Money Management

Buying gifts a few days before Christmas can be costly and stressful, but it doesn’t have to be. See our advice on how to save money, even if time is limited. 

The final days before Christmas are often a blur of festive events, scrambling to finish work, and preparations for the big day. If you feel like December has passed in a whirlwind and you still have gifts to buy, try not to panic. There are still plenty of ways to find thoughtful presents that won’t break the bank. If you’re shopping for last-minute gifts, we’ve got you covered.

1. Use in-store pickup

If you shop online, you could be cutting it close at this point. Some stores may be able to deliver before the 25th — Amazon Prime customers in some parts of the country can still get same-day delivery on certain items until as late as Christmas Eve.

Even so, deliveries can go astray. That’s where in-store pickup can come in handy. If you’re willing pick up your items, you can skip the worst of the crowds, find great deals, and still make it home in time to wrap your gifts before Christmas. Be aware, there will probably still be a checkout line, and some retailers don’t offer this service.

2. Go digital

From subscriptions to experiences, digital gifts are available almost instantaneously and can suit almost every budget. If your bank balance can’t accommodate a year’s subscription to luxury jewelry, consider a less frequent subscription to something more low-key. The Walmart beauty box costs less than $7 a quarter and comes with five to seven products for year-round glamour.

I’ve gifted many subscriptions over the years, but the available variety and quality has skyrocketed since the pandemic. Here are a few to consider:

Meal delivery kits: Busy households will welcome a few nights where they don’t have to think about dinner. Look into a gift card or one-month (or even one-week) meal subscription.Magazine subscriptions: Find out if your giftee already subscribes to the magazine in question. If not, and it’s content you know they’ll enjoy, this can be a classic gift. A few years ago, I gifted my nephews a Nat Geo Kids subscription, and it went down a treat.Plants and seeds: If they’ve got space, the botanist in your life might appreciate a plant or seed subscription, either monthly or quarterly.Alcohol and snacks: As long as the recipient isn’t planning a dry January, a subscription could introduce them to a world of new flavors. If alcohol busts your budget, look for a snack box to accompany their tipples instead.Guaranteed to surprise: We ruled out some of the wackiest subscription boxes because they were just too surreal or too niche. But from bamboo toilet paper to monthly moss deliveries, you can unleash the zany joys of all corners of the internet all year round.

Money-saving tip

Shop around for subscriptions and add the words “special offer” to your search. Popular coupon site Groupon had several deals with discounts of 50%, 56%, and even 67% on meal subscriptions. I also found some great offers by typing “discount plant subscription” into Google.

Do your research

Not all my subscription gifts have gone down well. I thought my Mum would love to receive a book every month from an independent bookstore. But I didn’t do enough research. It was six months before she told me the books had been “a bit too alternative” for her taste. Turns out, it was a punk bookstore. The lesson? Panic buying year-long subscriptions can seriously backfire.

3. Give to charity

Shopping for the person who has everything? They may appreciate (and even prefer) you donating to their favorite charity instead. You could plant a tree in the rainforest, adopt a species with the World Wildlife Fund, give a meal to someone facing food insecurity, and much more. Think about what causes are close to their hearts and maybe include a few lines about the charity you choose in their card.

4. Give a gift card or voucher

The big benefit of a gift card or vouchers is the recipient can choose exactly what they want. You can make it as personalized or broad as you like, from a restaurant you know they enjoy to an Amazon or Walmart gift card.

You can buy gift cards directly from the retailer in question at stores like Costco or at coupon sites, among other places. Look for gift card promotions; Best Buy was selling a $100 Instacart gift card for just $85 at time of writing. Watch out for scams and make sure there are no tricksy conditions like needing to spend it within a short time frame. If you want to earn credit card rewards on your gift card purchase, check to see if there are any restrictions. Not all credit cards allow this.

5. Appeal to their curiosity

Sign up a life-long learner with MasterClass or give them a course on Udemy or another online platform. This is perhaps the most risky of the ideas here because you might get a subscription to an online service they never use. Sound out your recipient on what they’ve already used, what they like, and whether they have any specific learning ambitions for 2024.

But watch out for auto-renewals! I got hit by MasterClass’s auto renewal policy. Your gift recipient will have to enter their card information to claim the subscription. If they don’t cancel, they’ll automatically be charged for the following year. Remind them to cancel their subscription so that your gift doesn’t wind up costing them money.

Spruce up your digital gift

If you’re giving something virtual or intangible, make it physical by printing the information or voucher. Gift it along with a card or small token such as a chocolate bar. If you want to go the extra mile, use a photo of the both of you on the card and hunt online for a relevant poem or quote. Small touches like that can take a digital gift to the next level.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Emma Newbery has positions in Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, Best Buy, Costco Wholesale, and Walmart. The Motley Fool has a disclosure policy.

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You’d think having $1 million or more would make you wealthy. Apparently, many people say otherwise. Here’s why labels don’t matter. 

There was a time — perhaps not so long ago — when having $1 million to your name automatically made you rich. But those days may be behind us.

It’s fair to say that $1 million is a lot of money. But is it enough to be considered upper class? Many wealthy Americans say no.

