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Digm Piece (Op-Ed)

Group Gift It to Save Money and Time

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‘Tis the season to gift, gift, gift, and gift some more. Chances are most of the gifts you give may be solely from you. However, if you play your cards right, there may be opportunities for you to go in on a group gift this season to save money and time. Even if you’re being a little last minute with the whole holiday gifting thing in general this year, this approach could still work in your favor.

Trust us; a group gifting strategy is one you’re going to want to put into practice today (stop procrastinating!) to help lessen the cost of a big gift or help you keep your sanity if you have the largest gift list in the world to tackle.

Either way, don’t even let yourself be concerned about the actual splitting-the-cost aspect. You know, when you get to the point of needing to exchange money with the other party to stay true to paying your half or portion. Technology will be your solution, if you’re not a pay-in-cash type of person that is.

Let’s get into the group gift ideas and opportunities you should be exploring and that techie cost-splitting solution, shall we?

Group Gift Ideas and Opportunities

1. Family.

When it comes to family, there is a bunch of ways to get creative when it comes to group gifting. And truth be told, you may find your family to be the most understanding when it comes to the idea of doing the group gift thing. It’s easier to bring up and easier to make it happen (in most cases).

Family Group Gift Ideas:
a. Immediate Family – Decide to all pitch in on the cost for a big or experience-related gift (i.e. vacation, event tickets, etc.).

b. Extended Family – Get a group gift exchange going. Keep it simple by telling everyone to bring a wrapped gift according to a pre-established budget and then do an exchange based on the order of numbers picked out of a hat. You can make it more strategic and fun by implementing steals.

c. Siblings – Gift as a group to buy for parents and other family members.

2. Significant Other.

Whether you’re new in your relationship or you’ve been together forever, this strategy can work out really well for you from a cost-savings as well as a relationship-building perspective (not to mention a less stress perspective).

SO Group Gift Ideas
a. Your Families – Similar to how you and your SO may be sharing finances , make a plan to gift together when it comes to your respective families to share the costs.

b. Each Other – To avoid stressing about finding the perfect gift for that special someone, think of what you could get/do together that would make you both happy. Think in terms of experiences or big-ticket items—something you both can enjoy together.

3. Friends.

Implement the group gift approach with your circle of friends to get friends you haven’t seen in a while together, as well as to eliminate the cost of having to buy for each individual person.

Friends Group Gift Ideas
a. Close Friends – Do a Secret Santa-type group gift exchange when the friends involved know each other well. Set a reasonable budget (i.e. max $20) and then start the name picking. But how would one do that if you can’t get everyone together prior? You can use a Secret Santa Generator, of course!

b. Any & All Friends – Organize a holiday cookie exchange-style gathering. Only scrumptious cookies are required to participate. Here’s a sample of rules for your to run with:

Cookie Exchange Guidelines:
1. Cookies must be homemade
2. Please bring “X” dozen cookies
3. E-mail copy of recipe to [email address] before party
4. Theme is “Christmas Cookie”
5. Christmas attire required!
6. Prize for best cookie

Pay for Group Gifts with P2P

No matter which group gift opportunity finds its way into your life while you’re in last minute gift mode, technology is the answer when there are costs that have been split and you need to pay your part. Yes, you can certainly split the cost of group gifts with people using cash you have on hand. But, for all of us that tend to not carry cash on the daily, there are technological options, like using your mobile banking app.

Ash Exantus aka Ash Cash is one of the nation’s top personal finance experts. Dubbed as the Financial Motivator, he uses a culturally responsive approach in teaching financial literacy. He is the Head of Financial Education at BankMobile and Editor-in-Chief at Paradigm Money. The views and opinions expressed are those of Ash Cash and not the views of BankMobile and/or its affiliates.

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This is ParadigmMoney.Com, right? So, speaking about a paradigm shift should come as no surprise. In science and philosophy, a paradigm is a distinct set of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitutes legitimate contributions to a field. When speaking about money, most believe it is something you work for and not something that works for you. In all truth, the one percenters understand this concept quite well. In order, to wake up and do what you love, you too must shift your thoughts when it comes to finances.

Doing what you love for free allows you to create freely. You can come up with disruptive, out of this world, never seen before creations that will rock this planet. Take Elon Musk from South Africa, founder of X.com which went on to become PayPal and sold to eBay for 1.5 billion dollars. Musk is also the CEO of SpaceX which designs, manufactures and launches advanced rockets and spacecraft. The company was founded to revolutionize space technology, with the ultimate goal of enabling people to live on other planets. You may say, of course, he can do this, he is a billionaire and co-founder of Tesla.

Not true. PayPal, Tesla, and SpaceX are all products of Musk doing what he loved. As a child, he was an avid reader and taught himself computer programming leading to the creation of X.com. He dropped out of college to start a company with his brother and here’s what he had to say about that PayPal deal… “My proceeds from the PayPal acquisition were $180 million. I put $100 million in SpaceX, $70m in Tesla, and $10m in Solar City. I had to borrow money for rent.” Elon Musk’s current net worth is estimated to be at about $13.3 billion. No bad at all.

The reality of the matter is the less you are attached to money the more money flows to you. Pay more attention to creating things that move the culture forward. Starting at doing what you love with ultimately position you for financial success and happiness.

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