My 3 rules on receiving cash gifts! (Hint: re-gifting's a no-no)
I recently got a most-exciting xmas gift from the mother-in-law: a $100 shopping spree!Saaawweeeeeeeeeeeet, gotta love that :) Nice and early too! She's since given up on trying to read our minds, and now likes to give us cash so we can get something we really want ourselves.
I have no idea what i'm gonna use my $100 for, but it did remind me of a few rules i set up for myself a few years back. It's not like i'm a rule-natzi by any means, but if i don't get my mind right i'll over-think the hell out of it and forget it's supposed be an enjoyable experience...i guess this is a down fall of being both A.D.H.D. and frugal ;)
It usually goes a little something like this:
- Always make sure to spend it on yourself! This may sound selfish, but i'm a firm believer of not re-gifting cash gifts. I feel like it's important because the giver obviously wanted you to pick out something nice for yourself. Unless i was debt-ridden or extremely strapped for cash, I wouldn't feel comfortable spending it on others for gifts or anything of that nature.
- Buy something you've always wanted, but are too frugal to get yourself. This is my *favorite* rule because it's the only time i allow myself to just get whatever i want w/out having to worry about the consequences! Being frugal is great, but you need a break from it every now and then. Sometimes it's still hard, but i usually try to think of it as if the person actually handed me over the item i wanna buy, instead of the cash behind it....this way i can get totally excited and be like, "wow, you are an AMAZING gift giver!" instead of "Wow...i just spent $xxx.xx on THAT?". All a matter of your mentality really...
- Keep the money separated from all others. This helps your brain deal w/ the above. If you're anything like me, it's a lost cause once the money gets intermingled with my bank account or with my everyday budget. Keeping this present money in a separate part of your wallet or purse, or even in a jar somewhere @ home helps to get your mind right.
- *Bonus* Tell the gifter what you got! This one's brought to you by my girl Dawn over at Fighting Foreclosure: "make sure to tell the person what they bought you and why you love it. Cash gifts in particular (in my opinion) deserve a thank you note, email or phone call, to tell the giver what an awesome, amazing gift they just gave."
Do you all have rules on this stuff? Would you use the money to buy gifts for other people? Or am i just a big ol' nut bag today? haha...don't answer that last one ;)
Labels: gifting
posted by J. Money at
11:38 AM
14 Comments:
And let's not forget the added bonus of a cash gift for Christmas: after Christmas sales mean you get a lot for your loot!
J Money, you're always a bit... unusual. Which is a large part of why this PF blog doesn't bore me out of my skull.
My birthday is a week after Christmas, so I can count on a rather large influx of cash. I typically use that money to "splurge" on myself for once. I list a few things I really want to get (this year: my hair dyed and cut, contacts, and a car alignment). I spend the money on those things and everything else gets put into the bank account.
These are great tips :).
My rule - make sure to tell the person what they bought you and why you love it. Cash gifts in particular (in my opinion) deserve a thank you note, email or phone call, to tell the giver what an awesome, amazing gift they just gave. And in my experience, they don't want to hear that you paid for your electric bill with it - they want your rule #2.
Good rules I think. Half the time I end up being such a tight-wad that just leave it sitting in my wallet for 2 months. Next thing I know I've slowly spent 1/2 of it on Starbucks and other cheap crap. Nothing wrong with that, it just seems more worthwhile in the end to pick out something you really want but can't "afford" and just blow it :-). It is a gift after all.
@Dawn - I agree. That's the biggest reason some people won't give cash is because they can't control what you spend it on. If you can let them know you did spend it on something nice and worthwhile you have a better chance of getting cash again next time.
My two rules for money gifts:
1) Spend it on something you're excited about. Not necessarily something frivolous, or that you wouldn't otherwise have bought yourself, though. But whatever you thought, "oh sweet, now I can buy ___!" when you opened your present.
2) Don't spend it (or deposit it, if it's a check) until the thank you note has been sent.
My thoughts on cash gifts: spend it however I want to unless the gift was given for a purpose. For example I generally have a pretty decent bday bash each year. Rather than give me a gift, my mother offered to pay for the food ... which she did by sending me a check.
J, enjoy the cash. Spend it on whatever you want but just be sure to spend it on you!
Happy Spending!!
Rule #2 is key. I also try to use that rule when picking out gifts for others.
Cash gifts go straight into my ING, try and build a little interest off of the generous gift even if its a few percent annually. Aint no thang but a chicken wang!
Haven't received a cash gift since I somehow found myself labeled an adult and got kicked out of the New Year's money envelope thing. Man, I knew I shouldn't have missed the last couple of New Year celebrations with my family for work, totally not worth being graduated out of kid-dom early! :P
I'm probably a bad cash recipient, though, because I looove saving money. On the flip side, I don't care what my cousins do with the fat gift checks I give 'em, just cash those things quickly!
Even though I love to shop, I tend to feel guilty spending cash on myself when I'm so far in debt...even if it WAS a gift. I'm thinking of setting all of our cash aside until after Christmas (just got our first check in the mail today from my dad) and then deciding if we want to save it for a later shopping trip, or go splurge. I'll try not to use it on debt, lol. It's a difficult mindset to get out of though.
I agree! You've got to get something you wouldn't normally buy yourself - that's the key to great gifts if you ask me, whether you're trying to think of something to get someone else, or spending cash that someone gave you.
Thanks for the article about gift-giving! Too Shy to Stop writer Ariela just explored the sometimes selfish motives behind gift-giving. You can read her article here.
@MoneyMateKate.com - hell yeahhhhh! one of my favorite things to do the day after xmas.
@Kaitlyn - haha, well we do what we can. and guess what? I'm a Capricorn too ;)
@Dawn - YES, good thinking...hum...do you think if i update my 3 rules to 4 it'll look funny now?
@TheNightTrader - haha, yeah i used to do that myself...i guess better to find something sooner than later as to not forget.
@feminist finance - i'm digging that...nice additions friend!
@Ms. MoneyChat - Hooray! Yup, don't you worry i sure will ;) Just gotta keep my eyes open on something special now...
@Ashley @ Wide Open Wallet - you know, i've actually never thought of that..."on others" - yes, i will agree!
@Doctor S - haha....are you sure you don't use any of that for your late-night bar hopping ;)
@Revanche - no doubt, that's the worst - when they take foreeeeeeeeever to cash a check. i think some people find it rude to cash it right away, but my goodness it helps out...for the little kids in our family we give $20 bills and they LOOOOVE it. i know i used to when i was smaller!
@Tiffanie @ welikemoney.com - yeah, i agree it's hard. i think at that point it's really a matter of finding a middle ground...like some for me, and some for the bills. i know i preach spending on yourself every now and then, but not sure if i'd follow if i were in crazy debt - it kinda changes things.
@FruGal - yup, i'm def. gonna start thinking about that when shopping for others now...you guys are smart!
@Laryssa - Nice, i'll have to go check that out now :) Thx for stopping by!
My grandmother always gives checks for our birthdays and Christmas with one rule -- buy something fun, don't use it for something practical. Sounds like you have the same mindset. :) But I have to admit, I typically just park it in my high-interest savings account.
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