Recent data from Ameriprise finds that 60% of people with $1 million or more classify themselves as upper middle class, while 31% of folks in that boat simply say they’re middle class. Only 8% percent of Americans with $1 million or more call themselves wealthy.

Meanwhile, among those with $25,000-$999,000, 25% say they’re upper middle class and 58% say they’re middle class. And 2% consider themselves wealthy. (To be fair, those 2% might represent people at the top end of that range more so than the bottom.)

You may be curious as to whether your income and savings account balance puts you in the middle class versus upper middle class versus wealthy category. But the reality is, it probably doesn’t matter.

Money doesn’t go as far today

You may be wondering how someone with $1 million or more might say they’re not wealthy. But remember, money is relative to what it costs to live and function.

Inflation has driven living costs up to a notable degree over the past couple of years. And home prices are also sky-high. So it’s easy to see why having $1 million may not seem like much when, in some parts of the country, it costs close to $1 million just to buy an average home.

Why labels don’t mean anything

It’s easy to make the argument today that having $1 million in assets only makes you middle class. But you could also argue that someone in that boat is upper class or wealthy. So rather than fixate on the category you fall into, instead, think about where you are financially and how well you feel you’re doing.

Some of the questions you may want to ask yourself are:

Do I have money in the bank for unexpected expenses and financial emergencies?Am I able to cover my expenses without stress or resorting to debt?Am I contributing to a retirement account for my future?Am I able to purchase the things that bring me happiness?

If you can answer yes to these questions, then frankly, it doesn’t matter whether you’re middle class versus upper class versus some new class marketing gurus might soon make up. It really only matters that you’re able to manage your money well, and that you’re working toward the goals you’ve set for yourself.

And if you can’t say yes to these questions, then it’s important to get help — whether your personal assets are worth $40,000 or $2 million. That could mean working with a financial advisor to get a better handle on your finances. It could also mean taking a deeper dive into your personal financial habits.

If you’re someone who doesn’t pay attention to their spending, it shouldn’t come as a shock to be lacking in savings. So in that case, you’d want to find ways to better manage your money, whether by tracking your credit card balances more frequently or using tools that make it easier to budget.

You may be inclined to try to label yourself based on the amount of money you have. But a better use of your time is to figure out if your personal finances are in a good place, and if not, take steps to improve your personal picture and outlook.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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What do you buy for the woman who has (or needs) everything? Take a look at some of Costco’s best offers for holiday shoppers. 

Costco may not be the first retailer you think of when shopping for the holidays. However, you may be surprised by the wide variety of gift options the warehouse store offers. Whether you’re buying for your significant other, mother, or friend from the office, Costco has you covered.

Here are seven ideas that may be what you’re looking for.

1. Dearfoams Ladies’ Slippers

Costco price: $16

Direct from Dearfoams price: $31

Yes, we realize slippers are a common holiday gift, but it’s with good reason. Who doesn’t love the feeling of being home and comfortable, feet surrounded by soft memory foam? Besides, there’s nothing to say that a woman can’t have more than one pair of slippers. In fact, it may not be a bad idea to buy her more than one so she can coordinate them with whatever she’s wearing.

Currently available in black (which goes with everything, btw), these slippers feature a memory foam insole, indoor/outdoor outsole, and are machine washable.

>> Not a Costco member? Check them out on Amazon here. <<

2. SwissGear 2-piece Hardside Trunk Luggage Set

Costco price: $200

Direct from SwissGear price: $324

It would be darn near impossible to miss this distinctive set of hardside luggage as it travels around a baggage carousel. Made with ABS and faux leather accents, these vintage-style trunks harken back to a time when nothing was more glamorous than traveling the world on an ocean liner. It’s a rich-looking set that won’t empty your bank account.

Besides being stylish, this set features a large interior, tie-down clothing straps for quick organization, and plenty of pockets. The cream, black, and blush trunks may look like they’re out of another century, but they have all the modern conveniences, like a push-button lift handle and slick spinner wheels.

>> Not a Costco member? Check them out on Amazon here. <<

3. Briggs Ladies’ Long Sleeve Velvet Dress

Costco price: $25

Similar dress on Amazon:$50

It’s the time of year when many of us scramble for just the right thing to wear to a holiday party. You can’t tell by looking at this long-sleeved velvet dress that it’s from Costco. That may be due to the surplice v-neck, smocked waistband, elastic wrist cuffs, and buttery-soft fabric. It won’t add too much to your credit card tab either.

This dress is currently available in sizes extra small to extra large.

