5 Ways Gen Z Can Exchange Gifts Without Breaking Their Budgets in 2024
Written by
Martin Dasko
Edited by
Jenna Klaverweiden
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According to a recent survey from the Blackhawk Network, 48% of Gen Z said they were going to exchange gifts with friends, which is much higher than other generations, as only 39% of millennials, 36% of Gen X and 23% of boomers stated they planned on doing so.
As exciting as it can be to find the perfect gift for a friend, you also don’t want to add any financial strains to your life as you try to manage your own money. This is why it’s essential to find ways to control your spending so that the holiday season doesn’t set you and your budget back.
Here are five ways Gen Z can save money when exchanging gifts with friends and family.
Also see how much Americans are planning to spend on gifts this holiday season.
Redeem Credit Card Rewards
“Gen Z can stretch their money even more by using credit cards with rewards or cash-back perks,” said Joe Camberato, a financial expert and the CEO of National Business Capital. “The trick is to only buy what you would have bought with a debit card or cash so you don’t end up overspending.”
If you’re disciplined about your spending habits throughout the year, these rewards and points can add up to help you save money on your holiday gifts. You can purchase gifts without exceeding your budget by redeeming credit card rewards at certain stores. You’ll just want to ensure that you’re collecting the right types of points throughout the year to optimize your holiday shopping.
Buy in Bulk When Possible
If you find yourself buying gifts for many people with similar interests, you can save money by purchasing in bulk or trying to find a deal. If you find an item that may be the perfect gift for one person, chances are that another friend would also appreciate it.
You could also consider shopping with someone else to see if you’re purchasing the same things. “If you and a friend or family member are shopping for similar things, combining orders could score you both some savings,” Camberato said.
Look Into Secondhand Shopping
You can also save money by doing some secondhand shopping. This is already something many Gen Z are familiar with. According to research by WGSN, the global secondhand apparel market is expected to grow three times faster than the global apparel market — and Gen Z is leading that growth.
If you’re looking for a specific item for a friend, you can start off by searching through vintage stores and marketplaces to see if there’s anyone looking to part with it.
You can also check out vintage stores for other types of gifts that could be a hit with your social circle, like these:
- Vintage clothing that’s making a return in fashion
- Older board games that your friends may not have heard about
- Outdated technology (like an old camera) that could be a nostalgic gift.
The good news is that vintage stores could contain hidden treasures that would make memorable gifts while helping you save money.
Facebook Marketplace is also filled with great deals on items that are practically new since users are likely looking to unload items they simply have no space for.
Embrace DIY Gifts
If you want to get your friends unique gifts without breaking the bank, you can spend some time creating items. “In my experience, you can save money on holiday gifts and still make them meaningful by planning ahead and leaning into your creativity,” said Erika Kullberg, an attorney, personal finance expert and founder of Erika.com. “A great strategy to rely on is to embrace DIY gifts.”
Here are a few ideas for DIY gifts that could be memorable.
- Personalized crafts
- Home-baked items
- A handwritten letter
- Something unique you find on Etsy
- An item you made at a workshop, like a homemade candle
DIYing your own items could also result in a fun story for Gen Zers to tell their friends. You could also combine activities with other friends as a potential holiday gift.
Organize a Secret Santa
Kullberg suggested that you try to organize a secret Santa with a group of friends, as this could significantly cut down on spending and stress levels surrounding holiday shopping. Since you’ll be responsible for only one gift, you can save money and allocate your energy to find the perfect item for one person.
You could also consider trying out activities together and treating the experience as a gift instead of worrying about finding something for everyone.
As always, it’s important that you don’t overlook the importance of setting a budget for the holiday season. You have limits and restrictions with a set budget, which will help you not overdo it. You also have to remember that as exciting as it can be to get someone the perfect gift, you don’t want this purchase to put you into debt, as it could hurt the memory of the holiday season.
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