Even if you dislike the idea of giving gifts, in our society you have to. There is an unspoken of obligation to give presents for various occasions like birthdays, anniversaries or the holidays. Whether giving a coworker a present on their birthday or giving your cousin a gift for Christmas it’s always something. The gift giving doesn’t end there. What about the more unexpected events like a friends baby shower, a relatives wedding or a co-worker’s retirement party.
It sometimes feels like we have to add gift giving to our monthly budgets. If this sounds like you, maybe it’s time you cut down on your gift giving expenses. Here are five ways you can take control of your gift giving budget.
It’s the thought that counts right? So don’t give lavish presents. The recipient may not reciprocate when it’s their turn to give a present to you. For all you know they may not even like or need the gift. Instead, put some thought into your present rather than some more money into it.
Set a fixed budget before the holiday season. Make a list of who you will buy presents to and calculate the average dollar amount of each present. Be sure and stay within your budget.
Sometimes you get early presents before Christmas from friends and co-workers. If you received something you don’t need and you think a relative may want, you can re-gift that present to them.
If you’ve created a monthly budget, put money aside specifically for gift giving. Sure, a month or two might go by without this expense, but there’s always a time each year where various birthdays and events seem pile up. These are not unexpected expenses because they happen every year. So plan ahead and take these expenses into account in your budget.
Go in with a friend or two and give a combined gift to someone. Since the cost is shared between two or three people, you will spend less money and end up giving a much nicer present.