All The Frugal Ladies Personal finance with a feminine touch
Have you ever heard of the term gift closet?
Until recently, I hadn’t, but it’s both a smart and frugal option that will pay off in the long run. See, a gift closet is an area in your home (not necessarily a closet) where you keep pre-bought gifts for birthdays, holidays, anniversaries, weddings, baby showers and any other occasion you can think of. Your goal is to have everything you need already stocked and bought at a lower price, so that you don’t have to go back to the store each time and buy items at full price.
The idea came to me when I was buying two more birthday gifts for my boyfriend’s nephews and nieces. There are 7 of them, with more on the way, as well as 8 siblings between the both of us, cousins, weddings, baby showers and more pocket emptying events. So many gifts, so little time and money! A gift closet was the perfect solution.
So how do you organize a gift closet? It’s actually very easy!
1) List all your gifting events
You know your relative’s and friend’s birthdays, any anniversaries, holidays, etc. So you can easily figure out how many gifts you need, for what occasions, and for which ages and sex. You may also want to consider buying a few extra gifts, in case there are surprise birthdays, weddings or events.
2) Budget, budget, budget!
How much money can you place into this pre-gift venture? It’s time to calculate just how much you will invest in each gift or the whole lot altogether. Don’t fret, the whole idea of the gift closet is that you can take your time to purchase the gifts when they are on sale or there’s a great deal handy.
3) Plan out your purchases
Where will you buy the items? Keep an eye out for discounts, sales, and coupons so you can pick up the item when it’s at its best price. Check out online deals and use comparison shoppers. When you’re not in a rush to buy a gift, you can take your time to be a smart shopper!
4) Pick up gift items throughout the year
See an amazing post-Christmas deal on unsold stock? Don’t be afraid to pick out what you need for your gift closet. They are heavily discounted items that can come in handy as gifts in the future. You can also rummage through yard sales, clearance tables at retail stores and thrift shops. Something may pique your interest as a potential gift.
5) Stay organized
You may end up having a lot of gifts in the closet and little idea of what’s in there. Keep a spreadsheet that you can update each time you remove or add a gift item. That way, you won’t overstock on gifts. Ideally, you will also mark what occasion they are good and if it’s meant for someone specific.
Find the strategy that works best for you and go for it. It’s a great way to be smart about gift purchases!
If you need some inspiration, check out these amazing gift closets and their savings:
