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Best Low-Budget Gift Ideas For Last-Minute Holiday Shopping

NEW YORK (CBSNewYork) -- An estimated 75 percent of Americans are not finished shopping for Christmas yet -- and many admit they don't have much money left.

That means, it's time to get creative.

CBS2's Emily Smith enlisted the help of personal shopper Ali Peters to help find gift ideas for those who are low on cash.

The most inexpensive idea? Give "I Owe You" vouchers. The book includes an "I owe you" for decoration removal, toy assembly and kitchen cleanup.

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"These are really great because this is seven dollars and then you're giving them kind of unlimited gifts," Peters said. "It's kind of a funny thing where they open it and they're like 'oh great, I have a task for you right now!'"

An ornament can be an inexpensive way to spread holiday cheer for years to come -- you can even pair it with a unique branch or tree.

Peters suggests gifting baked goods, like cookies or cupcakes, and serving them on a new cutting board or plate.

"Put them on the plate and give it a nice bow, wrap it up and its a thoughtful gift where you've only spent 15 or 20 dollars," Peters said.

Or, if you have one of those families known for its recipes, buy recipe cards and put four or five of those recipes inside. If you have it in your budget to spend a little more money, add a cookbook to that present.

When it comes to inexpensive gifts, it's all about creating a theme. If you're gifting a lower-priced purse, fill it up with accessories, like lip gloss. Or if you're giving a journal, fill it up with pens, markers and some post-it notes.

If you want to stick to more traditional ideas, like clothing, retail experts say sales will get bigger with each passing day -- but selections may be limited.

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