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'Shark Tank' star Daymond John shares tips on how to budget for holiday gift giving YORK) --  "Shark Tank" star Daymond John shared his top tips for holiday gift giving on a budget, and one of his mantras is to "practice the power of broke," which he said means “you don’t need money to make money."

"You can apply it to somebody personal or a company buying something," John said on "Good Morning America" on Wednesday "It’s really about thinking more about what’s in it for the person to make them happy instead of just buying them an expensive gadget they’re going to just put away. You don’t need to go bankrupt."

Spend less, think more.

John said a fun, personalized gift shows you appreciate that person. He gave the example of when he received an inexpensive fishing lure as a gift one year.

"I'm really passionate about fishing," he said. "If you really know somebody and what they’re passionate about, this is something I wouldn’t buy for myself, but if somebody sent me a fishing lure, it was under $7, I use it all the time and every time I catch a fish I think about them and I smile. They know me and they cared about me."

A handwritten, heartfelt note or printed photo shows you care.

"In the day of a digital age, we have everything on our phone," he said. "But if you write people letters of actual gratitude, maybe go on their Instagram and pull out something you know they’re passionate about or a time they were together, and print it out, it will stay on their desk or in their home forever. It won’t be on the phone hidden."

Find a product partner and buy in bulk.

"You’re a company or you’re a corporation and you want to buy something or another company or somebody else, why not give them something they can use every single day that you could put your logo on or theirs?" John said. "They’ll use it every single day and they’ll always think about you."

Donate to a charity that person is passionate about.

"If you donate $10 to a foundation that somebody else is passionate about, you’ll know that I’m thinking about you and I care about what you care about," John said. "It’s $10 or $20, but it shows an effort."

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