Tips for Gifting on a Budget - Money Tip Tuesday

When it comes to events where the custom is to bring a gift, like weddings, birthdays, and showers, have you ever struggled to determine how much to spend, especially if you have many events to attend?  Fortunately, there are some tips out there you can use to make sure to give a great gift without going over budget.  

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast.  

If your calendar gets filled up over the year with various birthday parties, weddings, showers, and holidays, you might find it a little jarring to feel constantly dishing out money for gifts. It gets incredibly challenging when you realize the money you wind up spending on gifts is getting dangerously close to blowing way past affordability. However, you genuinely want to give a nice gift to the person or people or honor.   

Here are a few tips to keep your gift-giving within your affordability range.  

 1. The most practical and straightforward way to do this is to set aside a separate budget item for other people's weddings and celebratory events. If you have some of these events coming up over the next year or two, dedicate a separate sinking fund specifically for gifts and throw some money into it over time. This way, you'll have it available when you need it.  

2. Set a price cap for the type of event you're buying for. Different events are significant in various ways. What you'd buy for a wedding might differ from what you'd buy for a graduation. Have a dollar amount in mind associated with the specific event you're planning for and stick with it. A simple online search provided a short list of price ranges appropriate for different events. Here are a few quick suggestions:

• • Weddings: about $100
  • Birthdays: $15-$30 for acquaintances or kids' parties. Closer friends and relatives  
  • Bridal/baby showers: $ $50 - $100 
  • Graduations: $20 - $100 is appropriate 
  • Retirement parties: Depends on your relationship with the retiree, can be anywhere between $10-$100   

Keep in mind that these are guidelines, not rules.  Regardless of price, any thoughtful gift would be appreciated, so don't stress if this isn't the year to give elaborate gifts.   

3. Think about more than purchasing something. Gifts can be more than items bought at a store or off a registry. There are ways to get creative and offer meaningful gifts that cost you very little money. If you make quality crafts, a handmade gift can be appreciated the same if not more than a store-bought item.   

4. Consider contributing to a collective gift. If a gift you'd like to give is too expensive, consider going in on it with others. Pooling your money with others will give you a more significant, expensive gift without paying for it all yourself. Depending on the event, talk to other friends or family members to see if they'd like to contribute a portion of the funds to give a more expensive gift together.   

Purchasing gifts throughout the year can often pop up unexpectedly and throw a wrench in our budget if we're not anticipating them. With some planning and sometimes creativity, keeping your budget in mind will help you focus on the right things and find the best gift to celebrate life events.   

If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page, and look for our sponsor, Triangle Credit Union, on social media to share your thoughts.    

Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.    

Have a great day!