How much are we wasting?
If you’re one unhappy recipient, $71 went into your total forced smiles and false gratitude, with some $31 spent on each gift. Even so, you’re likely to keep it anyway: 39% of people reported keeping unwanted gifts. The most likely culprits lying in that disappointing box are clothing and accessories, followed by household items (13%), cosmetics and fragrances (12%), literature (6%), technology (5%), food and drinks (4%) and music (3%).
Many of us are more willing to buy gifts we know others don’t want than show up empty-handed. More than 1 in 10 Americans (12%) admitted they have deliberately bought someone a present they knew that person wouldn’t like. Further, hinting about what you want to the men in your life is not working: 21% of men admit to intentionally gifting non-treasures, while only 8% of women cop to it.
What else do we enjoy celebrating aside from the presents we actually wanted?
Only 4% of Americans say that there is nothing to like about Christmas. Others say that they love everything about the holidays: decorating, Christmas lights and celebrating the birth of Jesus. Some report that their favorite part of Christmas is when it’s over. And 1% of people said that getting drunk is their favorite part. (Cheers!)
How to save money in this tough financial season
- Organize a Secret Santa. These gift exchanges at home and in your social groups allow you to come up with a few thoughtful gifts while spending less. Deciding on a maximum gift price lets you advocate for a reasonable amount without dipping into your savings.
- Make your own gifts. The popularity of crafting has spilled into the mainstream so strongly that some people are actually excited to receive something handmade. A plethora of blogs are dedicated to DIY crafts, such as Studio DIY that outlines how much time and money you should expect to pour into every endeavor. Check out these Christmas-specific gift ideas from Country Living.
- Regift cards. Those gift cards that have been burning a hole into your wallet since last year can be used to purchase items on pesky wish lists. It’s like regifting, but it won’t come back to haunt you at a white elephant party.
- Earn extra cash. Consider adding a short-term revenue stream to help with holiday costs. The ease of the Internet and mobile apps make it simple to pick up a few gigs without committing to more time than you have. In fact, finder.com is a champion of the side hustle.
Get smart about gift giving
Just ask people what they want.
It may not feel romantic to ask, but chances are that you’re more proud of the vacuum you bought your girlfriend than she is. Sites like Wishlistr let others tell you what they want. So you don’t have to guess.
Gift in cards.
Gift cards allow your friends and family to use the money toward items they actually want. Not sure where they like to shop? Visa and American Express gift cards can be used anywhere.
Sell your unwanted wares.
Plenty of sites like eBay and Craigslist allow you to easily unload that spare toolset or ice cream maker, while you can unload those grandma sweaters to hipsters who’ll truly appreciate them using clothing sites like Poshmark.