3 GIFT-GIVING TIPS That Won’t Kill Your Savings
Ah, the holidays. It’s a time of sweet treats, family, and giving back — and sometimes giving a little too much. When it comes to the perfect holiday gift, many people spend too much money. The average American spends nearly $1,000 on gifts during the December holidays alone!
to your own talents as a clue to what you should give. If you’re a great crafter, create something unique for the people on your list. If you can offer the gift of time, provide
It’s possible to cut back and make it to January without major debt. Here’s how.
a free night of babysitting for your friends with kids or an experience at the local theater. These gifts have a bonus factor: Recipients love the gift when they open it, and they love it when they get to use it!
Check your list — twice!
Set a budget — and stick to it.
The list is going to be your secret weapon to tackling the holidays with your savings still intact. Start by writing down the name of every person you’d like to get a gift for. Now, with the exception of your immediate family members, narrow the names down to your top five — top 10 if you’re really popular. Now, place the names of the people who didn’t make the cut into a second list. If you still feel the need to do something for them, send homemade cookies or a handwritten note instead of purchasing something. This limits how much you actually have to spend!
Setting a holiday budget ensures you only spend what you can afford. It also narrows down your search. If you choose to buy your neighbor something, but they aren’t your top priority, set their budget at a lower level, like $25–$50. If you have a sibling who has had a rough year and you’d like to make their holidays a little brighter, bump their budget up. This narrows the focus of what you’re looking for so you don’t stumble into something you can’t afford. Ultimately, it’s the spirit of giving during the holidays that makes them so rewarding. With a little ingenuity, you can be generous and avoid the stress of excess debt come January.
Think beyond store-bought or expensive items.
Sure, everyone wants this holiday season’s “it” item, but sometimes the best gifts don’t even come wrapped under the tree. Instead, look
WHY ESTATE PLANNING IS THE BEST GIFT YOU CAN GIVE A LOVED ONE
While it might not come to the front of your mind as this year’s hit Christmas gift, estate planning is actually an incredible gift to give your loved ones. Not only will you help alleviate the initial intimidation of starting an estate plan, but also you will help them start a very important process to protect their future and that of their family’s for decades to come.
In a similar vein, if the recipient has children or persons with special needs, it is more important than ever to begin investing time now to develop a thoughtful, comprehensive last will or revocable living trust. That way, they can be protected by the right desired guardian(s) should anything happen.
A few other reasons might surprise you, too.
An estate plan is not only a gift to the recipient — it is also a gift to the entire family. If there is an unexpected incapacitation of a family member or a death, your gift can make that deeply devastating and painful time a little bit easier. With a durable power of attorney and a health care advance directive, you put the power in your recipients’ hands to decide the orderly transition that will give their families peace of mind in a very stressful time.
Also, it is important for safeguarding the financial futures of the next generation — a last will or revocable living trust can address who will manage the affairs upon incapacitation or death and aid in addressing estate tax planning as necessary. Lastly, your gift recipient will be able to plan any charitable gifts they would like to make at the end of their life as well. They can support their favorite causes and get significant estate tax breaks, which can only benefit the inheritance of the next generation. Without a will, there can be a lot of tension in the family while dealing with the loss emotionally and legally; however, a little planning can alleviate those tensions right away. You do not have many ways to provide that type of future security for someone, but with estate planning, you can.
2 HEGWOOD LAW GROUP
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