Hey, everyone! How's 2016 been treating you thus far? Like bears, those of us in the accounting world kinda go into {work} hibernation during the early part of the year, so I hope you'll excuse my brief absence. To me, Spring signals the beginning of a slew of gift-giving occasions that lead into Summer - graduations, weddings, Mother's Day, Father's Day...so on and so forth. Many of us are so busy with our daily lives that one day we look at our to-do list or look at the calendar and realize we need a gift for X occasion, like, yesterday! So, in the spirit of the new year and new resolutions, let's talk about a gift budget.
Like a regular financial budget, you have to set aside a bit of time for this process, but think of how it can pay off in reduced stress and feeling prepared for your gift buying! So let's get started...
First, you need a calendar/list of all your important gift-buying occasions (birthdays, anniversaries, holidays) and how much you typically want to spend for said occasion. Then, think about how much of a runway you want to give yourself - a deadline if you will - for buying that gift. You can also add notes or ideas for each recipient so you're more focused on your shopping. Here's an example:
I need a birthday gift on May 20th and I want to spend $50 on my recipient. Since I know early May is super busy for me, I want to have that gift purchased by May 1st. So, since I'm a paper-list person, I make a note to start gift shopping around April 20th (however, with all the great apps for smartphones out there, some of you may use that method for your gift reminders). That way, I'm thinking ahead about what I want to buy, I'm not stress shopping and best of all, I'm done well ahead of schedule!