Budgeting for gifts can be difficult especially, if you need to purchase gifts for more than one occasion in a month. A gift stockpile can help save you time and money by having a selection of gifts already purchased to choose from at a moment’s notice.
A gift stockpile works similarly to a food stockpile in that you make gift purchases throughout the year when various items are on sale or at their lowest prices. Building a gift stockpile can become overwhelming and expensive if you are not careful. These three tips will help you build your gift stockpile without breaking your budget.
Consider Your Gift Giving Needs
If you are at the stage of your life where your friends are getting married and having babies, chances are that you will attending several showers. When you come across baby clothes on sale, purchase them and store them in a bin near your gift-wrap items. However, if your friend’s children are older, then chances of attending a baby shower are less likely. Instead of purchasing baby items to store, start a stockpile of children birthday gifts such as toys, when they go on sale.
Controlling What You Spend
The point of a gift stockpile is to save you money by not having to run out the day before a party to purchase a gift. In order to accomplish this, you will purchase your gifts when they are at their lowest price. Keeping a price book can help you determine if the current price for an item is the best price. Take advantage of sales and coupons as you come across them and make sure to shop at thrift stores and consignment sales for items that can be used as gifts.
Control Your Stockpile
Your gift stockpile will only save you money if you control how much you keep. There is no point to building a gift stockpile if the intended gifts sit unused for years. Keep an inventory of what you have on hand so you will know before making a purchase if you already have that item or one similar to it in your stockpile. You may also want to keep the receipt attached to the gift in case you need to return or exchange it later.
The key to successful stockpiling is moderation. Remember to make your purchases only when the item is at its best and lowest price and when you actually have the room in your budget. Otherwise, you will cost yourself money instead of saving it. The whole point of building a gift stockpile is to avoid unnecessary gift purchases and expenses.
Do you keep a gift stockpile?
Check back tomorrow for another post in our 31 Days of Real Life on a Budget series!
Linked Up To: Thrifty Thursday, The Thrifty Couple, Frugal Friday
I have kept a gift stockpile and inventory for a few years, and love the convenience of it! I also love the savings from being able to buy gifts when they are on sale, as opposed to paying a higher price if I was to purchase the gift the day before it is needed.
A great post! I’ve been really enjoying reading your ’31 days’ series.
Thank you Belinda! 🙂
I’ve never had a gift stockpile, but always wanted to start one. Your tips have inspired me to do so. Thank you!
Wonderful tips! I try to stock up a bit throughout the year when things go on sale that I know my family enjoys. For example, lots of family members enjoy getting some bath and body works soaps for gifts so I try to go ahead and buy them when there’s a really big sale. Thanks for sharing! 🙂
I found this great post from the Frugal Friday Link Up Party! I have never considered stock piling gifts before. I hate shopping for gifts. It would be nice to have a nice selection to choose from when needing a just because gift. 🙂
Oh yes! I love not having to run to the store whenever I need a gift! 🙂
I love this idea, but I wonder how to get around a couple of issues I’ve run into in the past. I found that when my boys were young, they loved those little cars. If I bought something too soon before Christmas (say September), they already had it by the time Christmas came around (or I had to spoil the surprise.) Same was true for books. I finally made a rule that six weeks before Christmas, there would be no more purchases (on their part.) I wouldn’t be able to do that for other people’s kids. How do you work around that?
Also, there is the issue of returns, if something packaged turns out to be defective. How do you handle it?
If something is defective, I return it and explain it was purchased as a gift. I used to work in retail and once you start asking for a manager, you will more than likely have your return taken care of. The only exceptions are if the item smells of cigarette smoke or pet smells, when I was a store manager those where the only returns I could not accept.
I have run into the issue with my kids getting gifts from others of the same thing that I have purchased. I usually keep those gifts and give them to someone’s children or donate them. It is really frustrating when your kid gets a gift right before Christmas and it’s something you already purchased. Truthfully, I haven’t found a great work around yet, except that we don’t buy our kids many toys. Always a work-in-progress! 🙂
I have always kept a gift stockpile. It saves money all around. ..first, by buying on sale, and secondly by staying out of a store where we are bombarded by more stuff to buy.
I shop rummage sales where I often find “new” books for 50 – cents or $1.00. My kids receive nearly new clothing or toys. I also look for things like classic toys…..a handmade wooden doll cradle landed at a rummage sale and my cousin’s little girls are playing with it many years later!
Other good stockpile gifts are notecards, small vases (add a few flowers then gift), a pretty scarf, Christmas tree ornaments, and small, decorative boxes.
Oh I love your suggestion of notecards! I’m a huge fan of notecards and so is my mom so that is an awesome item that I should definitely be stocking up on! 🙂