Hi there, I’m Moneybags Magoo. Ask me a question and I’ll pull deep into my pockets of wisdom for an answer.* Keep in mind, these answers are targeted to those in their twenties. Should you be a fairly broke twenty-something (because education is expensive), you get a free pass in how much you can/want to spend. This month’s theme: giving gifts.
Dear Moneybags Magoo,
I’m going to a wedding next month and need to buy a present. I have no idea how much I’m supposed to spend. Help!
Yours truly,
Ignorant Wedding Bliss
Dear Ignorant Wedding Bliss,
Fear not. Let’s start with a good rule of thumb: buy a gift that would cover the cost of your wedding meal. The next question to consider is your budget: are you siphoning a chunk for gifts each month? Are you on a tight budget? Divvy up accordingly, and do your thang. If you just want a freaking number, here you go: shoot for $40-$60 (a wee less if single) and wish them a thousand years of happiness.
Dear Moneybags Magoo,
I have a lot of bridal showers to attend this spring; but I never know how much I should spend on the bride-to-be! What’s an appropriate amount for a bridal shower gift?
Sincerely,
Off to Victoria’s Secret
Dear Off to Victoria’s Secret,
Wedding bells are a ringin’ and boy they can sure get expensive. One thing to consider is if you’re going to the wedding and buying another gift. Think of their price tags together, and then you’ll feel a little more reasonable with spending (and you won’t go broke after a summer with seven weddings). $20-$40 is a great amount.
Dear Moneybags Magoo,
I’m going to my first baby shower this weekend. The only question is, how much should I spend on the small human growing inside my friend?
Regards,
Uncharted Territory
Dear Uncharted Territory,
Fear not! Baby presents are easy. Their clothes are small and generally affordable.$20 is totally appropriate, and maybe $40 if the baby’s mama is in your inner circle.
Dear Moneybags Magoo,
Our friends just bought a house. How do I celebrate this life transition with them?
Cordially,
More Uncharted Territory, Practically in the Yukon
Dear More Uncharted Territory, Practically in the Yukon,
How thoughtful. How considerate! Housewarming gifts are op-shun-all. It’s actually the thought that counts on this one. Bake ‘em some bread (but watch out for the gluten-free folks. Then the thought doesn’t really count), bring flowers, draw a picture for their refrigerator. Should gift-giving be your love language and you just can’t help yourself, $10-$20 on a candle, vase, or other housey thing is just plain delightful.
*The deep pockets of wisdom are actually about twenty ridiculously savvy folks on an email thread who are generous enough to let me ask pesky personal finance questions. These are gems from their answers, because they know about life and are pretty good at it.