Gift giving is one area that you may be forgetting to include in your budget, or you may be budgeting the wrong amount for. It is also common to have to give a gift that you were not planning on before. Tackling the world of gift giving can be complicated, especially when you consider the office, the holidays, and special occasions. Christmas savings strategies can help you save money, as well as following these ideas. You can make shopping for gifts much easier by following a solid strategy.
1. Planning Your Gift Giving Budget
When you are thinking about the amount you should budget you should consider the expected gifts. You need to budget and plan for birthdays, anniversaries, and Christmas. Then add a little bit to cover the unexpected gifts that may come up over the year. Simply divide the number by twelve and you have the amount that you will need to budget each month.
2. Don't Forget Unexpected Gifts
It is important to budget higher rather than lower when it comes to giving gifts. This will prepare yourself for the unexpected events that you may have. Additionally you should set an amount that you will spend on each gift or event. For example you may plan on twenty dollars for a child’s birthday, shower gift or office gift. The amount may go up to fifty dollars for a friend’s birthday gift or a wedding gift. This standard amount will help you to stay within budget and keep you from overspending
3. Stretching Your Gifts Budget
If you want to stretch your gift giving budget to give a nicer gift than you can really afford, you may considering going in on a gift with friends or co-workers. You can end up giving nice and much needed items this way, especially with things like shower gifts. Shopping big sales like the Black Friday sales, or purchasing gifts off season can help stretch your budget too. Taking on a holiday job can give you extra money to help cover expense.
4. Budgeting for Gifts at the Office
Office giving varies from office to office. You may have an office where you contribute a monthly amount to the birthday pool or an office where you are assigned a month to be in charge of birthdays. Things can be even trickier when it comes to holiday gift giving in the office. Again the office sets the tone of what you are expected to give.
5. Budgeting for Wedding Gifts
Weddings are another occasion when gift giving is expected. You may be wondering how much you should spend and what you should really give. It gets even trickier when you have to pay for plane tickets and hotel reservations to attend the wedding. In addition you may need to attend a bridal shower and give a gift there or you may be in the wedding party and have additional responsibilities.
6. Budgeting for Gifts for Special Occasions
You may have to give gifts at a special occasion or celebration. Christenings, baptisms, and bar mitzahs are common ones that come to mind. It can be difficult to know what to give and how much. Generally it is appropriate to give an age appropriate gift—the same as if you were going to give a birthday present. You may want to give a keepsake item or if the child is older cash is something that they would appreciate. You may want to give one of these financial gift ideas for some of these events.