How to Recession Proof the Holidays

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Updated: August 31, 2019

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When your economy is experiencing a recession, finding ways to enjoy the holiday season without overspending can sometimes become a challenge. Although you may be accustomed to spending a certain amount of money on gifts for your friends and family during the holidays, there are still numerous ways you can celebrate gift-giving without having to overspend, or dip into your savings account. Continue reading this article to learn more about creative ways you can celebrate gift-giving, and experience a recession-proof holiday.

Money-Saving Gift Methods

  1. 1
    Purchase prepaid debit cards for holiday shopping use. Prepaid cards will allow you to keep better track of your spending, and may prevent you from being tempted to withdraw additional funds. For example, if your holiday shopping budget is 100 dollars, purchase a 100-dollar prepaid debit card, and stop buying gifts when there are no funds left on the card.
  2. 2
    Use reward points from retail membership cards or credit cards to purchase holiday gifts. Most retailers will allow you to apply rewards points toward purchases during the holidays, or provide you with options for redeeming your points. For example, if you have 12 dollars saved in rewards points, use those points to purchase a holiday gift for a friend or family member.
  3. 3
    Use the Internet to locate coupons, discounts, and additional savings at your favorite venues. Groupon and Living Social are examples of websites that provide you with coupons for major retailers, which you can then use in stores or online to receive discounts.
    • Browse the application store or market on your smartphone to locate apps that provide coupons and discounts. Some apps have been developed to alert you about sales at nearby retailers, or to provide you with coupons for major retailers when they become available.
  4. 4
    Give gifts that can be used repeatedly throughout the year. Examples of gifts you can give are year-long subscriptions to magazines or movie rentals, or year-long car wash subscriptions that allow for one free car wash per week.
  5. 5
    Buy gift cards for common, everyday needs such as gasoline, utilities, or groceries. Gift cards such as these can be purchased at most major retail locations, and your friends and family also being impacted by the recession will be thankful to receive these types of gifts.
  6. 6
    Give gifts that promote a healthy lifestyle. In time of recession, some may lack health insurance or healthcare options. For example, buy a gym membership or tracksuit for a friend or family member, which they can then take advantage of, and reduce overall trips to the doctor or healthcare provider.

Homemade Holiday Gifts

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    Create gift baskets that contain a variety of goods. A gift basket can contain food items such as coffee, cheese and crackers, and small bags of candy, or can contain toiletry items such as small bars of soap, lotions, or scented room sprays.
    • Buy items for gift baskets in bulk. In most cases during the holiday season, you can buy large packages of small items in bulk at a lower cost. For example, purchase a large gift package of small perfume bottles, and place them in gift baskets for your female friends and family.
  2. 2
    Decorate and fill mason jars with your family's favorite items. Mason jars can usually be purchased for low costs at craft stores, and can be decorated with ribbons or stickers, and filled with any item, including food. For example, fill mason jars with lollipops for your children, or with bath salts for your mother.
  3. 3
    Bake your friends' and family's favorite desserts, pastries, or baked goods. In most cases, certain foods can be frozen and consumed over a period of time. For example, bake your son's favorite chocolate chip cookies, or bake your spouse loaves of their favorite cinnamon bread.
  4. 4
    Give home-canned fruits and vegetables as gifts. Fruits and vegetables can be purchased from local farmer's markets at low costs, and is a healthy item that can be given to most friends and family members.
  5. 5
    Prepare a large casserole or dish that can be placed into individual containers and frozen. A large casserole can feed a person for days or weeks, and can be an ideal gift for friends and family who dislike cooking, or lack the time to cook.
    • Buy disposable or reusable plastic storage containers instead of glass containers in which to place the food. Most glass containers are heavy in weight, and may be more costly than plastic containers.
  6. 6
    Make a scrapbook or digital photo album for your friends and family. A scrapbook can be made by gluing "scraps" such as buttons, ribbons, and other decorative items to the inside of a scrapbook journal, and a digital photo album can be made using one of several types of software, or with a retail store that specializes in digital photography.

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    Categories: Budgeting for Special Events | Holiday Season

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