At the end of Dicken’s classic tale, even Ebenezer Scrooge tipped the young boy sent to fetch the prize turkey. But it’s a common question during the holiday season: who gets a Christmas tip and how much should I give them? Our resident Scrooge, moneyman Paul Fain joins us again to look at your Sunday Money.
DO MOST PEOPLE TYPICALLY GIVE MORE TIPS DURING THE HOLIDAYS?
Consumer Reports: 66% of Americans tip at least one service provider during the holidays. Gratitude for services provided throughout the year.
WHO SHOULD BE ON OUR GRATITUDE LIST?
If you tip everyone, that gets expensive. Create a budget based on who impacts your life the most or makes life better or easier.
Examples:
- House Cleaner
- Lawn maintenance
- Mail/Delivery
- Personal Trainer
- Caregiver
WHAT ARE SOME DOLLAR OR PERCENTAGE GUIDELINES FOR HOLIDAY TIPPING?
House: tip one week’s wage or one service
- Babysitter
- House Cleaner
- Lawn
Personal Care: the cost of one service is generous
- Hairstylists
- Personal trainers
- Pet Groomer
Other: gift or cash $10-$30
- Garbage
- Newspaper
DO SOME INDUSTRIES LIMIT THE AMOUNT YOU CAN TIP?
- Mail carriers are only allowed to accept up to $20 gifts (ex: a gift card)
- Delivery $10-$30 gift card
- Teacher, a small gift from your child is meaningful and doesn’t look like bribery.
Present it well, in an envelope or card – show intention!
Learn more about Paul and his company, Asset Planning Corporation on our website!
