Get Your Gift Budget Right

How much should you set aside for every person in your gift list?

Consider the following factors to come up with the best gift budget that is right for you.

1. Your Income

Assess your finances. Look at your income and expenses. How much can you set aside for gifting budget without hurting your lifestyle and savings.

Remember, gifts doesn't need to be expensive to be appreciated.

You should try saving early and consistently. You can set aside 0.1-1% of your income monthly then adjust from there as needed.

If on a tight budget, consider these tips:

1. Get the a greeting card with a sincere message.
2. Give them DIY or homemade gifts like soaps, candles, knitted accessories, baked goodies, or any crafts you are good at.
3. Suggest exchange gifts instead if many people are involved.
4. Sharing the cost of relatively expensive gifts with other givers.
5. Take advantage of all sale and bargain dates happening all-year-round and shop early.
6. Strictly stick to your budget.

2. Your Relationship to the Recipient

You may want to allocate more budget to your immediate family members like your partner or kids.

On the other hand, you can allot a modest amount to friends and extended families.

Base your allocation on your answer in number 1.

For coworkers or schoolmates, you can just set aside a small amount. Just giving them chocolates with a short note wishing them something can already be enough.

3. The Occasion

Undoubtedly, Christmas will be the most expensive gifting season because of the long list of people you want to appreciate in your life. That's why it is recommended to have already set aside budget for it 6-12 months in advance. Buying Christmas gifts during off-season can also take away the stress of Holiday gifting .

Weddings are also up there especially if it's an immediate family's wedding. You may want to suggest sharing the cost among your family or friends.

For other occasions, you need to consider number 2.