We have a Christmas gift fund that we contribute to every month so that the cost of our gifts is spread out throughout the year. This allows us to keep our budget intact during the spike of spending that inevitably goes on during Christmas.
I’m thinking that I might need to duplicate that for the month of May. It turns out that May is a very high cost month when it comes to gifts.
Here’s what we have (so far):
- Mrs. Beagle’s Birthday
- Baby Beagle’s Birthday
- Mother’s Day Gift I: Baby Beagle -> Mrs. Beagle
- Mother’s Day Gift II: Me -> Mrs. Beagle (for doing such a great job raising Baby Beagle)
- Mother’s Day Gifts III and IV: Us -> Our Mothers
The number of gifts has doubled since the addition of Baby Beagle. We obviously didn’t have the expenses associated with purchasing a gift for him (or celebrating his birthday with family and friends), and the two gifts to my wife weren’t really there since in Mother’s Days past, she wasn’t yet a mother!
We don’t break the bank with any of the gifts. As with all spending we do, we look for the most value for our money and don’t go overboard.
Note: I have to stress these are all important things to celebrate and recognize, and I wouldn’t cut or reduce any of them! This isn’t a complaint at all, just a personal finance discussion!!!
Normally, we factor in gifts as just a regular part of our spending. For most months, that seems to work just fine, but the additional gifts makes this a bit tougher. I think I’ll look into trying to throw a few extra dollars per month into our gift fund and keep that in reserves for May!
What do you think? Do you have any particularly expensive months outside of the holiday season that you save for?