When you are making your household budget, it can be very easy to forget to include the expenses on gifting or even miscalculate and allocate an amount that is far too less. Budgeting for gifts can be a little tricky; while some of the occasions like Christmas as well as birthdays and anniversaries of people who are close to you may be known, it is quite common to encounter occasions for which you had no preparation. Some tips for properly budgeting for giving gifts the entire year-round without having to stress your finances:
List All the Occasions That You Need to Gift
By jotting down the names of each and every member of your family, close friends, office associates, and social groups that you are affiliated to; you can eliminate the chances of your forgetting someone. Against each name, make an entry regarding the occasion that could range from Christmas, birthday, anniversary, etc. Against each entry, you can allocate a sum that you can afford to spend. https://www.huffingtonpost.com suggests that you should take the trouble of figuring out the interests of the recipients to lend a better impact to your gifts.
Collaborate to Stretch Your Gifting Budget
There can be many occasions where you know that your budget is insufficient. In such cases, you can think of joining hands with other people so that you can all chip in and buy something really nice with the pooled-in money. The recipient of the gift will surely thank you for something that is really useful instead of a number of useless items. Taking advantage of sales and promotions like Black Friday can be an excellent way of stretching your budget further as the discounts available are really handsome, especially on gifts for men.
Gifting at the Office
The convention of giving gifts to colleagues differs from one office to another. Some office set up a monthly pool where you contribute a fixed amount every month. Some workplaces are not so organized and people are supposed to chip in whenever there’s an occasion. Typically, unless you are the go-getter type, it is better that you fall in line with your office convention; the good thing is that the amounts are generally easy on the pocket so budgeting should not be a big issue.
Buying Wedding Gifts
While weddings do call for a nice gift to be given, budgeting for it can be tricky because you will only come to know of it at the last minute. If you have to travel to a different destination, the cost can really shoot up with the cost of travel and accommodation. The extent of your involvement depends on how close you are to the groom or the bride and you may need to dip into your savings to do justice to the occasion.
Christmas and birthday gifts are inescapable; therefore, you need to pay a lot of attention to what you will give and to whom you will give. You can extend your budget by buying ahead at the big sales at the retail store or online or even giving handmade gifts if you are adequately talented. When budgeting, do allow an additional amount for unexpected occasions that invariably crop up.