GiftRx - Dose 2 - Set a Budget

Now that you've compiled a list of all your gift recipients and set up your reminder service, See GiftRx-Dose 1, its time to start thinking about a budget. Today, many people unfortunately buy into the idea that the more expensive the gift, the more appreciative the gift recipient. This faulty logic is why many people overspend and buy inappropriate gifts. In reality, the people who really care about you and love you will appreciate any gift regardless of its cost.

In order to avoid the temptation to overspend, you absolutely MUST set a budget BEFORE you go shopping for a gift. First, look at your finances and determine how much you can spend on the gift. Second, determine whether the occasion you are buying the gift for warrants an inexpensive gift, moderately priced gift or a more expensive gift. Third, ask yourself, who am I buying this gift for? Most likely, you will want to spend more money on a close friend or a family member than on an acquaintance or a co-worker. Once you've completed this exercise, you are ready to set your budget. Remember, the budget should be realistic, and must include the cost of the gift, taxes, shipping costs, gift wrap and card.

Initially it will be difficult to set a budget and stick to it. Don't give up. If you consistently set a budget prior to purchasing a gift, eventually it will become habit and you'll never buy a gift beyond your financial means again. Remember, gifts should be given in joy. Gift giving is a means to express love, appreciation, and gratitude. If you regret purchasing a gift because of the financial strain the purchase put on your pocket, the meaning behind the gift becomes inauthentic.