The $20 from Chick-fil-A you found in your stocking … the $50 Kohl’s gift card from your grandma … the $5 to spend at Target from your neighbor — Christmas is a season of both giving and receiving.
I must admit I love both aspects of the holiday. All of those wonderful gifts are a blessing indeed. But it’s easy to lose track of where you put the gift card for your favorite restaurant or let the gift of money you received slip into the black hole of your budget.
If you receive rectangularly shaped monetary gifts this holiday season, be sure to be make the most of those wonderful presents by following these simple tips.
Exchange the unwanted
Did your brother get confused? Coworker wait until the last minute? We all receive a gift card from time to time from a store or restaurant that’s not our favorite. You might be able to still put it to good use. If you don’t have anyone else in your household who might enjoy the gift, consider putting it back to give to another friend or family member on their birthday.
You could also exchange that gift card for one you wish you would have opened up on Christmas morn. A number of online platforms allow you to exchange your undesirable gift card for another or even cash. Cardpool and Giftcard Granny make the process painless.
Be aware that you’ll receive less than face value for your gift card. However, you can also purchase gift cards at a discounted rate. Don’t want to mess with an online exchange? Coinstar kiosks offer the same service.
Donate all or part
One of my favorite, creative nonprofit organizations is Plywood People.com’s Gift Card Giver. Every year, over $8 billion (yes, that’s billion!) in gift cards go unused.
From the dollar and change left over from a major purchase to that card that you keep leaving at home, you can choose to make a difference this year.
You simply write the amount remaining on the gift card on it in permanent marker. Then mail the gift card to the address listed on Plywoodpeople.com.
Then the organization consolidates the amounts from a number of donations and uses money to meet the needs of those who need it most. Know someone who could use some assistance? You can fill out a form on their site.
Use gift cards for needs first and plan for the future
It can be easy to reel into the store immediately with your gift card, allowing the plastic to burn a hole in your pocket. Rather than shopping without a plan in mind, concentrate on purchasing items you truly need. Sure, it might not be glamorous to use your Amazon gift card to pick up toilet paper or deodorant, but using that money to buy the things you need instead of making mindless purchases can make a big difference in your household budget.
Every year we receive gift cards good for our favorite restaurants, I set them aside to use on Valentine’s Day. Rather than make good on them as quickly as we open them, planning for the future helps us be able to celebrate another holiday with minimal impact to our budget.
Pay off debt or pay your bills
Don’t forget about the potential of using gift cards to eliminate debt or even pay your household bills. You might be able to use Mastercard or Visa backed gift cards to apply directly to balances or bills. If you receive others, consider using the exchange programs listed above and using any cash you obtain to pay off debt.
Leverage and maximize gift cards this holiday season. Use them make a difference, meet needs, pay off debt and then maybe have a little fun, too.
