I was asked to contribute money towards a gift and now I don't want to, is that wrong?

Wow, I would not volunteer $50 to someone whom I don't know well.. if that's a work colleague getting married or something like that or had a baby.. I would give something like $ 10... and if everybody gave some money at least that is the gesture that counts not the amount.. I suppose it depends if this person is dear to you or a friend or someone you deal with on a daily basis.. if so then i would contribute a much lesser amount.. like $ 10 and say.. ''I am sorry but that is all I can afford to contribute, I have other gifts to buy and really my budget doesn't allow me to give more...'''