The holiday season is a time for giving but finding the right gift at the right price can be tough, especially for students on a budget. Here are a few tips for gift giving on a student budget.
Build A Holiday Budget and Stick to It
Before you start your shopping, consider creating a budget. Assess your personal financial situation and see how much money, if any, you can feasibly set aside for gifts this season. After you've created your budget, consider strategies for saving on your holiday gifts. Instead of going to a store, focus on online shopping, which can help you compare costs more easily. You also might want to talk to your family and friends about hosting a White Elephant gift swap. That way everyone gives one present and gets one present, instead of gifting everyone.
Make A List and Check It Twice
Make a list of people you want to give something to this holiday season. Once you have a number you can compare that to your budget and decide if you can afford to buy each person something, or if you need to think about baking or making something for some or all of the people. This is also an important time to decide if you’re going to spend the same amount on everyone or if you’re going to spend more on your mom than on your neighbor. But remember it’s often more about how much thought and time went into the gift than how much the gift costs that matters.
Take Advantage of Student Discounts
Your student ID doesn't just get you into football games, it can also qualify you for discounts and deals. Many retailers have special offers for students but might not widely advertise them. So, before you pay for your gifts, be sure to ask if you qualify for any student discounts or other savings offers. Some places that offer students discounts include Best Buy, American Eagle, Nike and more.
Utilize the Internet
To find great deals and personalized presents, start with the standard searches, like on Google or social media channels. Consider subscribing to email newsletters from the retailers you love. Many companies appreciate the loyalty and will give you early access to sales and special discounts
Time to Shop
Look for sales at stores you frequent and go on days that you know an item you want to get will be on sale. Look for additional coupons online before you go, and some retail apps offer coupons right in the app. Pro tip - take only the amount of money you can spend on that gift (+ a little extra for tax). These actions will help you stay within your budget and maybe even save you a few bucks along the way.
It can be hard to find the perfect gift for friends and loved ones, no matter how much money you have available to spend. We hope some of these ideas will help you to stay within your budget this holiday season and embrace the joy of giving without spending beyond your means. Happy holidays!
Consider shopping for gifts this holiday season with our Rewards Checking Account. We have a cashback and a 5% interest option, so you can be rewarded for all the purchases you make this holiday season. Learn more.