The holiday season is filled with glad tidings, seasonal dishes, family get togethers, AND seemingly endless expenses. Don’t let the price of the holidays bog you down. Keep the holiday spirit alive by spending your money wisely throughout the winter season. Instead of purchasing unwanted gifts that may end up back at the store, Iowa State Bank recommends asking yourself the following 3 questions before you buy:
- Why are you buying the present?
If it is for a family member or close friend, you may be purchasing it for your annual gift exchange. If it’s for a co-worker or continuous service provider, it may not necessarily be warranted. Often times if you give someone a gift who may not have been expecting one, the awkward condition of reciprocity may arise. Instead of gifting store bought goods, consider a card or homemade treat to say thank you.
- Is this gift appropriate?
While Aunt Lynda loves gourmet chocolates, a child’s chocolate baking set may not be the most compatible gift. Before you check out, take a minute to think how your loved one may use this gift. Try to remember any discussions you had about things they may need or want during the holiday season. Even if the gift comes at a great price, it may be wasted if the person whom you purchase it for, has no use for it.
- Does this fit into my budget?
Keeping an accurate monthly budget is helpful in many aspects of your personal finances. The same applies when planning your holiday spending. After allocating a specific dollar amount to each person on your list, stick within these guidelines to remain in budget. If you happen to find the perfect shade of lipstick for your sister-in-law, but it’s $20 more than you want to spend, it may be time to consider other gift options.
Whether you’re searching for the perfect holiday gift, or just a simple thank you, these 3 questions can help you find the best present for your person! Remember to get started with a holiday budget, and if you have questions on how to begin planning for your holiday expenses, stop in and see us today!
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