In a previous blog, “Gift Giving Hacks”, 4/15/21, we discussed reducing your costs in purchasing gifts for friends and family. Today, we’re discovering hacks to use for gifts that you have received to earn money for your family and your finances. It may seem contrary to think that you can actually earn money in gifts that you have received, so hopefully you can be enlightened on fun ways to think outside the box.
We all receive gifts that we will never use or are a duplicate of something we already have. What do you do with these? Do you return them? Do you give them to goodwill? Do you sell them? Do you throw them away? Do you re-gift? I’m fine with any of those options, except throwing it away. Slap your hand if wanted to choose that one. Let’s take a look at your different options.
Return It
This one tends to be the most difficult unless a gift receipt was included. Most people will feel uncomfortable asking for a receipt and would prefer that the gifter didn’t know that they preferred to return it. You don’t want to hurt anyone’s feelings. If you have the actual receipt or a gift receipt, you can return it without any hassles or problems. This is a good option because it allows you to get something that you wanted that might be better suited toward your personal tastes. Also, consider using that credit to purchase a gift for someone else if it’s at someplace where you don’t usually shop. This is essentially free money that you can use for future benefits and savings. Of course, if there is something that you really “need” like a new blow dryer since yours just blew up, then by all means buy that blow dryer. When you return an item, you are essentially getting free money to do with what you choose.
Sell It
Selling gifts is a great option and yields immediate returns. There are all sorts of avenues where to do this. Mercari (www.mercari.com), Facebook Marketplace, and Craig’s List (www.craigslist.org) are all very popular ones. I’ve sold numerous items on these. The app depop is becoming especially popular with teens and 20 somethings. My daughter finds great deals on Clemson merchandise there. A garage sale is also a great way of letting go of items that you received as gifts and have never used. It’s money in your pocket that could go immediately to build up your emergency fund (discussed in a future blog post) if it’s not where you want it to be yet. For me, returning it or selling it are my most used options.
Re-Gift It
Re-gifting has been made fun of on many different sitcoms over the years. Hollywood wouldn’t make shows about it if it weren’t common. Re-gifting is fabulous! I want to be clear about re-gifting. I’m not talking about giving someone a crappy gift that no one wants. I’m talking about a gift that you will not personally use for a variety of reasons. **However, you might want to save those crappy ones for a white elephant gift exchange in the future. They tend to be popular at those type of events.
I once received an individual tea maker containing a variety a specialized teas. This was a great gift and wonderful idea, but just not for me. You see, I don’t drink tea. The gift would be great for someone who likes tea, but not this girl. This is an example of a great re-gift item. Over the years, I have also re-gifted a lot with children’s merchandise. It’s super common to receive clothes for you child that are the correct size, but for the wrong season. Sometimes people see a cute outfit and don’t realize when your child will be able to wear it. Or your child may even go through a growth spurt and jump right by a size. Perfect re-gifts are those where there’s nothing inherently wrong with the item, but simply not for you. Duplicates also make fabulous re-gifts.
Donate It
Giving away merchandise is very thoughtful and can be used as a deduction on your taxes as well. If you have an item that has no receipt, can’t sell it, and there is no one that you think might like it as a re-gift, donate it to a worthy charity. There are so many great organizations out there that would appreciate a donation of new and used merchandise. Donations are tax deductible so you still have a financial benefit for doing it. I love when you can do something to help others and also receive a financial break. Double win in my mind. Honestly, this option is sometimes easier and quicker…but it may bring you less immediate return on that important bottom line than some other options.
Make It
You can earn a lot of money in your checking account by getting crafty. Making gifts for friends and family can make your finances smile. It doesn’t have to be extravagant, but could be as simple as making cookies and fudge for your neighbors. One year when our finances were especially tight, my husband and I made Christmas ornaments. We loved doing it, it was easy, and it was special because they were homemade. We kept some for ourselves and I love putting them on the tree every year. The options are unlimited. If you’re not crafty, you can start small. Begin by tie dying or fabric painting t-shirts for your children’s friends. You can buy t-shirts cheaply and pick up the materials at your local craft store or even Walmart or Target. Michael’s and Hobby Lobby have generous coupons all the time, so make sure you pair all purchases with additional savings. If you’re clueless on what to do, let Pinterest be your friend and advisor. Search “DIY gifts” and you will be bombarded with a lot of options. This is great family bonding time too. Have fun with it.
Another option that’s not exactly crafty, but still has more of a personal touch is journals. One of my daughter’s friends moved out of state. We wanted to make sure that they stayed connected. We purchased a blank journal. My daughter wrote a note and then we attached a recent photograph of her. I also put a note for her friend to send it back with her response. This is great for budding artists, poets, and writers. You can do this monthly, quarterly, or whenever they get around to it. This is not an expensive gift, but it keeps on giving long after the holiday season. Also, who doesn’t love getting something special in the mail??
With birthdays, holidays, and gifts, something that commonly follows a thoughtful gift is a thank you note. People spend a lot of money purchasing fancy thank you notes. You can make them yourself on your own computer or even send one digitally to their email or phone. You can buy software and card stock for cheaper than the actual cards. A great thing about doing them yourself is that you can customize them and make your own sentiment. If you’re not poetic or creative, keep it simple. Looking online can give you a lot of ideas of language. The key is that you teach your children to send them—whether digitally or hard copy. This is a practice that stands out and will be remembered.
When my girls were little, I purchased plain card stock in bulk with a variety of rubber stamps and inkpads from the craft store. In addition to the stamps, I took a picture of our girls holding a thank you sign and included it. The recipients absolutely loved that part. Personalized, fun, and easy.
As you read more through this blog, I want you to realize that you CAN save money in every aspect of your life. You can go full out or dip your toe in the water depending on what your personal finance goals and needs are. Not only can you save money, but you don’t have to live poorly doing it. Over time, you won’t even notice the small changes that you’ve made, but you will notice less of a squeeze on your $$ and bottom line.
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