You probably learned proper behavior etiquette as a child — you should share, say please and thank you, chew with your mouth closed, etc. But did you ever learn about money etiquette? This includes basics such as who to tip, how to split a check, and how to acknowledge a financial gift. Our Money Etiquette 101 infographic below sheds light on these important questions.
Once you’ve reviewed our infographic to learn more about money etiquette in general, it’s time to tackle specifics. We’ve listed some of the most common tipping questions we receive, and their answers, below.
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A standard rule of thumb is to tip anyone who performs a service for you such as restaurant servers, drycleaners, hairdressers, or party entertainers.
Many people use tipping calculators on their phones to find the percentage they should tip for a meal. What these calculators don’t explain is whether you should leave the same percentage no matter what meal it is. The general answer is yes. Breakfast foods tend to cost less than lunch or dinner, so you may end up with a smaller dollar value for the tip, but you should always tip 15 to 20 percent for good service, no matter what time of day you’re having your meal.
While you should always tip more to reward exceptional service, the percentage the of tip does not vary based on the type of restaurant. Your bill will undoubtedly be higher at an upscale establishment, which means the monetary value of the tip will scale up, too.
What if you just pop into a coffee shop to grab your morning joe — does that require a tip? It’s recommended that you contribute your change or roughly 10 percent of your coffee’s cost to a communal tip jar.
The price of the present you purchase for the happy couple depends on your relationship with them. If you’re a close family friend of the bride or groom, spending $150 would be appropriate, though you can split the cost between the engagement party, bridal shower, and wedding gifts. A breakdown might be:
If you’re in the wedding party, you may choose to go in on a gift with the other groomsmen or bridesmaids. To make sure no one gets stuck footing the price of the whole gift, find a person-to-person transfer service that allows you to send money between friends. PSECU offers easy ways to send money to both members and non-members, ensuring you can repay the person quickly rather than letting debts linger and making things awkward.
By using these money etiquette tips, you can avoid situations where you’re unsure how much to tip or what you should pay for a service. For more money tips, visit our WalletWorks page.
