One of the BIGGEST ways to save money is to create a gift closet. This is essential with the price of gift wrap, gift bags, and the cost of your actual gift adding up quickly. I made the mistake several months ago of letting my gift closet dwindle, and I ended up having to buy a birthday gift, card, tissue paper, and gift bag for a cousin. The cost was $50, and I about fell over when I left the store, because the cost of the gift had only been $20. That means that the cost of wrapping the gift and the card was over $25.
So, what is a gift closet, you’re asking? This is basically buying items you will use for gifts when you see something on sale that you know you could give away as a gift. For example, the days and weeks after Christmas, I scour sale and clearance racks for items that are at a discount of 75-90% that I know I can give to someone. I already purchased a beautiful item at Bath&Body Works valued at over $18 for my one of my son’s teachers for this Christmas. However, I only spent $3.75 on the item. Check out our tips on How to Organize Your Gift Closet.
The purchased items go in one of our closets, along with dollar store tissue paper, gift bags, and homemade or dollar store cards. I never buy tissue paper at full-price. The cheapest price you can find in our area is at the Dollar Tree. It is $1.00 for 20 sheets, compared to $2.99 or $3.99 at Hallmark or even Walmart. For me, being caught without Dollar Tree tissue paper is like being caught without toilet paper. I hate it if I have to buy tissue paper at full price, or gift bags or cards for that matter. You have to read about these 15 Things You Should Be Buying at the Dollar Store.
Homemade cards or cards purchased for free and/or cheap through the same deals I post on this blog or purchased at the dollar store are the easiest way to save money. I also have my son make cards for his friends’ birthday parties instead of paying $5 or more for cards that sing or do something like light up. A handmade card from a friend can be as equally as special, and we always glue a picture of my son with his friend to the front, if we have one available. These have always been a hit at parties.
Again, your gift closet should include discounted baby items, home gifts, toys, and more. Think of all the special events throughout the year, and buy when the price is low. For example, I often buy newborn or size 1 diapers on sale with coupons for $4.00 or less. These are regularly $10 when purchased at full-price. I include these in my baby shower gifts, and spend much less than most people while still giving a very nice gift.
If you’re someone who really likes to decorate your packages with bows and other adornments, just make sure to buy them on clearance. Our local Michael’s store has clearance ribbon several times throughout the year. I have purchased ribbon for $0.10, and have saved oodles of money by not paying full price. A gift closet is almost a necessity in these economic times. If I paid full price for gifts and all the trimmings, I wouldn’t have any budget left for groceries. Comment your tips below on what you put in your gift closet.
Make sure to check out our other Personal Finance articles!
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How Couponing Saves Me $7,000 Per Year
Create A Gift Closet & Save Money
Starting a Stockpile Can Save You Money
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How to Have the Best Yard Sale Ever
Keeping a Price Book Can Save You Money
Avoid Bank & ATM Fees & Save Money
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35 Days to an Organized Home (All Lessons on One Blog Post + Our STARTER VIDEOS!!!)
Organizing Your Paperwork (Getting Started)!
Organizing on a Budget + Dollar Store Deals
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$4.00 Medicine Cabinet Redo
Organize Your Ribbons for $1.00!
Organize Your Jewelry for $3.00 or Less!
Closet Reorganization: Tips & Tricks (Day 1)
Closet Makeover: Day #2
Tablecloth Organization Tip
How to Organize Your Food Containers
Magnetic Cupboard Doors Video (Make sure you subscribe while you’re on our You Tube page!)
How to Organize Your Finances! (We have a TON of FREE resources for this one)!
How to Organize Your Refrigerator
How to Organize Your TIME!
How to Organize Your Child’s Toys!
How to Organize Your Mail
How to Organize Your Receipts
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I never really thought about doing this until I read this blog post! This is such an excellent idea! I am going to be doing this for my family and friends! Thanks for posting!
All good ideas. I also try to enter giveaways for products that would make good gifts. So far I haven’t had much success at this, but I keep trying!
after christmas sale look for wrapping paper that can be used for any holiday or birthday, so striped, poka dots, solid colors or just anything that does not have christmas on it… You can use for birthdays, anniversarys, etc.. gifts…also look for bags after christmas, you can get solid red, or green or blue, gold, names of GOD, just anything that does not look like just christmas only bags…Angels can be used on any event… including showers…