By David Bakke, Money Crashers Personal Finance

When it comes to giving birthday gifts to your nieces and nephews, you're presented with a bit of a dilemma. You want your gift to be memorable without necessarily breaking the bank. Well, it turns out there are plenty of ways to save money on a great gift simply by doing some research and getting a bit creative.

If you're struggling finding that perfect present at the perfect price, consider the following five ideas:

1. Shop Online
One of the best ways to save on birthday gifts is to shop online. You can generally get a better deal by searching on Amazon or eBay than you can at a brick and mortar store. Just make sure you allow enough time for shipping. Also consider signing up for email updates from a website like FatWallet, which aggregates information and sends you deals from multiple outlets, as well as deals on in-store purchases.

2. Use the Right Credit Card
Many credit cards offer rewards and benefits that, while they may seem like minor savings, can certainly add up – especially if you have lots of nieces and nephews. If there's a Target in your area, sign up for the REDcard which takes 5% off your purchases right at checkout. Also investigate the cash-back calendars of the Chase Freedom and Discover cards. They offer 5% cash-back on rotating categories throughout the year, which could result in significant savings depending upon when you make your purchases.

3. Give the Gift of Service
Set your bank account aside for a moment and offer up the gift of service to your nieces and nephews. If they're struggling with a class in school, for example, offer to help them out with some tutoring. If they need help with a special project, offer your expertise. A good grade in school is going to trump a new toy or outfit almost any day of the week – this is a service their parents will definitely appreciate as well!

4. Get Your Accessories at the Dollar Store
When it comes to birthday cards, wrapping paper, bows, and any other gift-giving accessories, the best tool in your arsenal is almost always your local dollar store. Everything costs a buck (as you might have guessed), and there's simply no need to overpay for anything that's going to end up in the trash right after the present is opened.

5. Peruse Garage Sales
If the gift list from your nieces and nephews includes things like clothing, toys, or fun jewelry, consider checking out local garage sales where you can likely find countless treasures for pennies on the dollar. Also peruse flea markets and thrift stores in your area. You never know when and where that perfect gift is going to present itself.

Final Thoughts
Of course you want to give your nieces and nephews birthday presents that they're going to treasure, but you also have a responsibility to your own finances. You can easily get the best of both worlds by using any of these cost-cutting ideas. Just roll up your sleeves, dig for those bargains, and you can make the kids happy without killing your bank account.

What ideas do you have for birthday gifts for nieces and nephews?

Photo: Stuart Miles
Published: May 13, 2013