Gifts are meant to bring happiness and excitement, but they can also become a source of worry, especially when the season of giving rolls around.
Planning and saving ahead of time can help you avoid the stress that gift-giving can bring. Here are some ways you can account for gifting in your budget:
1. Make a gifting gameplan
Create a list of all the people and events you’d like to buy gifts for. If possible, it would be helpful to make a gift calendar before the start of a year or month.
That way, you won’t forget any birthdays or special occasions that your friends and family are celebrating. Along with the list of gift receivers, plan your purchases in advance. Avoiding last-minute gift shopping will prevent you from overspending.
2. Set a budget for gifts
How much you’ll spend on gifts is completely up to you, but it helps to set a specific amount that you can stick to. You might want to allocate a percentage of your annual or monthly income to presents.
Another way to set a budget is to assign peso amounts to each of your gift recipients then add everything up. Consider adding a little extra on top of the budget in case you’ll need to buy presents for unexpected events.
Remember to account for wrapping paper, gift tags, delivery fees, and other related expenses.
3. Find creative ways to stay within budget
Cash gifts or gift cards offer an easy, no-brainer way to stay within budget. If those options aren’t available or if you prefer the personal touch, you can look for other means to keep spending manageable.
You can consider making homemade gifts or getting others to pitch in for a group gift. Be on the lookout for deals or discounts especially if you’re bulk-buying small gifts.
To keep from overspending, avoid dipping into your gift budget to buy things for yourself. It might be best to have a separate budget for your wants to stay in control.
Finally, remember that memorable gifts do not have to be material ones. There are other ways to show your appreciation for the people around you that won’t put a strain on your finances.