I’m on holidays this week, so we’re re-running the most read editions of Carrick on Money from 2018. This particular newsletter looks at how to find gifts for newlyweds within your budget.

One of the accepted forms of extravagance in our society is a lavish wedding. You can see this in the rule that the dollar value of your wedding gift should “cover your plate” or, in other words, be equivalent to the cost of the food and booze you consume at the event.

The underlying attitude here is that it’s our duty to underwrite expensive weddings by chipping in with a gift that recognizes the financial burden carried by the happy couple and possibly their families.

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Just in time for wedding season comes a welcome dismissal of this rule.

In a post on the Two Cents blog, etiquette expert Lizzie Post (great-great-granddaughter of Emily Post) is quoted as saying that a wedding present should always be within your personal budget. “You decide that based on your connection to the person getting married, your own gift-giving style, desire and generosity in that moment and what’s feasible for you to do,” Ms. Post says.

The risk in giving within your budget is that you’ll look cheap. Ms. Post has a good response to this: “If your friends are really worried that you didn’t spend enough on a gift – well, they’re probably not great friends anyway.”

A survey done last year found that Canadians on average believe that $147 is the right amount for a wedding present. One in 10 people in the survey thought they should spend less.

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Rob’s personal finance reading list…

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Are you okay with losing large sums of money?

That’s how a blogging money manager rephrases a question he was asked about why an investor should hold bonds if he or she plans to hold for 15 or more years.

You need this much money for bankers to consider you rich

The number is $25-million, and it refers to investable wealth, not total assets. Being a millionaire isn’t what it used to be.

How to return food successfully

Not happy with something you bought at the grocery store? Here’s how to return it and get your money back.

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About your risky, lazy passwords

“Genuinely random and unique passwords are essential to password security.” Unfortunately, many people go for the quick and easy password.

Today’s featured financial tool

If you’re curious about how average home prices compare in cities across the country, check out the Canadian Real Estate Association’s national price map.

Ask Rob

Q: “I recently have been parking some cash that I want to keep accessible in a banker’s acceptance. I can get almost 1.5 per cent on less than three-month terms while still being able to cash out sooner. Where do these fall in the ‘savings’ spectrum? Are they covered under deposit insurance? Are there any downsides that I may not be aware of?”

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A: Bankers’ acceptances are a way that companies raise money for short-term purposes. Payment on a banker’s acceptance is guaranteed by a bank. On the Canada Deposit Insurance Corporation website, these securities are specifically mentioned as not being covered by deposit insurance. Generally, bankers’ acceptances with a good credit rating offer an effective way to park money for the short term and earn a somewhat decent return with minimal risk. Note that the 1.5 per cent return would be annualized. Also, I checked a few online brokerage firms and found that the minimum order for BAs can be as high as $25,000 or $50,000.

Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length.

Featured Video

A interview with a psychologist who specializes in money issues about whether to help adult children financially.

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