A gift of cash: What's the right amount?
Posted
Apr 29 2008, 05:34 PM
by
Karen Datko
We think cash is a great gift, particularly for newly married couples and for babies. But how much is too much or too little? "FrugalTrader" at Million Dollar Journey asked his readers this very question.
"This is a tricky question and probably something that not a lot of people talk about," he wrote. Like many good posts, a lot of value can be found in the comments (although some readers were sidetracked by a heated debate over how much to spend on one's own wedding).
FrugalTrader said his rule of thumb for weddings is to cover the cost of the meal and then some. "For example, if the meal costs around $50 each, and two of us attended, then we would give $200 or so," he said. When he and his wife had a baby, the standard cash gift they received was $40 to $50.
"The Reverend" wrote that he and his wife give based on need. For instance, they gave several hundred dollars each to two young couples who had triplets. "Mister E" said gifts of cash are tacky.
Gates VP said most people close to him don't need cash, although he and his wife are planning to give $500 a year each to his niece and nephew. "But for friends and family, they'd rather get some of my time," he wrote. "Taking a cousin to the movies or an aunt to dinner is a far better gift than cash."
Many comments shed light on the often shocking cost of weddings. "Augustabound" wrote: "We just got married in January and the least expensive per plate price was about $80. And that was for a basic chicken, roasted potatoes and mixed veggies." Reader Curtis wrote, "That's insanely high," prompting other readers to share their wedding experiences.
