This is a really nice gesture, and I think you should go for it if you feel you could afford it. I currently am also a recent college grad working full time, and I can now finally buy my friends and family nice gifts because I can afford them, and it feels great! I think if it was a short-lived relationship, I would not do it. But if you have been together 2 years and it won't place a major financial burden on you, it would be amazing. And if you think about it, it's an awesome gift to his family too! I am surprising my mom with a visit in another country 3,000 miles away this Christmas, and I spent $1,200 on a ticket to do that. You can't put a price on spending the holidays together. $400 is honestly not that bad, I've gotten more expensive things for friends... but I guess it's all relevant. And who knows, maybe he will surprise you with a nice gift next time ;) Not to say you should expect it, gifts should be given without expecting anything in return. But, I am sure he would really like this and it would make him extremely happy. And it will make you happy to see him happy and surprise him and his family. So all in all, I'd go for it :)
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does he buy you things too? Personally that sounds like a lot of money..
Talk to his family, have them chip some in. Try not to go at it alone, it's a really nice thought.
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I agree with Kambo trick3y
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