photo by weddingcakes
It’s obvious retailers are struggling this year, and the steep discounts offered on Black Friday are merely the tip of the iceberg this holiday season. Come December 26th, retailers are practically going to give away their product in an effort to clear the shelves for spring goods.
So if you’re sticking with consumerism this holiday season, I say enjoy the religious traditions on schedule and then swap gifts come New Year’s Day.
A friend of mine from grad school introduced me this gift giving cost saver. She swaps gifts with her friends and family AFTER the holidays are over. And her logic makes sense.
Whatever your gift giving budget, you get more for your money on December 26th. You can opt to spend less for the same quality items you would have bought at full price. Or you can opt to spend the same on much higher quality items.
For instance, in past years my favorite department store Lord & Taylor cut prices on their cashmere sweaters in half the day after Christmas. With the additional savings you get with their coupons, you typically wind up paying about $60 for a $140 sweater.
With the retail sector in an especially difficult situation this holiday season, a $148 cashmere sweater is already marked down to $65.99. You’ll probably be getting 2 sweaters for that price on December 26th.
That $65.99 will either cover both Grandma AND Aunt Betsy or you’ll be throwing in a scarf and gloves with Grandma’s New Year’s Day gift.
If you are partaking in gift giving traditions this season, make sure you make the most of the dollars you choose to spend.
What are your frugal gift giving tips? Share them here, or blog about them and enter to win a variety of prizes over at Broke Grad Student.
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