How to Not Go Broke if Gift-Giving is Your Love Language
Some people love giving gifts, but giving indiscriminately can interrupt the giver’s own financial progress. In the book “The 5 Love Languages”, author Dr. Gary Chapman explains five different ways that people express and receive love: quality time, physical touch, acts of service, words of affirmation, and gifts. When gift-giving is a strong part of your identity, that is likely reflected in your spending. If you start to feel like your tendency for giving gifts is holding you back financially, it’s time to re-examine how exactly you are expressing your love through gifts and how you can prioritize your own financial health along with making your friends and family happy.
Read on for how to not go broke if gift-giving is your love language.
Budget for gifts and set up a sinking fund
Gift-giving should absolutely be celebrated as long as it’s not putting a strain on your finances to the point that you’re taking on debt or coming up short at the end of the month. One way to ensure that you have money to be generous with those around you is to budget for it. You can either set a monthly amount or set up a sinking fund that you would contribute to throughout the year. If a gift-giving situation comes up, consult your gift budget or sinking fund to determine whether you can swing it.
Identify the love language of the recipient
Growing up we’re taught to treat others the way that we want to be treated, but there is something to be said for the idea that we should treat others the way that they want to be treated. Just because gifts are your love language doesn’t mean that it's the love language of the recipient. This is good news for your wallet! Rather than getting them a gift, they may actually prefer an act of service or quality time with you. This can lessen the impact on your budget while increasing the satisfaction of the recipient.
Thought over price
Some gift-givers fixate on the “higher price, more value” mindset and feel obligated to spend a certain amount on a gift. There is no “right amount” for a gift. It should be based on what you can afford and feel is reasonable for the occasion. If you often overextend yourself by spending on gifts, try reducing your target gift amounts. For example, if you’ve typically spent $50 on your mom’s birthday gift, challenge yourself to find a great gift in the $30 range.
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