The Holiday Gift Closet
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The Holiday Gift Closet

Posted on Wednesday, December 1st, 2010 at 6:52 am
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Do you have a gift closet in your home? If you don’t, you should consider starting one. Establish a gift closet now and you can save you money in the many months to come.

What is a gift closet?

A gift closet is a place where you can store away the extra deals that you find. Then when it comes time to needing a gift, you simply reach into your gift closet and pull out something perfect. Whenever an occasion arrives, such as a birthday, anniversary or other holiday, you can go “shopping” in your gift closet.

A gift closet doesn’t have to actually be a closet. It could be a box under the bed, a place in the attic or wherever you can spare a little extra storage space.

Why should you think about a gift closet now?

Although ideally, you’ll want to work on your gift closet all year long as you run into bargains but, the holidays are still a great time to get started on a gift closet. Incredible sales are happening right now, so your chances of getting major deals is high. After-holiday clearance sales offer amazing bargain basement prices.

How does a gift closet save money?

A gift closet saves money because it allows you to pay next to nothing for the gifts you need to purchase. Instead of overspending at the last minute for a gift, you can keep everything within a budget. For example, I know my son’s friends all like Bakugan toys. So when Sears was doing a toy clean out event last month, I was able to stock up on these toys. Instead of paying $10-$25 per toy, I only spent $3-$7 per toy! You can’t beat that. Now my son has all the gifts he will need for the numerous birthday parties that will come up next year.

Where can you find gift closet deals?

To find the best gift closet deals, just keep your eyes open. When you are out shopping anywhere, be sure to check in at the clearance sections, because you never know what you might find.

Stores will continue offering doorbuster deals throughout the season, and these are a great opportunity to stock up for the gift closet.

There are a lot of great online clearance deals going on that can be combined with coupons. You should be able to score socks, summer and clothing, toys, video games, books and more for an average of 70 to 90 percent off. Visit the online clearance sections of your favorite stores and then apply those coupon codes.

Deals of the Day are another great source of bargains for your gift closet. Amazon, Gamestop, ToysRUs, Target, Walmart and Woot are just some of the stores offer deep discounts that change daily.

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.