing costs, you could save a good little chunk of money by sending free electronic greeting cards. If you’re afraid of offending, tell people you’re being more environmentally friendly by sending electronic ones. For relatives who don’t do email, make a special date for a phone call, maybe with the whole family there to wish them a happy holiday (if you have a cell phone that doesn’t charge for long-distance calls, even better). This can be far more memorable than a card.
  • If worse comes to worst, it is okay to remind your loved ones that it’s not the gift that counts. Some of you will have had a year full of unexpected medical bills, suddenly rising mortgage payments or unemployment. These things are tough enough on their own; you should not be made to feel worse by holidays that are meant to bring people together and celebrate love and life.

UPDATED: Check the comments for an additional tip that’ll save you money and time, and (if you handle it right) benefit the environment.

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Posted in Frugal on November 12, 2007