3715: 6 Ways to Give Memorable Gifts (Without Going Into Debt) by Carrie Smith with PT Money on Intentional Spending

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[00:00:59] This is Optimal Finance Daily. Six ways to give memorable gifts without going into debt. By Carrie Smith with PTMoney.com. And I'm Justin Malek reading you articles every single day of the year to help you save more, earn more, and invest the rest. So with that, let's get right to it as we optimize your life.

[00:01:24] Six ways to give memorable gifts without going into debt. By Carrie Smith with PTMoney.com. When you're part of a big family like I am, it's hard not to come under peer pressure to spend a lot of money on gifts. As one of five kids, all who have families and kids of their own, buying gifts for every holiday and birthday gets really expensive.

[00:01:48] And with the never-ending feeling of having to make each gift bigger and better than the last one, along with the pressure from the media to buy more, it's a constant battle to stay out of debt when buying gifts. At one point, Christmas gifts cost us thousands of dollars. Crazy, right? Thankfully, I've learned to be more resourceful with my money while still managing to give thoughtful gifts.

[00:02:12] Here are my best tips for giving memorable gifts without going into debt or blowing your budget. Number one, fulfill a need. Don't underestimate the power of giving practical gifts. I know that most of us think giving practical gifts instead of vanity gifts will be frowned upon, but that's not the case. Think about it from a personal perspective. If you really needed an item replaced because it broke or got lost,

[00:02:41] wouldn't you love it if someone gave you a new one? I know I would. The same goes for buying your friends and family practical gifts. They will be just as thankful, if not more so, for something they can really use versus another item that will just clutter up their space. Number two, spend time, not money. Just like with giving practical gifts, another awesome way to have a memorable impact without spending a lot of money is to give of your time.

[00:03:11] Most of us are so busy these days that we welcome any and all extra help. Volunteer your time to help someone do yard work, babysit their kids so they can go out on a date, take time off work and away from your phone to interact with your family. Look for ways where you can spend your time instead of money. Quote, Time is more valuable than money. You can get more money, but you cannot get more time.

[00:03:40] Jim Rohn Number three, share an experience. One of my favorite things about using sites like Groupon.com or Living Social is that they offer such amazing deals I can usually afford to buy two coupons and pass one along as a gift. For example, there was a spa deal in my city for 50% off the normal price, which meant I could buy one for myself and one for my sister who had a birthday coming up. When I presented her with the gift certificate,

[00:04:11] I told her we'd be going together a girl's day out. It was an inexpensive way to share an experience with someone I love while giving a gift that she really enjoyed. And like I mentioned, giving of yourself and your time will always have a bigger impact than the gift itself. Number four, spend smart to give more. Charging purchases on credit versus paying with cash costs a lot more money in the long run.

[00:04:40] Even if you have good intentions to pay off your balance, sometimes the interest charges and late fees can sneak up on you. So it's best to avoid the whole thing and be smarter with your hard-earned money. And when you're spending smarter, it means you have the chance to give more now and in the future because you're stretching your money further. You'll have more money in your budget for gifts instead of having to pay fees and interest charges.

[00:05:06] Number five, give memorable gifts that keep on giving. Everyone enjoys getting gifts that make their lives easier. Consider buying your multitasking friend a crockpot, your career-focused sister a pocket calendar, or your fashion-obsessed friend a subscription to a style magazine. For those financial geeks in your life, you can always buy them a business book or share a resource that will help satisfy their financial appetite.

[00:05:36] These are items that encourage healthier living, that cater to their specific needs, and save them time and money. It's a win-win. Don't forget about the old-fashioned hugs and kisses. No one ever gets tired of those. And number six, do something unexpected. Whether it's a gift for a birthday, Valentine's Day, or another holiday, doing something that's a little unexpected is never a bad idea

[00:06:04] and oftentimes doesn't cost more than $5 or $10. Sending someone a $10 gift card to Amazon or a $5 Starbucks card is a small but powerful gesture, especially if they aren't expecting to get anything, which is the case for most of us adults who don't care to dwell on how old we're getting. Even something simple like a digital e-card can brighten your loved one's day, put a smile on their face, and serve as a reminder that you're thinking of them.

[00:06:34] And in case they're having a stressful or difficult day, your unexpected gift could be just a thing they need to get through the day. Remember, it's not about the gift, it's the act of giving, devoting your time, and letting the person know how much you care about them that matters the most. Your true friends would never want to get a gift if they knew it put stress on you and your family financially. They would much rather have access to you than get more stuff.

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[00:08:33] The new PayPal app is like that, but for your money. Shop, pay, manage your account, and earn rewards all in one place. And with purchase protection on eligible items, biometric security, and pass keys, you're protected at every step. Download the new PayPal app to get started. See paypal.com slash protection terms. Thank you to Carrie. I think the most important line in this whole thing is the very last one, that your true friends would rather have access to you than get more stuff.

[00:09:03] Because so much of the stress around gift giving is us imagining that people are measuring our love by the price tag. And when I actually think about the gifts I remember most, it's almost never the expensive ones. It's the thing someone made, or the afternoon they gave me, or the tiny gesture that showed they'd been paying attention. Nobody really remembers what something cost. What she talks about takes the pressure off.

[00:09:32] Realizing the debt and the stress we pile on to impress people usually isn't buying us anything they even wanted. And I love her point about giving a need instead of a want. There's something almost more thoughtful about noticing that a friend's thing broke and just replacing it, versus grabbing another shiny object off a shelf. So maybe this year, instead of asking, what can I buy that's impressive enough? The better question is,

[00:10:02] what does this person actually need, or what time could I give them? It's cheaper, it's less stressful, and I think they'll appreciate it that much more. So thank you to Carrie for this one, and thank you for being here. I'm really happy that you're here. Have a great rest of your day, and I'll see you tomorrow, where your optimal life awaits. and I'll see you tomorrow. Thanks for listening. We'll see you tomorrow. Bye.