At MoneyPlus, we believe in making smart financial choices without sacrificing the joy of giving. Whether you’re shopping for a birthday, Christmas, or just because, finding the perfect present doesn’t have to drain your wallet and certainly shouldn’t make your debt problem worse.
So, whether you’re currently using a Debt Management Plan (DMP), are working through an Individual Voluntary Arrangement (IVA), or are simply having a bit of a tough time, don’t fret. There are plenty of ways to enjoy the gift of giving without breaking the bank.
With this in mind, in this guide we give our top advice for managing the gift-giving expectations you may be facing. We also provide a list of gift ideas, all for under a fiver.
How to talk about gift-giving while in debt
Setting gift-giving expectations while managing debt can be challenging, especially if you have a young family. However, with honest and sensitive communication, alongside some thoughtful planning, you can still experience the joys of giving without adding to your financial worries.
Below, we take a look at three ways you can start talking about gift-giving while in debt:
1. Be honest and as open as possible
Most importantly of all, when you are struggling with debt, being honest with your loved ones about your financial situation is essential and can relieve a lot of pressure. When it comes to times of the year when gifts might be expected, try to explain beforehand that you are focusing on managing your finances and that expensive gifts cannot be a priority. Although you may have to be a little more creative and sensitive in the way you explain this to children, most people will appreciate your honesty and understand your situation.
2. Be thoughtful
Great gifts don’t have to cost the earth. In fact, sometimes the most meaningful presents are those that come from the heart and emphasise the importance of thoughtfulness rather than monetary value. With this in mind, think about inexpensive or even handmade gifts that have a meaning and won’t break the bank.
3. Set clear expectations
As discussed above, setting expectations when it comes to gift-giving is really important if you are struggling with debt. This can mean simply suggesting a spending limit with friends and family or even drawing names so that each person only buys for one other person for big gift-giving events like Christmas or Diwali. This can make the gift-giving process more manageable and less stressful for everyone involved.
How to give gifts on a budget
Once expectations have been set, it’s time to actually think about the types of gifts you can give to your loved ones without significantly increasing your debt. Below, we take a look at three ideas:
1. Make something by hand
Gifts don’t have to be purchased. Sometimes, the most thoughtful presents are ones that are homemade. Whether that’s a batch of cookies or personalised cake, a scrapbook or photo album containing happy memories, or a knitted scarf or jumper, gifts that involve invested time often demonstrate far more thought than store-bought items.
2. Plan an experience
Instead of giving a loved one a physical present, why not create memories by planning a shared experience? This could be a homemade picnic in a nearby park or a home movie night, complete with hotdogs, popcorn and the latest blockbuster home-streamed.
3. Offer your time and skills
As well as experiences, simply offering your skills, effort and time can also be a thoughtful – and crucially inexpensive – gift. This could include, helping with gardening if you are green fingered, for example, or helping with painting and decorating. It could even be something as simple as offering to babysit or dog walk for a friend. These gestures can be incredibly valuable and appreciated just as much as a material gift.
Great gifts for under a fiver
If you really do want a material gift for a loved one’s special occasion, there are plenty of thoughtful presents you can find or customise for £5 or less. The truth is, when your budget is tight, finding great gifts for under a fiver can even be a creative and fulfilling challenge. To get you started, here are some thoughtful and budget-friendly ideas that can bring joy without breaking the bank:
Personalised mugs: A simple plain mug can be transformed into a cherished gift with a bit of creativity. Simply buy a plain white mug – these can be found online for as little as £1 – and some permanent markers. Using a little creative licence, use the markers to add a personalised design or message.
Potted plants: From cacti to succulents, small potted plants are inexpensive yet truly thoughtful gifts. They can bring a touch of nature into any space and are a symbol of growth and care. They can even be used to help to teach lessons of care and responsibility to children.
Scented candles: Small scented candles can create a cosy atmosphere and are often available for under a fiver, whether you are buying online or from a local supermarket. To get the most for your money, try to choose a soothing scent that will help your loved one relax and unwind.
Personalised tote bags: Stylish and eco-friendly, a bespoke tote shopping bag can be a great gift. Much like the personalised mug, these sustainable items can be bought for under a fiver and easily personalised. This can either be done with marker pens and paints or, if you have the time and skills, using a needle and thread.
Mini photo frames: Memories and nostalgia can be more powerful than any other gift. With this in mind, finding that perfect photograph that invokes a special memory can be the perfect gift in certain circumstances. All you need to do is print the photo and purchase a small photo frame. Once again, the frame could also be easily personalised with a meaningful symbol or quote, or even just the date the photo was taken.
Scrapbooks or journals: Scrapbooking and journaling is becoming an increasingly popular pastime in the UK. Aside from the catharsis these practices can bring, the beauty of it is how easy and inexpensive it is to start. For under a fiver, you could buy a small, beautifully designed scrapbook or journal for a loved one who loves to jot down thoughts, ideas, or sketches.
Remember, the value of a gift is not in its price, but in the thought and effort behind it.
