What’s with all the car commercials during the holidays? 🤨🚗 Are people really buying each other a whole Honda for Christmas? Sheesh. And we thought we could impress our sweetheart with some new socks. 🧦
You’re probably not bringing Grandma a PT Cruiser this Christmas, but you might be wondering how much to spend. A little budgeting before you hit the mall could work wonders. 🤓
Here’s Five Fast Facts on what to spend on gifts:
- 🤑 Splurge Surge - How much will Americans spend on holiday gifts this year? According to new survey data, each person will shell out an average of $890.45 on gifts and other seasonal expenses. That’s a little short of the all-time high from 2021.
- 🧮 Numbers Game - No matter how much you spend, make sure it fits your budget. If you need a place to start, some folks use a percentage of their income as a gift-giving guideline. Others put a dollar amount on each person they’re shopping for. You could also set aside a total amount to spend on holiday gifts and divvy it up from there.
- 💸 Cash Only - If you’re a cash queen and don’t want to overspend, try the envelope budgeting system. Take out how much you’ll spend in gifts in cash and organize it into envelopes for each purchase. When they’re empty, that’s it.
- 🙌 Team Effort - Got a big crew? Consider doing a Secret Santa. Instead of buying something for everyone, get everyone together, put names in a hat, and pick one person. Another group strategy: set a limit on how much people spend on one another. No going over!
- 🎁 Extra, Extra - Remember, gifts are just one piece of the holiday budget puzzle. Don’t forget to factor in any wrapping supplies and decor. If you’re hosting any parties or traveling, account for those expenses, too.
🔥Bottom line: In the end, it’s the thought that counts! Any amount you can comfortably spend on loved ones will be appreciated. And if not? Cut them off, simple as that! While we’re chatting about giving, tis’ the season for tipping your service providers. Need guidelines for that, too? Head here for everything you need to know.
What’s the most expensive item on your holiday gift list?
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