I’m a Financial Expert: These 10 Holiday Gifts Are Not Worth the Money
Written by
Jordan Rosenfeld
Edited by
Amber Barkley
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When shopping for holiday gifts, it can be easy to fall for marketing tricks or get caught up in the belief that you have to buy whatever shiny, new thing is trendy this year. The problem is, you can wind up spending money you don’t need to on items that aren’t worth the money you spent.
To help save you both money and hassle, GOBankingRates spoke to two financial experts — Josh Michaels, a financial advisor with Money4Loans, and Stephen Clark, founder of Finbri — for tips on which holiday gifts you shouldn’t waste your money on.
Trendy Tech Gadgets With Short Lifespans
Tech gadgets are often popular holiday gift items, because they play on our desire for simplifying and exciting our lives, but Michaels warned that you should avoid purchasing those that are currently trendy, as they may become obsolete quickly.
“Many of these items lose value rapidly and are often replaced by newer models within months,” he pointed out.
High-End Designer Fashion With Limited Use
Anything that is trendy at the moment runs the risk of going out of style. Among these, Michaels warned, are “designer clothing and accessories that are highly specific in style.” He said these may not offer long-term value, “especially if they cater to fleeting fashion trends.”
Expensive Exercise Equipment
While it’s tempting to get people the gift of exercise equipment for those New Year’s resolutions, these items are among the most highly resold items at any time of year, because people are fickle.
Michaels pointed out that “high-end exercise machines can be a poor investment if the recipient is not already committed to a regular fitness routine.”
These items often end up unused and take up space and just won’t be worth your investment in them in the long run.
Specialty Kitchen Appliances
Holiday sales abound with “niche kitchen appliances like avocado slicers or banana storage bags,” Michaels said. While these items are often cute and quirky, he added, “These are often unnecessary, take up kitchen space and don’t add much value to everyday cooking.”
Your money would be better spent on a gift certificate to a kitchen store where your gift recipient could choose what they actually want and need.
Subscription Boxes With Hidden Fees
Subscription boxes can seem like a fun, quirky way to get your loved ones a unique gift catered to their specific interests, be they beauty, meal kits, books or other themes. The problem is, Clark said, “These subscriptions can add up quickly, especially with hidden fees and automatic renewals.”
Either opt for one-time gifts or consider gifting a subscription for a predetermined period, he suggested.
Knock-Off Products
If you can’t afford designer brands in clothing, electronics or handbags, you may opt to purchase the knockoff brands that are supposed to be “just as good.” Clark warned that this could be a mistake, however. “These products are often poorly made, lack durability and can even be harmful to health. Stick to reputable brands and authentic retailers to ensure quality and safety.”
Gifts That Encourage Unhealthy Habits
While it’s fun to support indulgences, particularly at the holidays, Clark suggested you may want to think again about gifts that encourage unhealthy habits, such as alcohol, sugary treats, smoking accessories or items that promote harmful stereotypes.
“These gifts can be detrimental to the recipient’s health and well-being,” Clark said. “Choose gifts that encourage positive habits and promote a healthy lifestyle.”
Luxury Pet Products
While many people feel that their pets are family and should get gifts at the holidays, too, Michaels warned that “high-end pet products often offer little additional benefit over their more reasonably priced counterparts.”
Premium Beauty and Skincare Advent Calendars
Beauty and skincare advent calendars may seem like a great deal because of how many items you get in one, but Michaels suggested you might be getting taken for a ride.
“These can be very costly for the number of products received, and recipients may not use or like all of the included items,” he said.
Brand-Name Baby Gear
While baby gifts are adorable and charming, Michaels pointed out that “Babies quickly outgrow their clothes and gear, making expensive, brand-name baby items an impractical choice.”
Save the gifts for when the babies are old enough to appreciate them. Or better yet, get the parents some gift certificates for things they might need.
In general, Michaels suggested that “during the holidays, it’s important to consider the practicality and longevity of the gifts we choose.”
Opting for thoughtful, useful and reasonably priced gifts can not only save money but also ensure that your gifts are appreciated and valued.
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