Oyindamola Olajide: The Best Hacks To Help You Give Budget-Friendly Gifts in This Economy

In Maslow‘s Hierarchy of Needs, the third stage, “Love and Belongingness Needs,” highlights the human need for a sense of belonging, fostering emotional connections, affiliating, connecting with others, and being part of a group. This encompasses friendship, intimacy, trust, acceptance, love, and the exchange of affection. In strengthening bonds, nurturing relationships, and making individuals feel loved and appreciated, gifting plays a significant role

Given the current economic situation in Africa, it has become crucial to reevaluate gifting habits and discover alternative ways to offer meaningful gifts without straining your finances. The current annual inflation rate for Africa’s largest economy stands at a staggering 22.8%, the highest since September 2005, driven by surging food prices, transportation costs, and import expenses. These economic challenges have affected many individuals.

While you intend to be generous, you should also evaluate the economic situation with explore budgeting tips to ensure that your gifts are meaningful and convey your intentions without causing financial stress.

Plan early

Don’t wait until the last minute. If the event is in December, start planning in October. Last-minute gifting often leads to overspending and limited options, leaving little time for research or price comparisons.

Assess your current financial situation

Begin by evaluating your current income, both disposable and non-disposable, while considering the rising costs of basic necessities. This assessment will help you set realistic expectations and guide your gift selection process.

Set a gifting budget

After assessing your finances, establish a budget to prevent overspending and tailor your gift choices effectively.

Make a list of recipients

Create a list of people you wish to buy gifts for and prioritise them based on the occasion’s significance and your relationship with them. This approach will help you allocate your budget more appropriately for effective results, prevent overspending, and ensure you focus on essential relationships without omitting anyone.

Research and compare prices

Invest time in researching gifts that will resonate with your recipients. Compare prices across different stores and online platforms, and be on the lookout for sales, discounts, or promotional offers to maximise the value of your money.

Take advantage of group gifting

When celebrating special occasions with friends, colleagues, or family, consider suggesting group gifting. Pooling resources allows you to contribute to a more substantial gift without overspending individually, resulting in significant cost savings.

Focus on quality over quantity

Instead of purchasing multiple substandard gifts, consider investing in one high-quality, functional gift that will be more appreciated and long-lasting. Meaningful and practical gifts are often more valuable than a collection of substandard items.

Explore experiential gifts

Embrace the concept of gifting experiences rather than physical items. Explore experiential gift cards for activities like spa visits, golfing, paint and sip sessions, event tickets, family outings, or other experiences that create lasting memories and strengthen relationships without straining your budget. Choose experiences that align with your recipients’ interests for a more personalised touch.

Gifting remains essential in our daily lives and plays a huge role in our togetherness, irrespective of distance. Regardless of recent economic challenges, you can maximise your budget while still offering thoughtful, meaningful, and practical gifts that leave a lasting impression on your loved ones, families and acquaintances. Remember, it’s the sentiment behind the gift that truly matters, not the price tag.

 

 

***

Featured Image by Anna Tarazevich for Pexels.