The bad news is you’re broke this Christmas but the good news is a lack of funds should not prevent you giving decent pressies.
Excellent gifts are the ones people want and they often don’t cost a lot.
There is research to show throwing money at presents does not automatically mean the receiver is going to be thrilled.
According to an American economist called Joel Waldfogel, often gift-giving represents a waste of resources.
His research found people often buy gifts that recipients would not choose to buy on their own, or at least not spend as much money to purchase, a phenomenon referred to as “the deadweight loss of Christmas”.
And, it’s true, this deadweight is all around us.
Think about when someone got you a pricey perfume…would you have picked it? Probably not.
Or that designer jumper you splashed out the equivalent of the next electricity bill on?
You should have saved your shillings as chances are your husband/partner/dad would have been happier picking up one in M&S a fifth of the price in a style he preferred.
The worst case scenario is you spend money you don’t have on a gift that the receiver dislikes.
Nobody is happy. You fret more about the bills nipping at your wallet and the recipient is disgruntled you got it so wrong.
So, if you want to avoid the deadweight loss of Christmas you need to put some thought into the decision, and this will cost you time – the most valuable currency we have, after all. Here are some tips.
- Make up some handy vouchers – These could be to babysit for parents with young kids, to make someone breakfast in bed every Sunday for six months, to clean the car for a year (or maybe six weeks is enough). A voucher to invite someone over for their fav dinner to cash in anytime they like. The list of things you can do for people is endless. Think hard and a good idea will emerge.
- Trawl around your local charity shop. Perhaps a vintage tea pot? Or if you hunt long enough through the eclectic array books you will find one that fits. There is often great jewelry and bags. The trick is not to buy clothes – this should be a general rule of thumb anyway – and to fess up what you bought is second hand. Say you hunted around – this shows you put time into it.
- If buying for kids send out a WhatsApp to see if anyone has what you need – Before you buy that Woody or Peppa pig toy in Symths Toys ask your pals / family with kids if anyone wants to get rid of toys and if they had these lurking. Many possibilities will get thrown up even if they don’t have your exact order. Kids won’t notice it is second hand and much better for the environment.
- Write someone a long letter telling them why you love them. Throw in a few memories and photos. This is a present everybody wants to receive. Think about how your heart would melt if this showed up under your tree.
5.A card for their fav coffee shop with enough for two coffees on it and meet up for a good chat (all about them). The best things in life are free after all! .
