The Yearly Cost of Gift Giving and How I Budget For Them! Are you tired of budgeting your money every month and having presents be cause of your over spending? Buying gifts throughout the year can end up throwing off your monthly budget at times. Which is why I've figured out a great method that involves sinking funds, gifts on a budget, and no more wondering if you can afford to buy someone you love a present.
Sorry, I realized I didn't add my "steps" in the video itself. So here they are!
1. Make a List! Write down all the possible birthdays/celebrations that you could need a present for.
2. How much per person? Be realistic here, we tend to spend more money on family and significant others than on friends or “co-workers.”
3. Total it up. Consider 2 things: You won’t get a gift for everyone, and there might be other presents you buy for other celebrations.
4. Divide it up by 12 months, and round up to be safe. This becomes your monthly sinking fund amount.
5. Pay for the gift with your credit card (to earn your rewards) and pay from your sinking fund savings account.
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