Gift Giving W/O Blowing the BUdget

Guest Contributor: Emma Parkhurst
USU Extension Assistant Professor

 Have you ever felt overwhelmed when the holidays roll around and it’s time to purchase gifts for loved ones? Whether you’re single, newly married, or it’s just you and your partner, gift giving can get out of hand if you don’t set a precedent for future years. Setting spending expectations for gifts can not only protect your monthly budget, but also prevent a major headache! Wondering where to start? Consider what you spent last year and if that works for your budget this year. Here are some ideas to put in place some gift giving guidelines:

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• Set a spending limit: this tip is pretty straightforward – create an open line of communication with your loved ones or friends and decide on a spending budget. This is something my siblings and I have done for the past couple of years and it’s worked out great. We also only get each other a single gift to make sure no one feels financially stretched (or stressed).
• Four-gift rule: if it’s just you and your partner/spouse, the four-gift rule can help to maintain expectations and budgets. Keep it simple and just purchase four gifts, or follow these fun guidelines: one they want, one they need, one they wear, and one they read. This is one rule my husband and I plan to follow this year. Not only will this help keep our spending under control, it will also make gift buying easier! No more pulling teeth to figure out what the other person wants? I’m in!
• Handmade: making rather than purchasing gifts can be a budget-saver and a truly fun tradition! Consider what skill you can use to give ‘made-with-love' gifts, like baking, candle making, crocheting/knitting, or even head to Pinterest to find other DIY gift ideas.
• Gift experiences: many of us have a lot of ‘stuff’. A great alternative to traditional holiday gifts is to consider gifting experiences. Do you know someone who would love to attend a cooking class? Or maybe someone in need of a free babysitter for a much-needed night out?
• Gift swap: if you have a lot of friends or family, the idea of buying a gift for each person can be a bit overwhelming. Create a plan with loved ones and consider drawing names out of a hat so you only have to purchase one gift. This is another great opportunity to set a spending limit.