Plan early for holiday gifts to cut costs

By Peter Kamuri

One thing that happens to almost all of us during the festive season is that we unconsciously get lured into overindulgence. We overeat, drink too much, and incur huge expenses on travel and comfort. Ultimately, these leave our pockets badly punctured. However, poor planning when buying holiday gifts is the sure way to see you sink into the real ‘holiday debt.’

Buying a festive season holiday gift often provokes excitement to many. With just some days to the peak of the festivities, the exhilaration is almost at fever pitch. Everybody wants to outdo each other by buying and giving out the best gifts to friends, family or colleagues.  Buying holiday gifts need careful planning. You must not wait until the last minute to start planning for them if you want to save your money. It is not inconceivable that you can make huge savings by learning how to be a smart shopper on gifts.

Francis Kahora, a financial advisor who works in a private firm in Nairobi says, “Holiday season is synonymous with people exchanging gifts. It is the time of the year when you visit your favourite supermarket and almost everybody ahead of you on the queue is carrying a gift. Every other shop you visit, the attendants are wrapping gift.”

Reciprocate

This can definitely make your heart sink if you haven’t planned what you will buy and for whom. “During the festive season, most outlets are out to make a kill from those desperate to buy the best gifts in town. They use all marketing gimmicks to win unsuspecting buyers and if you are not careful, you might end up cleaning your pocket,” says Kahora.

Kahora advises, “Planning for your holiday gifts and buying them early is always a good idea. This way, you will be able to choose the best product and get value for your money. On the other hand, you are likely to get the best prices and avoid the heavy traffic of shoppers at the peak of the festive season.”

“Just like any other expenditure, determine the amount of money you want to expend on the gifts. Can you afford to raise the money effortlessly? Does buying the gift make you forego another item that is more important? This way, you can make your holiday spending less stressful and ultimately full of fun,” says Kahora.

“Then it is important you determine the reason why you want to buy a gift. Are you buying because you saw others buy or you want to reciprocate since you also received a gift?” says Kahora.

He cautions, “The main drive for you to buy a gift should not be to reciprocate by giving to a friend or a family member who has done the same to you. Although it a good African practice to give in return to a person who has given you something, this can easily push out of the way since you had not planned for it.” You should never be pressurised to give a gift of equal or more value to the one you received from a friend. The rule of the thumb should be to buy a gift only when you can afford it. Do not strain yourself. It should always be voluntary and if you plan for it well in advance, there is no reason why you should be under pressure.

“Then it is important you decide in advance what you will buy and for whom. Review the names of those you are likely to send gifts to and what you will buy for them. Remember, everybody close to you – friends, relatives or even colleagues – look up to you for a holiday present. It is your responsibility to determine who amongst those in your possible gift-list are going to benefit,” advises Kahora.

Pay attention

When you establish the amount of money you want to spend on gifts and the beneficiaries, divide your gift budget to see how much worth of gift each should receive. However, you are at liberty to spend more on some gifts than others, but you must not exceed your budget. “Cut cost of buying gifts by exploring cheaper home made gifts. If you have craft skills or you know someone who can do a good job, ask him to make a bag or a curving for you.

Most of these gifts are priceless and in the end, they are highly valued by the recipients. Do not habour the feeling that your modest gift will be looked down,” says Kahora.

He adds, “The recipient of your gift will surely appreciate the idea and the time spent on the item. Remember, a good gift that you give during the festive season is usually valued by the thought put into it not how much it costs. So when looking for a gift, pay attention to your colleague or friend’s tastes, what their interests.”Financial experts say that before buying a gift, do some window shopping. This way, you will be able to get the best bargains.

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