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Damn you give $500? I need to get married quick. Pay day!
Since many people have small weddings these days due to costs, I highly doubt many people give gifts of $500. Call me cheap if you want, but I think $100-200 for family (depending on relationship) and $50-100 for friend (again) would be fine.
Of course, it always depends on what kind of money you have available to you, too.
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