With at least five major gift-giving holidays in the U.S. (plus birthdays, anniversaries, and memorable moments like graduations, weddings, and new babies), it's easy to bust your budget on presents.
Gifting is big business, and it is hard to avoid the constant marketing, advertisements, and in-store promotions baiting you into spending more money on the holiday of the month.
According to the National Retail Federation, Americans spend an average of $175 on Valentine's Day, $179 on Easter, $220 on Mother's Day, $172 on Father's Day, and $648 on Winter Holiday gifts.
So if you want to divert money from your current budget toward paying off debt, saving for retirement, college, or a vacation, cutting down on gift costs is a great place to start.
1. Family Photo Album or Frame
A family photo album or frame helps preserve memories spent together. It's also a relatively inexpensive gift. Look for clearance picture frames throughout the year and store them for an instant gift under $10.
3. Reoccurring Monthly Subscriptions
If you're looking for family gift ideas that keep on giving, there are now a wide variety of monthly subscriptions besides a ‘fruit of the month' club.
4. Gift Card to a Favorite Restaurant
If you're looking to give one gift to an entire family, how about the gift of dinner out? A gift card to a local restaurant or their favorite fast-casual place is something the whole family can enjoy.