Birthdays are always fun. They are the perfect time to spoil the favourite people in your life. Many of us struggle with not only finding the most amazing gift but also figuring out how much should be spent on birthday gifts! After all, shouldn’t you spend less on a colleague than, say, a close friend? Of course, that makes the most sense. However, figuring out the appropriate amount to spend on a birthday gift can be tricky. If you need a little help figuring out the best budget for a birthday gift for the people in your life, here’s what you need to know.
Significant Other
Obviously your significant other is the most special person in your life, so it makes sense that you would drop the most cash on them. Granted, how much you spend is typically dependent on how long you’ve been together. If you’re already in a long-term relationship, then spending anywhere from $100-$200 for a gift is a safe bet. If you’re newly dating, then something less pricey is definitely reasonable, like, say, around $25-$50. You might even consider gifting them with a coffee date or something else meaningful, like a picnic in the park, instead. Of course, it’s always the thought that counts with our partners, so splurging on a memorable experience that might go above and beyond the $200 limit is always a possibility. However, it’s always important to spend what feels right to you, and your budget.
Family Members
How much you spend on family members is dependent on just how close you are to them. For example, you’ll probably want to spend more money on your parents than your cousin. But, again, every family is different. In general, spending $75-$100 is a great range when it comes to birthday gifts for parents and $50-$75 for siblings. Anyone else in your family, including an aunt or cousin, who you want to gift? Then, shelling out $25-$50 is more than fine.
In-Laws
Should you treat your in-laws any different than when it comes to spending money on your own family? Well, if you think it will cause any conflict within your family, then you might want to stick with the same budgets mentioned above. Although if you’re inclined to spend a little less on them, like $50-$75, that’s totally appropriate too.
Kids
When it comes to spending money on kids’ birthday gifts, it’s easy to get carried away especially if they are under 18 years of age. After all, who doesn’t like to splurge on a little one? That’s why it’s important to stick to a budget and decide on one awesome gift that will really delight them. Experts say that spending $50-$75 is a good starting point for kids under 18. If there are more than a couple of kids in your family, then you might want to consider sticking close to $50 for each child.
Close Friend
Your close friends are like family, right? Before you decide on how much you want to spend on their birthday gift, it’s a good idea to gage how much money your circle of friends typically spend on each other. You don’t want to under or overspend (although it’s probably always better to spend a bit more than a bit less). On average, spending $25-$75 on a close friend is a good rule of thumb. Although you might want to spend closer to the $25 mark if you plan on giving gifts to two or three close friends.
Colleague
Your colleague is your work best friend, so there’s no wonder you want to surprise them with something special on their big day. You can keep this one simple and stick to a budget of $15-$20.
Ultimately, what you spend on the people in your life for their birthday gifts is entirely up to you. Every financial situation is unique, and you shouldn’t feel obligated to pay for something that you can’t afford. Remember, no matter what: it’s always the thought that counts.
