
The Gift - To: You, From: Us??
Valentine's Day is just around the corner, which means it's time to start thinking about a gift for your spouse. Gift giving can be a little tricky when the giver and the receiver pull from the same financial bucket. However, if you and your spouse discuss how you are going to handle gift giving beforehand, you should have no trouble at all. Here are a few ideas Money magazine suggests about exchanging gifts as a couple:
Set spending limits – You and your spouse can come to an agreement as to how much you will spend for a given holiday. That is, you may decide to limit your spending to $50 for Valentine's Day. Another option is to agree on an annual spending limit. For example, each of you can spend $600 for all the gifts for the upcoming year – this would include birthdays, anniversaries, Christmas, etc. The annual spending limit allows for a bit more flexibility but it also requires that you track your spending throughout the year.
Share a gift – Select a gift as a couple. If you have both been eyeing a new couch for the living room, agree to buy the couch as a gift to each other. However, it is important to be sure that both of you really want the gift.
Save up – Agree to forego gifts in order to save for a bigger goal, like a big trip or maybe a new home. Even if you agree that you will not spend any money on gifts, remember that some of the greatest gifts cost nothing. The best gift I have ever received was a personal letter from my husband.