You don’t want to look cheap, but you can’t afford to blow your budget. Follow this simple advice to decide how much to spend on each person on your list.
The holidays are supposed to be the most wonderful time of the year, but sometimes they can end up feeling like the most stressful time of the year. From hosting (and attending) parties, to navigating jam-packed schedules, to finding the perfect gift for your friends and family members, there’s a lot to juggle—and a lot of money to be spent. And especially vexing is figuring out how much money to spend on each person.
The National Retail Federation estimates that the average family will shell out roughly $462 on gifts for family members this year. Add to that the $132 that the typical person will spend on gifts for friends, co-workers, babysitters, and teachers, and you’re looking at a nearly $600 gift budget. But if you don’t have that kind of disposable income, it can make following general gifting guidelines nearly impossible to follow. Here’s how to calculate a budget that works for you.