The holidays are not only filled with delicious food and parties, but also giving and celebration. Everyone desires to find the perfect gift for friends and family, which can be difficult to do while still achieving your financial goals. Let’s look at a few simple tips that will help you find that perfect gift and stay on budget.
- Get Organized – Being a good gift-giver takes work and focus. Try to write down the little details and comments that people mention over the phone, during dinner talks, or in passing conversations. Sometimes the smallest detail can provide you with the best gift ideas.
- Remember to Budget – Setting up a recurring (monthly, weekly, bi-weekly) contribution to a “Christmas Fund” account helps you stay within budget without stressing your cash flow at the end of the year. Don’t forget to shop year-round too! While holiday shopping is often done in November and December, you can always snatch up those great gifts throughout the year when you have more time to shop around for the best price.
- Personalize Your Gift –It can be easy to buy a gift that you may love for someone, but remember to tailor your gift to the person you’re shopping for. Try making your gifts something the other person values, wants, or needs.
- Do Your Research – It’s much easier to stay within your budget if you do a little research. This can be as simple as price matching while you shop in-store or browsing for the best deal online. Oftentimes, you can get a discount for signing up for email or text notifications, which you can then opt-out of right after your purchase.
- Think Outside the Box – While traditional gifts like a cozy sweater, the latest technology, or a family trip might be fun to receive, be sure to consider all your options. Gifting stock or contributing to an education savings account can provide a long-term gift for that special someone and help manage your tax and estate plan.
Remember to consult your advisor first if you are gifting appreciated stock or cash, so they can help determine your best tax strategy this holiday season.