Here's the best advice I've heard this Holiday season about how much money you should give to all those people who usually get cash or gift cards; i.e. extended family, friends, teachers and co-workers.

Before you give anyone anything, figure out your own budget first, instead of what other people are giving you, since everyone has different incomes.

Besides that, here are some general guidelines from etiquette experts and my own two cents on the subject:

Family types (siblings, cousins, nieces and nephews)$25 and up. Save the big bucks for when your nieces and nephews are older and are more likely to appreciate the effort you put into the gift.

Close friends: $15 and up. One rule of thumb for a close friend is to spend as much as you would on a typical night out.

Fitness Instructor/Personal Trainer: A $20-30 gift card or the amount of one week’s services

Teachers: $10 to $25. Depending on how many children and teachers you are gifting. If your child has only one teacher, it's much simpler than for middle school or high school students who have six or seven teachers each. A good backup plan? Bake cookies or treats.

Co-workers: $10 to $15, depending on the culture of your workplace. If you gave everyone gifts last year, and no one gave you the time of day, it is time to consider saving your money.

Nannies/Babysitters: The average amount of what you normally pay them for a typical night out.

Who Not to Gift?  Professionals. Your doctor, vet, CPA, stockbroker, lawyer, etc...

 

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