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How to build a gift closet to save money on gift giving all year long
Gift giving is an expense that doesn’t only happen around the holidays…
There are plenty of other occasions that pop up throughout the year where a gift would be expected. This is when having a gift closet would come in really handy!!
I’m sure you plan for Christmas, family and close friend’s birthdays and such. But what about your kid’s friend’s birthdays, baby showers, graduations, bridal showers, housewarming, among many others that pop up throughout the year?
All the unexpected expense of gift-giving can really take a bite out of your budget.
The key to staying on budget, and still be able to give thoughtful gifts is to be prepared for any and all occasions that might come up unexpectedly.
The easiest way I’ve found to keep my gift-giving budget on track is by creating a gift closet.
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What is a Gift Closet
If you have never heard the term “gift closet”, it is basically a stockpile of gifts that you buy throughout the year and store away until a gift-giving occasion arises.
The idea of creating a gift closet is to save money by purchasing great gift items when you can buy them at low prices. If you have great gifts on hand to give for all occasions, you will avoid having to run to the store last-minute and purchase gifts at full price.
I first started a gift closet when my children were in their first years of school. It seemed that they would get invited to classmate’s birthday parties every other week.
And to add the chaos, the invitations would sit in their school bags until the day before the party. I would then need to run around last-minute buying gifts at full price spending both time and money that I couldn’t afford.
Once I implemented a gift closet, I not only save a bunch of money, but I also saved myself time and a bit of stress as well.
Here are some tips to get you started on building your own gift closet to save time and a bunch of money all year-long.
Gift Closet Storage
The first thing you’ll want to do when building a gift closet is to find a place to store your gift stockpile, it doesn’t necessarily need to be a closet.
It could be a cabinet, storage bin, or any other place in your home where you have the room like in a corner of your basement, attic, or garage.
Pro Tip: If you have children, you probably want to find a discreet location so they don’t raid your gifts simply because they can.
It’s also best to find a location that you don’t need to access frequently. This way you don’t have to move your gift stockpile out of the way just to get to some other items you may use frequently.
Stocking up on gifts for cheap
Next, it’s time to start stocking your gift closet with presents for family, friends, and acquaintances. So basically all you need to do is whenever you come upon a great sale or find good deals on items that make great gifts, you buy them so you have them when needed.
Here are some ways that I find good deals on gifts and save 50% – 90% off
Clearance Items
Every time I go out shopping, I always check the clearance aisles and shelves for deals things that make good gifts as well as anything else I might need.
The best time to shop for clearance items is right after Christmas and other holidays but you can find gift items any time of year.
I have a lot of nieces in my family so every year right after Christmas I head over to our local drug store and find amazing deals on gift sets and limited edition perfumes that typically sell for $25 or more and I get them for just a few dollars each.
You can do the same with just about any other holiday or end of season sale and save anywhere from 50% to 90% off the regular retail price.
After Christmas clearance sales are also great to stock up on plain-colored wrapping paper, bows, and other gift-giving essentials that are not holiday-specific.
End of season deals
Another good time to keep your eyes open for great deals is the end of season clearance sales. So you can buy winter clothing, jackets, boots, etc. at the of winter.
You can get good deals on BBQ grills, and accessories as well as outdoor furniture, clothing, and much more at the end of summer sales.
It also doesn’t need to be a time of year type season, for instance, I learned from a salesperson at a local business that TV’s always go on sale right after the super bowl every year.
Apparently, the demand for large-screen televisions is really high so most electronic stores stock up on the latest TVs, and whatever doesn’t sell is reduced in price to clear any excess inventory.
Online clearance
Another great place to find inexpensive gifts is the clearance selections of your favorite online retailers since they need to clean out their inventory to make room for more just like a brick and mortar.
Every shopping website I have gone on has a clearance section, although some might make it a bit difficult to find.
And as a bonus, you could get cashback on top of your already low prices by using cashback sites such as Rakuten (get $10 deposited into your account for free just for signing up).
Couponing
I also like to used coupons strategically to purchase drugstore items for really cheap prices or sometimes even free. I know it sounds a little weird but what I do is use these items to create inexpensive gift baskets full of related stuff.
Just think how much a teenage girl might like to have a gift basket full of makeup and toiletries, or how every new or expecting mom would really appreciate a gift basket full of baby essentials.
Going out of business sales
Nobody likes to see businesses in the neighborhood closing but it’s still a good opportunity to get items to stock your gift closet for really cheap.
Typically the best can be found during the last few weeks before the business closes but the inventory can also be pretty slim by that point too.
Special store events
Lastly, many retail stores have special events where they offer great deals on products. For instance, if a retailer is celebrating a special milestone such as an anniversary in business.
Another example that probably everyone’s heard of is Amazon Prime Day where they have amazing sales on many popular items.
Here are more ways you can save money on gift-giving as well as everyday items.
How to Pay for Holiday Gift Giving
One Simple Trick to Save a Ton While Shopping Online
Gift Basket Ideas For Every Occasion
25 Teacher Gift Ideas to Show Your Appreciation
Gift Closet Organization
Once you start building up a stockpile of gifts, you’ll want to find a way to keep it organized so you can easily find what you need when you need it.
There is no right or wrong way to do this, you can organize it by whether it’s for a female or male, for kids or adults or whatever makes sense depending on your situation.
Tracking Your Gift Closet Inventory
Finally, you should keep track of the items you have in your gift closet to make it much easier to find things when an unexpected gift-giving occasion arises.
I like to keep a gift closet inventory sheet which is basically just a list of gifts written on a paper listing all the presents I have on hand.
When you need a gift for a special occasion, all you need to do is look at your gift closet inventory tracking sheet and you will be able to quickly determine if you have something to give.
Keeping an inventory list will also help you determine what types of items that you may be in need of and items you are all set with for a while.
How to Build a Gift Basket Conclusion
Hopefully, by now you can see how building a gift closet can save you a whole lot of money and stress when a gift-giving occasion arises.
The key to saving the most money as possible is to always keep your eyes peeled for places to great deals for products that you know someone you know would love to get.
This way you make them happy with an awesome gift and you’re happy because you save a bunch of money!!
Keep your gift wrapping supplies organized with the wrapping storage organizers
I spend way too much money on gifts. Finding great gifts and making people feel good is one of my favorite things to do, but it’s just not always financially practical.
That’s so true. I think a lot of people feel the same. Implementing a gift close can really help with the financial burden though.
Amazing gift ideas! I just loved them. Thank you so much for sharing!