Tips for Those Unwanted Holiday Gifts
By lindseyb, December 30, 2011, News, Tips & Information, Personal Finance, Shopping Tips
The Christmas holiday season is a special time of year. During the holiday season there are family and friends gatherings and parties, and let’s not forget those holiday gifts. Christmas time is one of the busiest shopping times of the year where people are willing fight over parking spots and stand in line for hours just to get that special gift for that special someone. So what do you do when you get a gift that you really do want or need? It is so common to get gifts for the holidays that you never intend to use or simply just don’t like. Here are some tips that can save you some money and help you to figure out what to do with those unwanted holiday gifts.
Tip #1: Become familiar with the store holiday returns policy. During the holiday season store return policies are usually relaxed, but not always is every item is returnable. Engraved or customized gifts may not be able to be returned, as well as opened gifts such as electronics. Some policies also only allow you to get store credit for the returned items. Contact the store to see if the gift you have is returnable before your stand in those long holiday return lines, and possibly risk wasting your time. If you decide you are going to return a gift, do it quickly. Most stores have a short window period for holiday returns, usually between 15-30 days from the date the item was purchased.
Tip #2: Don’t forget your gift receipt. Gift receipts make your returns so much faster and easier. Having a gift receipt will allow you to get the best price on your item. For example, if the item is currently marked down you have a better chance of getting the original price back that was paid for the gift instead of the current marked down price. Note that is not always the case this time of year, but it definitely can help make your return painless.
Tip #3: Do not remove tags or take the item out of its packaging if you do not plan to keep it. Some stores only accept return merchandise that is new, unopened or unworn. You have a better chance of at least getting a store credit, if not cash back, from an unused item. Also, be aware that some stores, especially electronic or appliance stores have a 15-25 percent restocking fee. Depending upon what the item is you may be better of reselling or regifting it instead of taking that cut.
Tip #4: Sell or swap your unwanted gift cards. While gift cards may seem like a safe gift to buy, they may not always be wanted. It is possible that you could get a gift card to a store or restaurant that you don’t even shop or eat at. Sites like Giftcardrescue.com and Swapagift.com will buy your gift card or allow you to swap it for one that you want. If you decide to sell your gift card, generally you will not get 100 percent of the cards value. You can usually sell them for around 70 percent of the card’s value.
Tip #5: Donate any unwanted gifts to charity. If you are not able to return, resell, or don’t want to regift your gift, you can always donate it. The Goodwill along with other charities is always glad to accept donations. You can feel good by being able to help someone who is less fortunate, especially during the holiday season. Also, at the end of the year you may be eligible for a tax deduction so keep your receipt.
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