Five Things You Can Do With Unwanted Gifts
Filed under: Economizer, Family Finances, Holidays
The holidays are almost over for most of us, and odds are you might have a gift or gift card that you don't want and can't return.
Here are five ways you can make sure they don't get filed away unused, or regifted to an unsuspecting friend:
If you can't return your gift, why not try selling it? Thanks to Kijiji, Craigslist and eBay, you can put up your unwanted item, write up a cheery description and wait for someone to snap it up. If you decided to sell your item online, remember to take good pictures, put up a thorough description of the item, get the money first and arrange to meet in a public space.
If you want someone to do the selling for you, consignment and second-run stores will sell it for you but will take a cut of the money earned as commission.
You won't make any money from donating your gift but you could earn a tax credit which will be useful when you file your taxes. Before you donate to your charity of choice, check to see if they will accept your gift or gift card as some charities have a specific list of wanted goods. Also ask if they issue tax receipts.
Do you know why companies like gift cards? It's because many people don't use them. TIME magazine reported earlier in 2012 that up to two billion US dollars in gift cards remain unredeemed.
Instead of letting it sit in a drawer, why not trade it for some cash or for a gift card you'll actually use? CardSwap.ca lets you do just that - you enter the details of your gift card and CardSwap will give you an offer of up to 92 per cent of the card's worth.
PlasticJungle in the United States lets you trade your card for cash or for gaming points.
You can also organize a swap meet with your friends and family. Encourage attendees to bring items to swap. Provide some light refreshments and some simple rules and get to swapping. You might find just what you're looking for.
Just be careful with who you invite. If the gift giver might be offended, maybe it might be a good idea to not invite him or her.
Freecycling
People love free stuff and are willing to pick it up. If you need to get rid of your gift and don't want to deal with selling it and don't care about a tax receipt, put it up on your local Freecycle board and watch it go away.
If you can't get rid of your gift after these suggestions, then maybe it's time to regift it. If you do, just remember to follow these rules.
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