How to Set a Gift Giving Budget for Your Family
Make a list of your annual gift recipients
Who does your family shop for over the course of a year? Make sure to list individual family members (mom, dad, kids, grandparents, etc.) and then general categories like teachers’ gifts, birthday parties, work-related, and so on.
Tally up how much you usually spend on gifts
This can sometimes be an eye-opener, but you have to do it. Please do your best to go through your bank statements or receipts from the past year and organize them into categories based on what you listed in step 1.
Give your numbers a good, hard look
It might be stressful, but you have to look critically at your spending. Does it line up with the amount of money your budget allows for giving gifts?
Make a Plan
All a budget is, really, is a plan for your money. So that’s what you need to do for your gift giving budget. What does your family want and need to buy? Set specific amounts for each family member and general categories, like gifts for friends.
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