Christmas is just around the corner, and to celebrate we are sharing a few great gift ideas for people who are trying to pay off debt! Why do these people have a special category? Well, if you have a friend or family member who is really trying to pay down their debt (whether its student loans, credit card, or a mortgage) they often have chosen to go without certain frivolous things...and the holidays can be a great way to gift them something extra special!
Memberships. "Free fun" is great when you are paying off debt. This is my all-time favorite gift idea for someone on a budget. I would say try to stay away from a one-time use items (see below where I discuss this category). Rather, think of a membership that the person (or couple) can use again and again when their budget is tight, and it costs nothing for them to go now that you've already purchased it. A few of our favorites that most towns have: Zoo, Children's Museum, Botanical Gardens Memberships. Movie Pass is another great one, which allows the person to see a movie at a local theater for free one day a week (but never the same movie twice). Or consider purchasing 6 month subscription to Hulu or Netflix if they just got rid of cable to save money. To get more creative, you can look local even. We loved the once a day tea pass our local tea store offered, and Kevin would go each day to get a cup of tea for free after buying their 6 month membership
Memberships. "Free fun" is great when you are paying off debt. This is my all-time favorite gift idea for someone on a budget. I would say try to stay away from a one-time use items (see below where I discuss this category). Rather, think of a membership that the person (or couple) can use again and again when their budget is tight, and it costs nothing for them to go now that you've already purchased it. A few of our favorites that most towns have: Zoo, Children's Museum, Botanical Gardens Memberships. Movie Pass is another great one, which allows the person to see a movie at a local theater for free one day a week (but never the same movie twice). Or consider purchasing 6 month subscription to Hulu or Netflix if they just got rid of cable to save money. To get more creative, you can look local even. We loved the once a day tea pass our local tea store offered, and Kevin would go each day to get a cup of tea for free after buying their 6 month membership
My only warning: try to do a little digging first to make sure it is something they will use!
Ask for a list. It isn't quite as much fun, but if you want to make sure the person uses the item, they probably have a list of things they would LOVE to get their hands on if they had a little extra cash flow. Don't be surprised if it includes practical items like a spice rack holder or new socks. Take the items they really want and find a way to add a personal flare to them (buy them fun socks rather than boring white ones).
Versatile gift cards. Target, Walmart, Amazon are a few great ones. Stay away from restaurants and stores that offer items that aren't necessities (Best Buy, Ulta, Bath, Massages, and Body Works...that sort of thing).
Useful items. If they have a baby, pick up a box of diapers! That is the ultimate useful gift .Gas station gift cards are a great practical gift. Think of a way to make useful items fun: Such as buying items in a fun color or scent. Our local grocery store does a "freezer meal" workshop once a week, which costs $100 and you go and make 5 freezer meals to feed a family of 4-6. It would be a fun gift, and something a budget family would love!
Returnable items- Don't like any of the above? If you really want to buy them something unique, but also want to help them in their journey consider giving a gift receipt with your gift. That way if they get a double or can't find a use for your gift, wouldn't you rather them purchase something else than the item going to waste?
Why I don't love one time use items (that aren't versatile gift cards): A lot of people may disagree with this, but I am not a fan of one-time use items as a gift for someone working hard to pay down debt. Whether its a massage, restaurant gift card, if you're paying down debt you may be saying "no" to a lot of these things, because you are prioritizing some times higher in importance than others. Let's say you get a $50 gift card to a restaurant. Although the gift is wonderful, the couple may have chosen not to eat out as a way to pay more towards their debt. That gift card, although enjoyed, does not align with the priorities the couple has set for money. When the couple uses their $50 gift card, perhaps they are saving $5 on a meal they could have made at home. The couple could now put $5 extra towards their debt. However, if you give a gift card that allows the couple to purchase "necessary" items, that $50 gift card to Walmart could save them $50 in their grocery bill that month. That means the couple is now able to put $50 extra towards their debt from the savings! That aligns with what the couple has chosen is their highest priority! Even though the restaurant gift card is wonderful, it is even more wonderful to help with the couple's highest priority!
Comments