It's the beginning of May, which can seem like the start of the gift-giving season.
It's kicked off by Mother's Day, and ShopSmart magazine reports people will spend between $100 to $155 on gifts. For some families, there will be graduation ceremonies this month and next month, and for others, there will be weddings and other celebrations throughout the summer.
That's a lot of parties, and potentially a lot of gifts. So how do you mark these joyous occasions without blowing your budget? Budget for them!
Set aside some money each month or paycheck for presents and you'll be prepared when a gift-giving opportunity rolls around.
But how do ensure that money will cover the gifts you'll be giving?
Start by ...
... making a list of the known gifts you'll be giving through the rest of the year --- birthdays, gifts for showers and weddings already on the horizon. Don't forget Christmas and Father's Day (as long as your father is not like my father).
I'd organize it by date, and recipient, and the amount you plan to spend. Sierra Black over at Get Rich Slowly offers a sample gift-planning spreadsheet with room for gift ideas.
A cost-saving tip she shares: put reminders in your calendar to alert you that the gift-giving occasion is approaching. Brainstorming what you might want to give to someone will allow you to shop throughout the year.
You might be able to pick up a clearance or sale item and set it aside until gift-giving time arrives --- or get started on a handmade present. It will also help you avoid paying markups for expedited shipping.
Here's another important step: don't forget to include an additional cushion for unexpected gifts that may come up. You might include an estimate for shipping, too.
The key, though, is to try to keep this list updated. If someone announces an engagement or pregnancy, add those expected shower and other gifts to your list.
How do you approach gift-giving throughout the year? Please share your tips and tricks in the comments below.
(photo: Scott Fisher/Chicago Tribune)