5 Ways to Say Goodbye to Unwanted Gifts
Now that the holidays have come and gone, you're probably stuck with gifts that you would have rather not received. Whether you're the less-than-proud owner of an ugly sweater, stinky cologne or gift card to a store that you don't frequent, you can still come out ahead in the situation.
Once you don't fear potential reprisal by the giver for doing away with the gift, here are five ways you can convert their well-meaning gestures into opportunities that you will fully appreciate in the year to come.
1. Take It Back
Your first consideration should be to return the gift, once you know where it was purchased. If you received a gift receipt then the returns process should be fairly straightforward. Even without a gift receipt, many retailers will likely issue you a store credit for the lowest sale price of the item that you can apply towards a future purchase. Just be sure to check on the store policy before waiting in line at the cash register so you don't end up wasting your time.
It is important to note that retailers typically offer an extended grace period for holiday purchase returns, but don't delay on returning the item because many stores stick to a four or six week window.
2. Give It Away
If you feel moved to donate your unwanted gifts, know that you can claim a tax deduction once you itemize the deductions on your tax return. The payoff may not be immediate or even financially rewarding, but knowing that your donation can help someone truly in need is an instant "feel good" result.
You may know of the bigger organizations like The Salvation Army, but also consider donating to The Giving Effect, which has 1,788 registered organizations throughout the country that distribute food and items to those in distress.
3. Sell Your Gift Card
In January 2014, CardHub reported that approximately $44 billion in unredeemed gift cards remained unused since 2008. If you received a gift card that you don't plan on using, then it's time to cash it in or trade it for a preferred retailer gift card. The following sites won't offer you the full face value of the gift card but they are willing to take them off your hands at a fair price. GiftCards.com, CardHub.com, GiftCardGranny.com and CardCash.com. You can also visit a Coinstar Exchange kiosk to sell your gift card.
In the event you still have unused gift cards sitting in a drawer but still have plans for them, the 2009 Card Act guarantees that gifts cards will not expire until five years from the date they were issued or when money was last added to them.
4. Get Your Swap On
If you receive an item, especially clothing, there are swap sites that make it easy for you to give up what you got for something you'll actually use. Here are a few online swap sites to help you get started: SwapAce.com, SwapStyle.com, RehashClothes.com and PaperBackSwap.com.
Another way to swap and make a game out of it is to host what's called a White Elephant Party. Invite a group of people over and tell them to wrap their unwanted presents in order to exchange it.
5. Regift, Artfully
You may not enjoy what you received as a gift but you there is probably someone you know who would love it. Regifting is an acceptable gesture and should not been viewed as tacky, as long as it's done properly. Here are some guidelines to keep in mind: Never regift to someone who knows the giver. Even worse would be to regift to the original giver herself. To avoid that faux pas, label gifts that you plan to regift with the details of who gave them to you and under what circumstances.
Also, don't regift merely to get rid of the item. Think carefully as to whether your intended recipient would really enjoy the item. Ask yourself if you would consider buying the same item for them. Think twice before regifting meaningful gifts that were passed down to you from another generation in your family.
Even though it really is "the thought that counts," you're better off unloading gifts that you don't really want and finding better homes for them. Even the giver would probably agree, but that doesn't mean you have to tell them the details and potentially appear ungrateful.
Kassandra Dasent is a freelance writer, business consultant, wife and stepmom. She is the founder of More Than Just Money, where she discusses a variety of topics and personal experiences that intersect with money.
