December 2, 2022
Making your list and checking it twice? Part of your holiday preparations may include tipping the helpful people in your life. Figuring out how much to give can be a challenge any year, but between post-pandemic living and rising inflation, knowing what is the "new normal" is in terms of who should be tipped and how much adds a little more complexity.
To help, we’ve done a little research on best practices and rounded up some general guidelines below. Note: Keep in mind, these are general suggestions. What you can and want to give will depend on your situation and some regional nuances.
Before we get into specific amounts, here are some factors to consider when deciding how much you should tip (and if you even need to give one):
What is your relationship to this person? Someone you see regularly and that you’ve been seeing for years is more likely to be on your holiday tipping list versus someone you couldn’t pick out of a line.
Again, where you live and the type of building you live in are going to matter here. Expect to shell out more for staff if you own a unit in luxury high-rise in New York City than you would for the staff if you're a renter in a small apartment building in Tampa.
You’ll also want to factor in the length of time you’ve lived in a certain building, the seniority of the staff and the quality of service. Also: Both renters and owners tip, but owners usually tip more since they have more financial stake in the building.
Here’s a range of tip amounts according to Brick Underground. Keep in mind these numbers are based on New York City apartments, so you may consider adjusting based on where you live.
For everyone else in your life, we’ve gone straight to the ultimate source of all things etiquette. Here’s a list of tipping guidelines from the Emily Post Institute:
For the people in your life who regularly make you look or feel good – barbers, hairdressers, personal trainers, massage therapists – tip up to the cost of one session or visit.
USPS employees are not allowed to accept cash tips, though they are allowed to receive gifts that are valued at $20 or less. NYC municipal employees (such as the sanitation crew) are also not allowed to accept tips.
For home health and nursing home employees, check with the agency on the tipping policy.
Similarly, for teachers, check your city’s policy on what sort of gift you’re allowed to give.
This article is for informational purposes only and is not a substitute for individualized professional advice. Individuals should consult their own tax advisor for matters specific to their own taxes and nothing communicated to you herein should be considered tax advice. This article was prepared by and approved by Marcus by Goldman Sachs, but does not reflect the institutional opinions of Goldman Sachs Bank USA, Goldman Sachs Group, Inc. or any of their affiliates, subsidiaries or division. Goldman Sachs Bank USA does not provide any financial, economic, legal, accounting, tax or other recommendation in this article. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. Information contained in this article does not constitute the provision of investment advice by Goldman Sachs Bank USA or any its affiliates. Neither Goldman Sachs Bank USA nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in this document and any liability therefore is expressly disclaimed.
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