Gift Giving Without Busting Your Budget

Reader Request:

How do you manage money and still honor family friendship obligations from parties to reciprocating gifts?

 

I've been asked this several times, so I figure I take a little time to share what I do along with some tips that might work for your family and financial situation.

1. Immediate Family Birthdays and Special Occasions

When I sit down to do my monthly budget and spending plan I make sure to look at who's birthdays, anniversaries, graduations, etc. will be occurring that particular month and be sure to work it in to my budget.

2. Invitations in Advance

If you are given invitations to parties in advance, meaning at least the month prior, again work it in to your monthly budget and spending plan. Even if you are not 100% you will be attending, work it in to your budget. If you end up not going, you now have extra money to put towards debt or have a little fun with.

3. Last minute invites

This seems to happen a lot to me, and I am a planner so this doesn't go over well with me. Nevertheless, if we receive a last minute invite we use our weekly spending allowance to purchase a last minute gift or if all else fails and I have something available I re-gift (See #6).

4. Set a spending limit

If you are on a tight budget, set a specific spending limit for gift giving. For children's gifts my spending limit ranges from $5-$15. For adult/family gifts my spending limit ranges from $10-$20. This may seem kind of frugal to some, however I try to put some personal thoughts into gifts (that's what counts anyways right?).

5. Make a list of Go-To Gifts

This is especially helpful for those last minute invites. Make a list of gifts that you can give just about anyone. For example, board games or books are an easy go-to gift for kids, especially if you don't know what new character or toy they are in to or what size clothes they wear. For adults, a bottle of wine or a small gift basket with goodies is always easy to pick up and who doesn't like a nice drink or snacks.

Super Saver Tip: If you see these items on sale and you have the extra money to purchase them, stock up, that way if you get a last minute invite you don't have to make a special trip to the store, which saves you even more time and money!

6. Re-Gifting is Ok

I am totally ok with re-gifting items that were given to me that are still new or that I bought extra of and have no personal use for anymore. Just be sure not to re-gift the same gift back to who you originally received the gift from. Or to someone who was there when you received it.

7. Handmade or Pinterest Inspired

Again, it's the thought that counts. Pinterest has a huge amount of DIY and handmade gift ideas that can be done inexpensively or even with items that you have around the house. If you have kids, get them involved in the gift making, who can get disappointed with a gift that has the special touch of a keiki. If you are good at baking their favorite treat, make them a batch. Not only are you not showing up empty handed to the party, but you are showing them that you took the time to make something you know they will enjoy.

The main things to remember when gifting on a budget are:

-Do not overspend to try and impress the recipient

-Plan ahead if at all possible

-Budget, Budget, Budget! Stick to your budget! No exceptions!