>> Not a Costco member? Check them out on Amazon here. <<

4. Godiva Holiday Tower

Costco price: $40

FlowersGifting.com: $91 (including shipping)

Godiva is the perfect gift for the woman who entertains. It’s also a great idea for a lady you don’t know well or the woman who has everything. Here’s a sample of the masterpieces that fill these round stacked boxes:

Godiva Masterpieces Dark Chocolate Ganache Hearts (3 pc)Godiva Chocolatier Dark Chocolate Salted Caramels (3 pc)Godiva Chocolatier Milk Chocolate Truffles (7 pc)Godiva Dark Chocolate Mini PretzelsGodiva Masterpieces Milk Chocolate Hazelnut Oysters (5 pc)Godiva Masterpieces Dark Chocolate Ganache Heart BarGodiva Masterpieces Milk Chocolate Caramel Lion BarGodiva Dark Chocolate CocoaGodiva Milk Chocolate Cocoa

>> Not a Costco member? Check them out on Amazon here. <<

5. Tahari Ladies’ Wrap Coat

Costco price: $43

Saks off 5th sale price: $105

The Tahari wrap coat is ideal for the woman on the go. She can throw it over a sweater and pair of jeans and look 100% pulled together. It looks like wool but is made of 100% polyester and has an optional tie belt.

Here’s the great thing about a lady on the run having this coat at her disposal: It’s water-resistant. She can watch a kid’s drizzly soccer game or take the dogs for a walk without worrying about staining the coat.

The coat is currently available in black and tan, sizes extra small to 3X.

>> Not a Costco member? Check them out on Amazon here. <<

6. SEKKISEI Supreme 3-piece Skincare Set

Costco price: $115

Ebay price: $174

SEKKISEI is a global skincare brand by KOSÉ, formulated using the latest Japanese scientific research and carefully selected herbal ingredients. SEKKISEI is known for its moisturizing and skin-brightening properties. This 3-piece skincare set includes:

7.9 fl oz Toner4.7 fl oz Moisturizer1.3 oz Cream

>> Not a Costco member? Check them out on Amazon here. <<

7. John Hardy Sterling Silver Hammered Chain Pendant

Costco price: $200 (Online only)

Ebay price: $414

Poshmark price: $675

John Hardy is known for distinctive, artisan, handcrafted jewelry. This stunning necklace of hammered sterling silver features a diamond-shaped pendant and unique markings. We found the same necklace on Ebay for $414 and on Poshmark for $675.

For most of us, bills don’t take a holiday in December. We still have mortgages, car payments, and auto insurance to pay. That’s what makes finding sales prices so gratifying.

If any of these gift ideas strike your fancy, check Costco.com before heading out to your nearest store. Some items (like the Godiva chocolates) are ordered online and delivered on a date of your choice. Others (like the John Hardy hammered chain pendant) are available online only.

>> Not a Costco member? Check them out on Amazon here. <<

There are a couple of advantages to buying gifts at Costco. The first is the price. While it’s always a good idea to conduct an online price comparison, Costco frequently offers money-saving discounts. The other advantage is convenience. If, for any reason, the gift doesn’t work out, it’s easy to make a return.

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As an Amazon Associate I earn from qualifying purchases.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Dana George has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Costco Wholesale. The Motley Fool recommends Flow. The Motley Fool has a disclosure policy. Read More 

Using a personal loan to pay for holiday gifts may seem like a good idea, but it’ll cost you. Learn what you’ll really pay if you use a personal loan for gifts. 

Consumers plan to spend an average of $654 on holiday gifts for the 2023 Christmas season. That’s a pretty good amount of money. If you don’t have that much, you’ll want to scale down if you can, since borrowing for gifts can be a regrettable choice in the long run.

Sometimes, though, you really feel like you need to purchase some presents even if you can’t afford to pay for them from savings. If that’s your situation, a personal loan could be one way to foot the bill.

Before you get a personal loan to pay for presents, you need to understand just how much more your holiday gifts will cost you if you go this route.

This is how much extra you could pay for presents purchased with a personal loan

The average interest rate on a personal loan is 12.17%, according to the Federal Reserve. If you pay the average rate and borrow $654 to buy the average amount of gifts for 2023, the table below shows how much you’d end up paying on a personal loan to cover the costs of your presents with different repayment terms.

As you can see, you’ll increase your costs a good amount — even if you pay your loan off relatively quickly. And the longer you borrow when financing your gifts, the higher the costs will be over time.

How to keep your holiday borrowing costs down

Paying a fortune in interest for holiday presents is something you could regret when the new year rolls around. So, if you don’t have the funds to buy everything you want, see if you can scale down your shopping list.

Consider getting creative and giving the gift of time rather than stuff. Parents may appreciate a night of babysitting as a present more than another trinket. Or, offering to dog sit your friend’s dog for a weekend away could be an amazing present since they’ll have someone they trust to watch their furry friend.

If you absolutely have to borrow to buy something, you may want to look into whether you qualify for a 0% APR credit card instead of a personal loan. While credit cards normally have a higher interest rate, some provide special promotional rates so you can go for a year or longer without owing interest. As long as you have a plan to pay back the entire balance before the 0% period expires, that can be the cheapest way to borrow.

If you decide a personal loan is the way to go instead, try to choose a loan with the shortest payoff time you can — or make extra payments (make sure your loan doesn’t have a prepayment penalty). You may also want to start saving early in the new year so when Christmas 2024 rolls around, borrowing to purchase gifts won’t be something you have to worry about.

Our picks for the best personal loans

Our team of independent experts pored over the fine print to find the select personal loans that offer competitive rates and low fees. Get started by reviewing our picks for the best personal loans.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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