How much money do you spend on gifts each year? Is it over $500? Over a thousand dollars? How many people do you buy gifts for? Five? 10? 20? According to the American Research Group, the average person will spend $882 on gifts this year. That means some of us will spend even more! That’s a lot of money each year in gifts.
There’s a better way. I discovered this hack a few years ago when I realized I was buying a lot of little gifts for a lot of people. Gifts that were probably not worth the time and energy it took to find and buy them, but I still bought them because I felt obligated.
I took a page from my workplace. Years ago, different departments would have their own holiday parties. It would be a low key affair. Sometimes it was lunch on the Friday before the holidays, sometimes it was happy hour after work, but in all cases we did something fun and we had a Secret Snowman gift exchange.
The rules were very simple. The gift limit was $25, you drew the name of your recipient out of a hat and you made sure you showed up at the party with your wrapped gift. The fun of the event was in figuring out what you should get your recipient, trying to guess who your Secret Snowman was, and it also meant that you celebrated the holidays with a large group of people but were only on the hook for one small gift.
Sound familiar? You can do the same exact thing with your family. Rather than spend $25 to $30 on a small gift for every single person in your family, why not parlay that into a Secret Snowman-type gift exchange and spend a little more for just one person?
My friend recently did this and it has saved him hundreds of dollars and hours of shopping. He comes from a large family. He has five sets of aunts and uncles; his wife has two sets and several cousins who themselves have kids. It’s a lot of gifts.
After years of buying too many gifts, they had a baby and realized they couldn’t afford to spend that much each year on gifts. He was worried about looking cheap and tacky when he suggested doing a Secret Snowman type of exchange but everyone in his family loved it.
The hardest part about this is suggesting the idea to move from 1-to-1 gift giving to a gift exchange. Before you suggest it to anyone, understand that everyone I’ve ever spoken to about this has said it was a positive move. No one has yet to be disappointed, which should boost your confidence that this is a good decision.
If it’s too late to try this year, float the idea at this year’s annual gathering or meal. Take the temperature of the group to see if this is something they’d like to give it a try. If it’s not too late, start calling your family members up and seeing if they’d be open to the idea. By easing the group into the concept, you’re more likely to succeed. If no one likes the idea, at least you tried!
Why do gift exchanges work so well? First, everyone saves time and money. Shopping for one gift is easier and cheaper than shopping for 20. It also means that the time you do spend can be more focused. Buying one gift for one person means you can spend a little more, put a little more thought and get a gift someone will love.
Next, it turns the gift buying experience into a more social one. If you get a relative you don’t know nearly as well, it’s a fun way to learn more about the things they love. It can bring you closer as you learn more things about your own cousins.
Lastly, it doesn’t take away from the gift giving experience whatsoever. If you celebrate with your family at an annual meal, you can have the exchange happen after you enjoy the desserts. It takes an already fun event and elevates it.
The rules of a successful gift exchange are pretty straightforward. Start by finding out who will participate because you need to match everyone up. You don’t want someone to be without a gift. Pick a selection process that works well for you. You will have to know who is paired with whom, just to make sure no one is left out. Set a reasonable dollar amount. Pick out a date to exchange fits. Lastly, celebrate!
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How to Hack Your Holiday Shopping List originally appeared on usnews.com