My 3 rules on receiving cash gifts! (Hint: re-gifting’s a no-no)

by J. Money on Monday, December 15, 2008

3 rules on cash giftsI 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:

  1. 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.
  2. 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…
  3. 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.
  4. *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.”

I think i have some other rules too, but those are the main ones i try to follow. Now it’s just a matter of finding something i want really bad! Ever since starting this blog my shopping has been cut in half, so i’ll have to get back out there and look around ;) I just have to remember to get all my xmas shopping down FIRST before i start thinkin’ about myself…and luckily i’ve finally started! I ordered those wedding pics. books i mentioned in my holiday budget post last week.

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 ;)


PS: Some of my favorite tools:
personal capital Personal Capital (FREE) -- If you’re looking for a robust financial tracker, Personal Capital is the way to go! They’re like Mint, but on steroids and have much better tools for investment and net worth tracking. // Full review
digit.co Digit (FREE) -- A super easy (and automated) way to save. Every day Digit analyzes your income and expenses and will push money aside for you any time it sees extra sitting there. I've saved over $4,000 myself using them so far! // Full review
acorns Acorns -- Having trouble finding money to invest? Check out Acorns – they round up all your transactions to the nearest $1.00 and drops the difference into an investment portfolio for you. Easy way to start investing! // Full review

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: