presents

Why Some Economists Say You Should Give Cash Instead of Gifts

Toni Husbands — Mon, 11 Dec 2017 10:00:07 +0000

If Christmas shopping gives you the blues, and you labor over the thought of selecting the best gifts to no avail, you now have permission to stop. That's right. "Scroogenomics" may provide the peace of mind you seek during this festive, gift-giving season. In this retelling of Charles Dickens' classic tale, the lesson is to give generously, but not the type of stuff that typically ends up wrapped in paper and bows. Cash is king in this version, and other types of gifts are deemed a waste of time and money. (See also: 10 Fun Ways to Wrap the Gift of Cash)

The reality behind "Scroogenomics"

Economist and University of Minnesota professor Joel Waldfogel coined the term in his 2009 book, Scroogenomics: Why You Shouldn't Buy Presents for the Holidays. The reason behind Waldfogel's anti-gift stance isn't because he dislikes his friends and family. He simply believes giving gifts is a colossal waste of money. In fact, he calls gift giving an "orgy of wealth destruction."

Waldfogel suggests that we waste our money by buying the wrong gifts, completely underwhelming the recipient with stuff they don't even want. For the unimpressed giftees among us, the thought actually doesn't count.

According to Waldfogel's theory, we alone are the best judge of the products or services that bring us joy. Gift givers often miss the mark, thus gifts go underused and money is wasted. Waldfogel argues that gifts are best received when given to children or people that we know very well. "With everyone else, we might be better off giving cash or gift cards," he writes. (See also: How to Get Rid of Your Unwanted Gifts and Make Money Too)

The solution: Give cash

Before you dismiss Scroogenomics as a cynical case of bah humbug, consider this. Annie Leonard, co-writer of the short film The Story of Stuff, shares that only 1 percent of the materials we use to produce consumer goods (including the items themselves) are still in use six months after purchase. That doesn't mean that 99 percent of those goods end up in the landfill. It does mean that 99 percent of the planet's resources that were consumed in the making of those goods were. Not only is your unwanted and underappreciated gift a big waste of money — it's a colossal waste of the world's resources.

According to the National Retail Federation, American consumers will spend an average $967 on holiday gifts this year. If the vast majority of those gifts are just going to waste, wouldn't giving cash be a more appropriate use of your time, energy, and hard-earned resources? And considering the NRF found that 61 percent of recipients would actually prefer some type of gift card or certificate instead of an object, there's even less reason to believe that "stuff" is the ticket to a well-received present.

Cash as a gift tends to feel less exciting and tangible these days, since money transfers can be done with the click of a button or through a smartphone. But, giving cash also doesn't have to include forking over a manilla envelope stuffed with bills. Your thoughtful cash gift can take many forms. For example:

Donate to a charity on behalf of a loved one. Think about a cause near and dear to the recipient's heart and share the gift in their name. Your donation is also tax deductible, so this gift is a win-win-win (be sure to save the receipt!). The environment will thank you, too. (See also: 8 Charities You Can Trust With Your Holiday Donations)
Open a savings or investment account for the recipient and stock that full of cold hard cash. This is the gift that literally keeps on giving. Can you say compound interest?
Earmark the money for an outing or travel excursion that you and the recipient can plan together. These are memories that will last longer than the stuff destined for a landfill near you. Plus, who wouldn't love a free trip?

If your need to experience the warm fuzzies of gift giving won't allow you to simply give cash, compliment your cash gift with a craft. A money tree made of dollar bills or a folded-bill chain combine the joy of making something for your recipient, with the utility of giving cash. This way, everyone can enjoy the holidays and get exactly what brings them joy. (See also: 10 Reasons Why You Should Ask for Cash This Christmas)

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This article is from Toni Husbands of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Teach Your Kids About Money With Their Holiday Gift Lists

Emily Guy Birken — Thu, 09 Nov 2017 08:00:09 +0000

Giving my children Hannukah presents is one of my favorite parts of the holidays. Seeing their faces light up when they open a gift is one of the best feelings in the world.

However, it can be very easy for kids to overlook the message of generosity that we are trying to teach for Christmas and Hannukah. They are bombarded by advertisements on all sides and constant reminders that the holidays are on their way — which means kids can often fall prey to the gimme gimmes. Many parents see this play out when they ask their kids to create a holiday wish list, and receive an eight-page, single-spaced list of expensive items.

But just because children can learn the wrong things from holiday gifts doesn't mean they have to. In fact, parents can use the practice of writing a gift list to teach their kids about budgeting, frugality, generosity, and managing expectations. This year, try one of the following holiday gift lists to help your children learn about money and the true spirit of giving. (See also: How to Use the Holidays to Teach Kids About Money)

1. The four gift list

Families following the four gift list rule will give each child:

Something they want.
Something they need.
Something to wear.
Something to read.

When your kids are penning their holiday wish lists, tell them to place each item in one of these four categories. You can make it clear that they can put more than one item in each category, but they will only receive one present from each category. This will help them to better understand the things they truly need and recognize how much they value their various wanted items. If everything on their list is a want, this exercise will help them manage their expectations. It can also potentially spur them to find needs, clothes, and books that they are excited to receive.

This rule is also very helpful for parents who often go overboard with gift shopping. When you see something adorable that you'd love to give your child, you'll have to decide if it's worthy of being one of only four "somethings" on the list.

2. Include gifts to others

Last winter, my sons were delighted to watch the animated adaptation of The Snowy Day by Ezra Jack Keats on Amazon. We had long been fans of the classic book, and the sweet story of Peter's adventure in the snow was expanded to tell an animated Christmas story in this short film.

One of my favorite parts of the adaptation was the story of Peter's Jewish friend Layla, who delivers a gift to a charity on the sixth night of Hannukah. She explains that it's her family's tradition to give instead of receive on that night of Hannukah, and she and her mother have picked out something special to give away.

This tradition is very well-suited to Hannukah, which lasts for eight nights. Parents can easily set aside one night to be about giving to those less fortunate rather than receiving — but any family can encourage their children to think of others when making their holiday gift lists.

In addition to writing down the things that they want, your kids can also include a list of gifts they can give to others. These could be traditional gifts for families in need, or they can be more creative, like writing letters to deployed soldiers or volunteering. By including a place for giving back on their holiday wish list, your kids will learn to associate generosity with your holiday traditions.

3. Create a gift-giving theme

For older children, a fun way to celebrate the holidays and teach frugality is to set a theme for gift giving. For instance, Stacia Mcclure's family would give everyone a hard spending limit, and specify where everyone could shop: "One year, we decided all gifts had to come from a truck stop — and gift cards were excluded. My dad still talks about that year because he got an entire box of Necco wafers. The hospital gift shop Christmas was also quite entertaining."

Other types of holiday themes might include only buying "As Seen on TV" items, books, games, or food items.

Picking a "theme" helps teenagers learn to be creative within a spending framework, which is excellent practice for learning how to be frugal. A teen who can have fun and give a meaningful (or at least hilarious) low-cost gift from a truck stop will learn to think outside the box when it comes to tougher money decisions. (See also: 5 Steps to Stress-Free Holiday Gift Giving)

4. Ask them to pick a stock

Several years ago, Stephanie McCullough's daughter asked for a new iPod for the holidays. "Instead, I bought her two shares of Apple," McCullough says, "which cost about the same as a new device at the time. There was no way to know this at the time, but the stock has skyrocketed since then."

If you let your children know that you plan to buy them a share of a company they like, you will not only be giving them a gift that will keep on giving, but you can also help to spark an interest in finance.

They can either pick a publicly-traded company they like, or they can do a little research into how well their favorite companies have fared in the market. The latter will help them start to get a sense of figuring out what makes a good investment. Even if they don't research their stock before including it on their gift list, you can invite them to track the stock's price over time to see how their gift is doing.

5. Include a time gift

As much as your children love ripping the wrapping paper off a new toy, what they really want most is to spend time with their parents. You can give them the gift of your time by asking them to include a request on their gift list for something you can do together. For instance, your child might list "baking cookies together" or "going fishing together" on their wish list.

While you could always create a "coupon" for the requested time gift, you can also find a small tangible item you could give your child to use for their time gift. For instance, you might give them a new cookbook that you can peruse together to find the perfect cookie recipe, or a fishing hat for them to wear next time you go to the lake.

By having your child include a time gift request on their holiday wish list, you are teaching them that the best gifts come from being together, rather than spending lots of money.

The benefit of limits

The magic of the holiday season does not come from tearing into an enormous pile of presents, even though much of our culture tries to convince kids otherwise. Teaching your children to use frameworks for thinking about their holiday gift wishes can help them to better appreciate the real lessons of the season, as well as learn some important money skills that will last them well into adulthood.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Financial Gifts Mom Will Love for Mother's Day

Emily Guy Birken — Mon, 01 May 2017 08:00:08 +0000

Mother's Day is an opportunity to let Mom know just how much she means to you, but it can be hard to find the perfect gift. You know that a World's Best Mom mug and some fancy bubble bath just won't cut it — so what should you do instead?

This year, why not give Mom the gift of money? That doesn't mean handing over a wad of cash in lieu of a present, but instead finding a gift that will help her bottom line. Here are six gift ideas for Mom that will keep on giving financially.

1. Start a dream fund

Maybe Mom has always dreamed about a trip to a certain destination, or planting the perfect garden straight out of a magazine. These things cost money, and if there's little room in the budget, it can be hard and time-consuming to save up for them. This is where you come in: Give Mom a "dream fund" for Mother's Day with seed money to realize her goals.

If Mom is a crafty or creative type, you could present the fund to her with a "dream board," including relevant pictures to inspire her to keep saving. She'll love adding to the board herself. You could even add a complementary gift card (such as to a home and garden store) as a finishing touch.

You might also consider saving up for something to do together. My mother and I have always talked about traveling to Greece, so our mother-daughter dream board would include photos of the Greek Isles, illustrations from Greek mythology (which I fondly remember her teaching me when I was a child), and photos of delicious Greek food. I would then also include a gift card to an airline or cruise line as the first step in reaching our goal together.

2. Buy her a share of a company she loves

Buying shares of a company can be a lovely way to honor your mother and give her a gift she will appreciate. You can buy her a gift-ready stock with a framed certificate, or buy shares directly from the company.

While a gift-ready stock with certificate included will set you back more money, it does provide you with something to wrap up for Mother's Day and gives her something to display. Consider buying shares of a company whose products you know Mom absolutely loves, like Starbucks, Target, Tiffany's, Hershey, or Netflix.

3. Give her a subscription to a financial magazine

If Mom has remarked that she'd like to know more about how to handle her money, then get her a magazine subscription that can help improve her financial knowledge. Buy a copy of the current issue to wrap up for her on Mother's Day.

As for which magazine to choose, both Kiplinger's and Money are considered excellent resources for the personal finance newbie.

4. Donate to her favorite charity

What causes are close to Mom's heart? Pick a charity that you know she supports, and make a donation in her name. Not only will Mom be touched by such a thoughtful gift, but an organization in need will benefit, too. It's a win-win. (See also: Improve Your Giving With 5 Smart Charity Tricks)

5. Pay a few of her bills for the month

Help Mom get ahead financially by offering to pay one (or a few!) of her bills for Mother's Day. This could be a mortgage payment, utility bill, medical bill, or credit card payment — anything she could use a hand with. This will take some of the budgeting burden off her shoulders, and maybe even leave her with wiggle room to treat herself.

6. Pay for Mom to visit a financial professional

Depending on what type of financial needs your mom has, you could pay for her to consult with a certified financial planner. A CFP can be an invaluable resource in helping Mom plan out her saving, investing, and retirement strategies. So how do you go about finding, vetting, and paying for such a gift? You can start by asking around your inner circle for any recommendations. If that doesn't yield any leads, you can locate a fee-only CFP (which means the planner will not be working on commission) near you via NAPFA. The fees that planners charge vary greatly, but once you have found a CFP that you like, you can ask them how much it will cost to make Mom an appointment.

Show mom you love her with the gift of better finances

Flowers fade, brunch is over all too soon, and Mom does not need yet another canister of fancy tea. For Mother's Day this year, give your mother a gift that will keep giving for years to come.

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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Get Rid of Your Unwanted Gifts and Make Money Too

Amanda Meadows — Fri, 06 Jan 2017 10:00:10 +0000

It's already 2017, which means it's time to take inventory and clean up. Got a few unwanted or duplicate presents for the holidays? Here are five ways to make money on the gifts you don't want.

Sell Clothing on ThredUp

Need something to do with your "ugly christmas sweater" from the work holiday party, or the pjs that are four sizes too big? If you're saddled with some brand new clothes you don't want, resell them on ThredUp — a site dedicated to clothing recycling and reuse. Sign up and send a batch of your clothing with their provided kit, and they will send you payment based on what they deem the clothing to be worth. You can even estimate what you might earn. Soon, you can make some scratch to spend toward that cute unicorn pj onesie you really wanted.

Sell Toys and Games on eBay

Some sites stay the same for a reason. When it comes to toys, games, and other collectibles, you just can't beat eBay. It's where folks looking for a specific item are shopping. If you're stuck with a gigantic Power Rangers toy your kids don't want, or a third copy of Big Bang Theory Monopoly, it's easy to post them with a "Buy It Now" and/or an "Make an Offer" option. eBay even makes it easy to fill out the product form, as half the fields can be auto-filled based on the product. Take a photo and you're good to go.

Sell Books on Amazon Marketplace

Turns out everyone in your life only knows one thing about you, because everyone got you a copy of the newest Peanuts collection. You should definitely push off your other copies at Amazon Marketplace. When one shops for books on Amazon, they can look at the section reading (for example), "5 used and new starting at $2.46." People buy tons of books there, as you can usually get a really good deal on a used, but "like new" copy. Group together a crop of books you don't need, then simply sign up for an Amazon Marketplace account as an individual selling fewer than 40 items per month, so that you only have to pay 99 cents per item and a few other fees.

Sell Antiques and Appliances on Craigslist

Good old Craigslist is always there for when you need to get rid of something fairly quickly. Got some majorly heavy and space-consuming gifts from family you can't use? Post an ad for that awkward antique floor lamp, the racing bike gathering dust, or that huge pizza oven that you'll never bake with on Craigslist. It's easy and everyone knows how it works. No setting up an elaborate account, and there's minimal upkeep. The buyer comes to you to pick up the bulky item and then it's out of your life.

Sell Household Items on OfferUp

For miscellaneous presents from friends and family that you know will only gather dust, sell them while they're still new on OfferUp for extra money. OfferUp attempts to make the Craigslist style of selling accessible and easy for the mobile phone generation. Snap a photo of the item, add details, and post. You can chat instantly with buyers within the app, which is especially helpful for those who dread getting emails and texts from random strangers on Craigslist.

This article is from Amanda Meadows of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

9 Gifts That Won't Become Clutter

Max Wong — Mon, 19 Dec 2016 11:30:07 +0000

Do you come from a family of minimalists? Do you live under the stairs like Harry Potter? Do you simply want less stuff in your home? Your friends and family may feel the same way. Here's a handy list of gifts that won't gather dust.

1. Anything on the Wish List

People spend a lot of time and thought assembling their gift lists. Respect that. A study by researchers at Southern Methodist University and the University of Texas at Austin found that when buying wedding gifts, the people closest to the bride and groom are the most likely to buy gifts off the registry in order to express their close relationship with the recipients. The same study also shows that gift recipients are less happy with unique gifts than if they had just received something from their registry. Why would you ever want to make anyone less happy?

If you're one of these people trying to cut down on the clutter, lead by example and set up a gift registry for yourself. By sharing your wish list, you not only limit what comes into your house, but it makes it easy to casually ask what everyone in your life really wants.

Years ago, when I was setting up my first apartment, I registered myself for wedding gifts at Williams-Sonoma. Back in the days before the Internet, no one used gift registries for single people. They just didn't exist. I had to use the wedding registry form at the store to create my apartment wish list. When I told my friends and family, most of them were mortified. A gift registry for a single girl? How unseemly! However, it was the first year that I got everything that I wanted for the holidays and my birthday. Moral of the story: Ignore the negsters and stick to your guns about your registry.

2. Cash Money

Don't ask me how I know this, but gift cards are easy to lose in a messy house. I've lost conservatively a bazillion dollars in gift card and store credit value in my life. I have yet to lose one single paper currency gift.

3. A Night (or Day) Out

I can count on one hand the number of people I know who aren't completely overworked. While most people can't afford to give even themselves a needed vacation, a great night out can be just the break that people need to recharge.

I love to take my friends out to lunch for their birthdays. Because many of my friends have super busy schedules, it's a great excuse to spend quality time with people I care about.

I have friends who share their season tickets as their go-to gift. My friend Ellen buys two season tickets to the Hollywood Bowl each year. She then sends out the concert schedule to all of her friends so they can choose which show they want to see as her guest. My friend Ryan does the same thing with his season tickets to the Dodgers. My friend Andrew takes his friends and family to the Huntington Gardens for tours, museum events, and an occasional high tea. Sharing season tickets involves a lot of scheduling, but it's a gift that you get to enjoy with the recipients. As a bonus, this gift also benefits the organizations that you care about.

A memorable day out doesn't have to be costly. Attend a free concert or set up a hiking date.

4. Digital Subscriptions

Digital subscriptions to magazines and entertainment companies like Audible, Steam, and Netflix are great gifts for people who live in small spaces. In addition to taking up no physical space, digital subscriptions can provide hours of entertainment throughout the year.

Looking beyond entertainment subscriptions, there are a variety of other services that run on a subscription model. Offer to pay for a year's subscription to reference sites like imdbPro or for digital tools like Adobe Photoshop.

I just received a 23andMe DNA testing kit in the mail. It was sent anonymously, with the message "Happy Birthday" noted on the invoice. I texted my adopted sister; she is a big fan of the service. "Did you send me a DNA test?" "Hmmmmm, was it me or another mystery sister?" she texted back. We both agree that we're probably distant cousins on our Neanderthal side.

If you can't afford the cost of a gift subscription, there is an excellent, cost-free option: Curate a list of free podcasts. My best friend spends a lot of time in the car for work. She is a rabid fan of podcasts for education and entertainment. This year she asked me if I would listen along with her to Witch, Please, a fortnightly podcast about the Harry Potter universe that is hosted by two potty-mouthed college professors. We spent an entire month listening to the podcasts and then debating important topics like whether the wizards, as described in the books, wear pants under their robes, and if puberty and Voldemort are equally evil forces.

5. Give the Gift of Education

My parents believe that the two lasting gifts you can give your children are love and a good education. I think this is true. Education, like love, might not make you richer, but it will make your life more interesting.

The gift can be as large as a college scholarship or as small as a single knitting class at your local craft store. Two of my friends have asked me to teach them how to make homemade sauerkraut as their Christmas present this year.

If you take a class with someone you love, it can be a present for you, too. When my best friend and I were 13, we obsessively read every Agatha Christie mystery. We were less into the whodunit than we were the Downton Abbey-esque universe of Hercule Poirot and his friends. The transcontinental train rides, the Mah Jongg games, the constant tea drinking all seemed so glamorous. To celebrate the 20th anniversary of our friendship, we took a Mah Jongg class together, a game we still enjoy playing years later.

Don't forget about online classes. Lynda.com has 4000 different courses in business, technology, and creative skills. Audible carries Pimsleur language courses at a discount.

6. Donate to a Charity in Their Name

Donating to charity is a nice way to make friends feel remembered at the holidays and also spread the holiday cheer to people who need help. If you need help choosing a worthy cause, Charity Watch keeps a list of top-rated charities that spans a huge number of categories.

7. Make New Holiday Traditions

In 2001, to address the Christmas elephant in the room — an elephant that we can't actually see because it's hidden under a pile of half-completed craft projects and books we intend to read very soon — my hoarder family took a radical step: We stopped giving Christmas gifts to each other. Even the kids. This is the nuclear option. But for families who can make the psychological jump, a No Gifts Christmas can totally change the way you feel about the holiday…for the better.

For 15 straight years my family's No Gifts Christmas tradition has made the holiday season merrier for my relatives and me. There are countless ways to experience the spirit of the season that don't involve clutter. We have less stress and a lot more fun than when we had to shop for each other. Oh, and money. Did I mention we have a lot more money? And empty floor space. Empty floor space in my house is priceless.

8. The Gift of Time

No one loves chores. That's why they are called chores instead of hobbies. Give the gift of time by helping your friends complete their own to-do lists.

This year for my birthday my friend Señor Amor helped me hang curtains in my dining room. It was an all day ordeal. I can't imagine how long it would have taken me to do the job by myself. Every time I look at those drapes, I have a nice reminder of our friendship.

My friend Crickett and I recently discussed our mutual hatred for filing. For our holiday gift to one another, we're going to help each other organize the piles of paperwork taking up precious real estate on our desks. If we have to suffer, at least we don't have to do it alone.

9. Just Ask

Even minimalists have wish lists. If you don't mind ruining the surprise, just ask.

Don't get me wrong; surprises are great. But who prefers to be surprised by a gift she doesn't want over something she's been pining to own? You cannot deny there is a certain satisfaction to getting exactly what you want. If your soul requires that every gift contain the element of surprise, then stake out your friends' Amazon wish list, Pinterest page, or Etsy favorites. Or, just be a good listener.

My friend Todd, a professional organizer who works with hoarders, is a master at choosing clutter-free gifts. He gives me two gigantic, 36-count packages of toilet paper from Costco every year for my birthday. Back when we were in college, I had mentioned to him that never having to buy toilet paper would be weirdly luxurious.

Now, I don't remember saying this, but I do hate spending money on boring things like cleaning supplies. And, even if I never said it, can I tell you? Never buying your own toilet paper is luxurious.

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This article is from Max Wong of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

The Simple Holiday Budget Anyone Can Follow

Mikey Rox — Mon, 21 Nov 2016 11:31:03 +0000

Promised yourself that you'd finally make a solid budgeting plan this holiday season — and stick to it? We've got your covered with these simple steps anyone can follow to stay in the black when the red and green take over.

1. Set Aside Only the Amount You Can Afford

So many people start the New Year in debt solely because of overspending during the holidays. You don't want that burden on your back. Rather, when planning your budget, allot only an amount you can actually afford, preferably in cash already saved, to the gifts you'd like to buy.

"Do not go into debt with holiday spending," warns consumer expert Kevin Gallegos. "Making that commitment means changing your mindset. It may be telling yourself that giving people what they think they deserve is a mistake. You'll also want to avoid the trap of feeling you must give a gift equal to what someone gave you last year, or creating a perfect ski slope of presents under the tree. Chances are that your family and friends really don't want you to suffer financially in order to give them bigger gifts."

It also stands to reason that they may not have returned the gesture in kind, either. So there's that.

2. Set Limits for Total Holiday Spending

Before you ever leave the house — or turn on the computer to shop online — you should establish how much you plan to spend this season and perhaps even on each person on your list. Having a specific number in mind will not only provide a guide as to what your limit is, but it will also help you choose the perfect gift for everyone based on how much money you've assigned to them.

Alexis Nido-Russo is the owner of Chicago-based online jewelry store Local Eclectic, and she offers a very specific way on how to break down your holiday budget.

"Determine what your total budget for the holidays is, then map out who you have to buy for and assign percentages to each person or category," she says.

For example, if there are six people on your list and your total budget is $1,000, perhaps your percentage breakdown looks something like this:

Husband: 20% or $200
Daughter: 30% or $300
Mother: 15% or $150
Sister: 15% or $150
Mother-in-law: 10% or $100
Best Friend: 10% or $100

Of course, your specific budget and who appears on the list will vary. You also can shift numbers around if you find the right gift at a lower cost, or you can send that money back to your savings account where it'll better serve you. Also remember to factor in ancillary holiday expenses too, which can absolutely decimate your budget if you're not careful; things like holiday cards and postage, teacher gifts, travel costs, and food and drinks for entertaining.

3. Gather Your Coupons and Discounts

Go through your favorite circulars, emails, and apps to scrounge up all the deals and savings you can — then start to map out a plan of attack. For example, I'm on the email lists of many of my favorite retailers who send me a seemingly never-ending stream of promotional messages throughout the year, but especially around holiday time. (I recommend creating a dummy email account for this to preserve your sanity, by the way.) Because I'm privy to insider information, I try to schedule my shopping around their biggest sales and pair them with additional saving that I may have from mailers, previous shopping trips, or in my text messages — all of which are excellent ways to receive additional discounts.

4. Make Cuts to Your Gift-Giving List

In a perfect world, we'd buy presents for everyone we know during the holidays — but that's just not feasible. So instead of trying to sneak everyone in because you feel obligated to purchase something, stick to those closest to you.

"If your shopping list includes more than five people outside of your immediate family, cut down on the number of people on your gift list," suggests Rachel Namoff, managing partner of Denver-based asset management firm Arapaho Asset Management. "Then, make a homemade gift, like cookies, to give to all the people you snipped from your original gift list. Ensure you spread the holiday cheer without looking like a Scrooge while enjoying a fun activity with the family."

If you still feel like you may be blindsided by a rogue gift for which you have a return gift, there are a few things you can do:

Update your status on social media that details your holiday shopping plan and who's on the list. Remember, there's no shame in being on a budget, especially if money is already tight.

Contact people directly and let them know that you won't be able to exchange this year if gift giving to one another was established in the past.

Keep your unwanted gifts in storage to have at the ready so you can provide something in return if you feel so obligated.

5. Enlist the Help of Budgeting Apps

If you're not particularly financial or budget savvy, you can find help online. In fact, there are plenty of mobile apps that'll keep your holiday budget just a few taps of the finger away so you can access it while in real time while you're shopping. Gallegos recommends apps from Mint or Quicken to simplify the process, but there are plenty of others available — and we've detailed them in abundance here on Wise Bread — that will track your spending down to the cent.

6. Thoughtful Homemade Gifts Are Cherished and Inexpensive

Namoff suggested baking cookies for those you're trimming from your main list this year, but there's no reason you can't extend this homemade concept to the more important people in your life. I'm admittedly materialistic — I love my stuff — but I'm not devoid of sentiment, thus I prefer thoughtful, handmade items over anything store-bought because I know what kind of time and effort goes into a gift like that. (See also: You Can Make These 23 Delicious Holiday Gifts)

Another argument for going this route is that most people in your life rarely need anything that they don't already buy themselves. Personally, if I want something, I save for it and buy it; I don't wait to pawn it off on someone else at Christmas. Certainly I have provided a list of items to my family in the past, but those are merely suggestions and nothing that I need. What I need to know is that you care, and the best way to do that is to sit down and think about how to put a smile on my face at holiday time, and you'll get that reaction from me if you spent more time than money on my gift.

7. Stop Waiting Until the Last Minute to Do Your Shopping

They say the early bird gets the worm, and that's completely true at holiday time. While there are plenty of arguments on why Black Friday isn't necessarily the day you'll get the best deals — there are amazing offers all times of year and even between Thanksgiving and Christmas — but you will absolutely do yourself a disservice by waiting until Christmas Eve to buy presents.

For starters, by then the pickins will be slim, and you're probably going to disappoint your loved ones with your laziness. Secondly, if you're an online shopper, you will often spend an incredible amount of money on shipping charges the last couple days before the big day, and even then you're not guaranteed that it'll arrive on time in some cases. Save yourself the headache, heartbreak, and surcharges by scheduling your shopping at least a couple weeks before the holiday.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Gifts Everybody Gets, But Nobody Wants

Paul Michael — Fri, 18 Dec 2015 16:00:08 +0000

We all love getting gifts, but sometimes, we tear open that lovely wrapping and have to perform an acting job worthy of an Academy Award. From bad clothing to tacky knick knacks, here are 10 gifts we all know we're going to get… and can't wait to get rid of.

1. Holiday Shirts, Ties, and Sweaters

Nothing says "Wow, this is useless" more than a holiday-themed piece of clothing. You'll wear it once, stick it in your closet, and donate it to Goodwill a few months later. Unless the sweater is so obscenely awful that you can use it every year at your annual Ugly Sweater Party, it's not getting worn.

2. Scented Candles

Some people like scented candles. After all, there are millions of these things sold every year. However, a lot of them are sold to people who plan on giving them to you as a gift. And, 99% of the time, it's a smell you don't want anywhere near your house. Scents like Christmas Tree, Patchouli, Salt Water Taffy, and Marshmallow Chicks are all on the "This sucker is so getting regifted" list.

3. Bathroom Gift Baskets

Well, it's all there — the body wash, bubble bath, lotion, soap, shampoo, and eye mask, all wrapped up in a basket and sealed in plastic. It's just a tough gift to get right. Men and women are both particular about the smells and products that they put on their bodies. If you get someone one of these, you are almost certainly going to miss the mark. It will stay sealed, and given away at a later date… probably at one of those white elephant gift exchanges.

4. Fancy Hot Chocolate Sets

These do the rounds every single year. It's cold out, and people like drinking hot chocolate. So, how about a fancy mug, some candy canes, and a couple of sachets of high-end hot chocolate to show them you care? How about no. It's a bunch of little items wrapped up and overpriced by a considerable amount. The mug will be used once or twice. The chocolate, although tasty, is something almost everyone has in their pantry at this time of year anyway.

5. Books

This is not to say people don't love reading books. But unless the book is on your Amazon wish list, or you dropped a few hints, chances are it's a book someone else loved and wants you to join the conversation about. And chances are, it will collect dust on a shelf.

6. Gift Cards

Here's the problem with gift cards; You are basically being forced to spend your money at a certain store. You'd probably rather have cash! If the card is for Amazon or eBay, no problem — you've got options. But if it's for a niche store you never visit, you may have to get creative. Maybe do a gift card swap with someone at work.

7. Robes, PJs, and Slippers

I've had my fair share of robes, pajamas, and slippers over the years. I actually did get one robe that was really cool — it's a Jedi robe, and it has been the only exception to the rule. Most robes, PJs, and slippers that you receive are the wrong material, the wrong size, they're gaudy, or just something you never wear. They're tough to regift, too. You can either take them back and ask for store credit, or donate them.

8. Cheap Chocolates and Candies

I have a love of good chocolate. But most of the time, the chocolates and candies on sale during the holidays are cheap and of poor quality. They're wrapped up to look like trees, or come in big boxes. These sweet treats are high in sugar, corn syrup, and a ton of preservatives and flavorings. Of course, they will get eaten, often by being passed around to anyone who pops in for a visit — however, these are not the kind of treats you savor.

9. Picture Frames

There are two types of picture frame gifts. There are those containing photos that mean something special to you, and those that don't. The former are great. The latter…it's a frame. Frames are usually chosen to compliment the photo or image, not the other way around. At some point you may find something that works with the frame, but until then, it's staying in a dusty corner of the basement.

10. Gag Gifts

Every year, without fail, we all get some kind of gag gift. Once, I received a basketball hoop set that you put on the bathroom door, so you can shoot while you poop. Oh, the hilarity. You probably have gag gifts at home that are still in the boxes, or that are destined to be regifted or donated at some point. Even worse are the gag gifts that are themed for the holidays, like edible candy cane flavored underwear. Funny. Not.

Now, what have we left off the list? What awful presents or gifts have you received over the years, and how did you react when you received them?

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Affordable Ways to Make Your Holiday Gifts Look Amazing

Kentin Waits — Thu, 17 Dec 2015 22:00:04 +0000

With the steep price of holiday gift wrap, gift tags, and bows, they're practically gifts in their own right. If you'd like reserve your holiday budget for what goes inside the package, it's time to get creative. First, brush up on clever ways to save on wrapping paper. Then, express yourself by trying some other inexpensive gift-wrapping ideas this year.

Bows and Embellishments

Once you've carefully wrapped your gifts, dress up the package with some frugal options.

1. Twigs and Pinecones

These beautiful objects are literally growing on trees. Hunt for artistically shaped twigs or small pinecones and make them part of your gift presentation by weaving them through other natural elements like raffia and jute twine.

2. Dried Flowers

Dry or press flowers throughout the year and add them to your wrapped gifts in place of traditional bows. Sure, it takes some Martha Stewart-style planning, but it's a great look — and it's green!

3. Vintage Buttons and Beads

String buttons and beads through narrow satin ribbon or twine. Space evenly, and then tie knots on both sides of each bead or on the back of each button to hold them securely in place. Instead of tossing them out at the end of the season, save and reuse each year. (See also: Reusable Gift Wrapping: The Wrap That Keeps on Giving)

4. Vintage Ornaments

Ornaments don't always have to go on the tree. Use beautiful single ornaments or group two or three smaller ones together and secure with ribbon. Avoid using glass ornaments for this purpose; they're not kid-friendly and you don't want one rolling underfoot during Christmas morning chaos.

5. Vintage Postcards

Classic black and white vistas or serious kitsch works equally well. Attach to gifts with adhesive photo corners.

6. Vintage Snapshots

Old family photos add a unique touch to any gift. Slip one under a raffia bow or center on the package with a dot of glue and frame with scraps of synthetic ribbon or paper.

7. Garland

Great for large gifts, use brightly colored garland instead of a traditional bow. Just tie as normal or secure in place with a hidden twist tie.

Gift Tags

Every gift needs a tag — why not make the tag a clever adornment, too?

8. Recycled Holiday Cards

Repurpose last year's holiday cards by turning them into gift tags. The heavier-weight card stock and seasonal graphics make them perfect gift tag material. Just trim to size and add a hole with a paper punch.

9. Tiny Picture Frames

Thrift stores are loaded with small vintage frames in every style imaginable. Collect several throughout the year. Insert a printed name card and attach to gifts with twine or raffia.

10. Wallpaper Scraps

One roll of vintage wallpaper will add up to enough gift tags for a lifetime. Choose seasonal colors or intricate antique patterns. Just trim tags to size and fold or use the wallpaper as unique matting for some other handmade label.

11. Bottlecaps

Print the gift recipient's monogram on a small piece of paper, cut it to fit the interior of a metal bottle cap, and glue in place. Then, circle the outer edge of the cap with jute twine and secure with a thin bead of glue (leave enough extra twine for tying later). The result is a metal hanging tag that can be tied to a bow, a bottle of wine, or the handles of a gift bag.

Are you an innovative gift wrapper? What are some of your favorite ideas? What have you seen others do?

This article is from Kentin Waits of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Things You Can Totally Regift — And 7 Things You Shouldn't

Paul Michael — Tue, 15 Dec 2015 18:00:03 +0000

Regifting. It's the act of receiving a gift, and then after a period of time, wrapping it up and giving it to someone else.

Some people are not sure which items are permissible to regift, and which are definite no-nos. So, here's a quick guide for you. It should be noted that you can only regift items that are NEW, and should never regift used items unless they are antiques.

Items You Can Regift

This stuff seems to get passed around from person to person and there's no reason it has to stop with you!

1. Candles

Jim Gaffigan once famously said of the candle gift he received, "You know I have electricity, right?" The great thing about candles is they are designed to be used up and thrown away. So, after enough time has passed, it's very easy to regift any you haven't used. If the person who gave you the candles asks about them, well... they were awesome, you lit them every night, and they are all gone now.

2. Wine and Spirits

Unlike most food items, wine only gets better with age. So, if you ever receive a bottle you probably won't drink, it's very safe to regift it. This also applies to bottles of hard liquor, including whisky, rum, bourbon, gin, or anything else. If it's sealed, you're good.

3. Gift Cards

If you are given a gift card to a store you never frequent, it's fine to regift it. You may have to buy a new gift card holder, as the original may be personalized to you. Check to make sure the balance never expires, or is still intact (there are some devious people out there operating gift card scams).

4. Gift Baskets

Some people love getting gift baskets. Others, not so much. If you don't, you are good to regift it to whomever you please, as long as you haven't removed so many of the contents. If it's chock full of goodies, and you only want the little tin of mints, go ahead and take them — but don't destroy the packaging. And a word of note… food items go off. Don't keep it so long that you are regifting a basket full of spoiled goods.

5. Some Clothing

Clothing can be tricky. If someone gets you an ugly sweater that you will never wear, they may well give you the receipt so you can return it. If they don't, be careful who you regift clothing to. If it's a unique item, and you travel in the same circle of friends, that sweater could become the cause of an argument. But if the clothing is relatively nondescript, and still has all the tags attached, it's totally fine to regift it to someone who will actually wear it.

6. Fragrances

Perfumes, after shaves, and eau de toilettes are all fair game for regifting — provided, of course, they are sealed in the original box. All of these items come wrapped in plastic. Once you remove that, it's considered used, even if you never spray it. So, if you do receive something that you're unsure of, go check it out first at your local beauty store before cracking the seal. If it's not your style, regift it.

7. Toys and Puzzles

Your kids may get toys, games, stuffed animals, and puzzles that they really don't want. These are perfectly okay to regift, and are often great to have on hand for those many birthday parties your kids will be invited to throughout the year. However, make a note of who gave your kid that gift. The last thing you want to do is give it straight back at the next birthday party he or she attends.

8. Kitchen Items

Toasters. Blenders. Frying pans. Coffee makers. These, and many others, are all totally fine to regift in their originals boxes. Even refurbished items are good, too. Just make sure you don't offend anyone who comes over to your home and cannot see the great coffee maker they got you. Awkward.

9. Soaps, Lotions, and Bathroom Items

When I was a lad, I used to get my dad "soap on a rope" every year. I am pretty sure he still has them all somewhere in a box in his attic. Soaps, hand creams, lotions, bubble baths, or anything else in that vein are all fine to regift. The good thing about them is they're private and personal. They are supposed to stay up in the bedroom or bathroom, so no one expects to see them around the house.

10. Novelties and Gag Gifts

You will get a lot of these at white elephant exchanges, or when you turn a certain age. From tins of unicorn meat to whoopee cushions, these gifts are never really meant to be taken seriously by you. They're fun. If you want to give them to someone else later, that's totally okay. In fact, some people bring back those same gifts to the white elephant parties year after year as a running joke.

Items You Should NEVER Regift

Meanwhile, some stuff you have no choice but to keep.

11. Anything Personalized

Unless you know someone with the exact same initials as you, you cannot give these items to anyone else. Imagine their surprise when they open a set of cufflinks only to see your initials engraved on them. It just leaves a bad taste. Even names are off limits, because there will always be that suspicion that you gave them an item you just didn't want.

12. Dated Items

There is a difference between dated and classic. If you have something very cool, still in its box, that someone would find collectible, it's good. But that ancient piece of technology, or something that looks and feels old (even though it's unopened and in pristine condition) is off limits. A prime example of this — GPS navigation systems. These days, many cars, and almost all phones, come with this tech built in. An old unit, with outdated maps and no current tech support, will not be a welcome gift.

13. Jewelry and Watches

There's nothing wrong with regifting watches or jewelry if they are unworn and in their original packaging. However, when people give you gifts like these, they expect to see you wearing them at some point. How do you explain why you have never worn that great watch or pair of earrings? It's up to you if you want that kind of hassle, but honestly, keep them for a while, wear them, and then if you really don't want them, sell them on eBay or Craigslist.

14. Framed Paintings or Photos

A piece of art, be it a painting or a photograph, is a tough thing to regift. Someone went to a lot of trouble selecting something that they think will look beautiful displayed on your wall. When they next come visit, they may want to know where it is. Anything like this is going to give you all kinds of regifting headaches.

15. Anything With an Inscription

If someone goes to great lengths to inscribe a special note to you inside a book, it is no longer just a gift. It's a personal message. Sure, you could deftly remove that page, and few people would notice. But you're not only regifting an item, you're regifting a heartfelt statement — and that's not a good idea.

16. Anything That Is Universally Awful

You may receive a gift that you absolutely hate. And, chances are, your friends and relatives will hate it too. Who knows why such items exist, be they tacky, offensive, cheap, or just plain useless. You don't want to regift someone an awful present. When you get one of those, find a way to sell it, or donate it. Maybe someone, somewhere, will find a use for it. Maybe.

17. Opened CDs, DVDs, and Blu-Rays

They may well be brand spanking new, but if they don't have the seal around them, you cannot regift them. Everyone knows that these items are sealed due to copyright protection. If the cellophane is ripped off, and that little tamper-proof seal is gone, you have to keep it.

Are you a re-gifter? What do you pass along and what do you keep?

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

47 Unique Gift Ideas for Women

Andrea Cannon — Mon, 14 Dec 2015 10:01:02 +0000

Choosing the perfect gift can be difficult, especially when you have someone on your list who "already has everything." That's why we've found some of the best gift ideas for every woman in your life. (See also: 50+ Unique Gift Ideas for Men)

1. How to Find Ideas

If she can't think of any gift ideas, or you don't want to ask, then consider the following sneaky ways to figure out what she has her eye on.

Check Her Pinterest Boards

Pinterest comes standard with boards like "Products I Love" and "My Style," which may contain some gift ideas. However, most women have more than just the standard Pinterest boards, so keep an eye peeled!

Check Her Amazon Wishlist

Amazon wishlists work like gift registries. You can find all of the things she wants in one place and buy them on the spot. If she does not have an Amazon wishlist, ask her to make one. Then, she's guaranteed to get exactly what she wants.

Go Window Shopping

Go shopping together and pay extra attention to what she shows interest in. You may get exact gift ideas, or at least some new general thoughts on what she likes.

Ask Her Friends and Family

When you're stumped for ideas, her friends and family can help. You will also score brownie points for the sentiment.

2. Find Something Meaningful

You don't need to spend a lot of money to give her something meaningful. Some of the best sentimental gift ideas include:

A fill-in-the-blank journal, which is both affordable and a sweet gesture.
Choose a gift that acknowledges a special date, like a birthday girl bathroom set.
Is she a lefty? Give her something to help with everyday tasks, like a simple utensil set.
Custom signs and family matrix clothing are unique, personalized, and affordable.
Choose a personalized tote, monogrammed mug, or notebook with her initial.
"I love you" bean plant. She'll be reminded of how much you love her as the plant grows.
Baking mixes in a jar are a quick, affordable DIY gift that she can enjoy on a busy night. If you include the recipe, it will be the gift that keeps on giving.

3. Unique Kitchen Supplies

Regardless of whether she has a nicely-stocked kitchen or is just starting out, the following items are something almost anyone can use (or replace their current one with):

4. Coffee Essentials

There are a plethora of gifts to help coffee lovers get more from their daily cup of joe. Some of the best coffee-related gifts include:

5. Book Accessories

If she's an avid reader, there are tons of gift ideas you can take advantage of, without having to know her taste in books. Some of the best book-related gifts include:

Gift card to her favorite bookstore
Unique bookmark
Book messenger bag
Book pillows
Four-hour books

6. Appeal to Her Inner Child

To appeal to her free-spirited inner child, consider some of these fun gifts below:

7. Items to Be Careful About

Just as there are gifts that will work for most women, there are also gifts that won't work for most women. Before buying any of these items, make sure to take into account her personal style and taste.

Perfume

Most people are very particular about their perfume or cologne, so it isn't always a simple thing to buy. A perfume sample kit, on the other hand, is a great way for her to find a new favorite scent.

Cosmetics

Unless you know her exact shade and favorite formulas, it's not usually a good idea to buy a woman makeup or skin care products she hasn't specifically asked for. Think about getting her a nice cosmetics storage display case instead.

Jewelry

It can be difficult (and costly) to buy her jewelry. Instead, think about buying her a nice new jewelry box, or maybe a decorative jewelry stand or keepsake box. If you still want to buy her jewelry of some sort, try something unique, like a pearl necklace where she harvests the pearl, or a birth month flower pendant.

Clothing

Unless you know her size and personal style, it can be a risk to guess what clothing and accessories she might like. If you really want to buy her something to wear, consider a kimono robe or some comfy socks she can cuddle up with.

5. When All Else Fails

Still stumped? When nothing seems like the right fit for her, there are some generic ideas that nearly anyone will love. You can still customize the gift and show her that you put plenty of thought into it.

Gift Cards

As long as you choose a gift card to one of her favorite stores and wrap it in a fun way, she'll be thrilled.

An Experience

Instead of giving a gift this year, think about giving her a tour, massage, spa service, cooking class, dance class, or art class. She'll be able to learn a new craft or hone her skills.

Bathroom Essentials

Choose a relaxing bathroom set, manicure must-haves, or an essential beauty kit.

Subscription Boxes

You can choose from food, beauty, and clothing subscriptions, among others. You can also choose from pre-made boxes, or surprise her with one customized to her preferences. You can send her one box or sign her up for ongoing subscriptions so she receives another the following month. (See also: The 10 Best Monthly Subscription Boxes)

Do you have other unique gift ideas for the woman who has everything? Please share your thoughts in the comments!

This article is from Andrea Cannon of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Almost 50 Unique Housewarming Gifts for Less Than $20

Andrea Cannon — Wed, 02 Dec 2015 12:00:26 +0000

The perfect way to welcome someone into their new home is with a unique, practical housewarming gift — and we've come up with some of the best ideas that they are sure to love. Best of all, for only $20 or less, these gifts won't break the bank!

1. DIY Baskets

DIY baskets are affordable and fun to make. Some of the best DIY baskets for a new homeowner include:

Cleaning basket: Include things like all-purpose cleaner, sponges, a dustpan, and rags for a gift that will keep their new home in tip-top shape.
Tool kit: Make your own by including all the must-haves, or you can simply purchase an affordable tool kit instead.
Gardening kit: Include affordable essentials like a trowel, rake, shovel, and fork, or just purchase a complete garden tool set.
Coffee kit: Everybody needs coffee, so think about gifting gourmet coffee with a nice new electric grinder or mug. You can even create your own personalized coffee mugs with a little paint.
Kitchen set: Include must-haves like utensils, an oven mitt, a peeler, and/or a meat thermometer for a DIY kitchen basket. Add an inexpensive cookbook and a new cookbook holder to complete the gift.

2. Gifts They Can Eat

What better way to welcome someone into their new home than with something delicious? There are several food gifts you can give that won't cost much, such as:

Home cooked meal: Make a meal for them to enjoy and include the recipe card.
DIY food basket: Include one of your favorite simple recipes and the ingredients required to make it. You can always add a nice new kitchen accessory as well, like a new wooden spoon.
Beers on you: All you need to do is purchase an affordable cooler and fill it with ice, beers, lemons, limes, and any other drinking accessories you think they'll like.
Indoor herb garden: They'll be able to grow their own fresh herbs indoors to enjoy in about six weeks.
Popcorn kit: Wrap up a popcorn maker with a popcorn and seasoning collection so they can enjoy a movie after a long day of unpacking.
Mushroom farm: Who doesn't love fresh mushrooms? With this gift, they can grow fresh organic mushrooms right from their new kitchen.

3. Personalized Items

Embroidered, engraved, and monogrammed items are some of the best personalized gifts you can buy. Take the DIY approach, or purchase them already embroidered or engraved. Some of the best items to personalize include:

4. Things They're Sure to Need

There are certain things that we could all use more of, especially after moving into a new place. Put a unique spin on the essentials to suit your friends' style and personality. All of these items can be found for under $20:

5. Wine Essentials

Wine is the perfect gift for almost any special occasion, particularly after a stressful move. If your friends are wine drinkers, gift them handy essentials such as:

6. Good Luck Charms

Everyone needs a little good luck, especially after a move. Consider a sage kit so that they can cleanse their new home and attract good fortune. You can even give them unique garden sets to entice good luck, like a growing wishes seed kit, lucky bamboo plant, or bonsai tree kit.

7. Relaxation Aids

Everyone loves to relax after a stressful event and there is nothing more stressful than moving. Help your friend pamper themselves with items like unique bath salt sets, tea samplers, and crackling candles. These and other spa necessities can be combined to form one large relaxation basket.

8. Pet Treats

Giving your friends' pet a new toy or gift basket will make you their new favorite guest. Including a pet in the gift-giving festivities usually means a lot to the homeowners as well.

What are your favorite affordable, unique housewarming gifts? Please share your thoughts in the comments!

This article is from Andrea Cannon of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

4 Ways to Get the Most Out of Gift Cards

Mikey Rox — Fri, 07 Aug 2015 12:00:22 +0000

Unless you know exactly what a person wants, shopping for a gift can be a real pain in the butt. But a gift card is quick and convenient — and since the recipient can pick and choose the right gift, it removes any guesswork on your part.

Whether you're the recipient or the giver, it only makes sense to get the most out of a card, however. Using a gift card isn't rocket science, but here's a look at four ways to maximize the funds.

1. Combine Gift Cards With a Store Sale

I'm a big believer in never paying full price, so just because you have a gift card in your wallet doesn't mean you should spend it without considering potential savings. Many retailers begin marking down prices two or three weeks after an item hits the floor, so a little patience pays off. Since a gift card isn't a discount or coupon, a lot of retailers let you combine these cards with a storewide sale. Combine the gift card with a "buy one, get one free" sale or a "buy one, get one 50% off" sale, and you'll get more than the face value of the gift card. And always, always look for coupon codes before checking out online and in-store; you might save even more.

2. Re-Gift Smartly

Even if you're a fan of gift cards, you've probably received a card to a retail store you didn't particularly care for. If you know you're not going to use the card, it makes sense to re-gift the card so you don't waste the giver's money. Just know that if you give an unwanted gift card to a friend, there's a possibility that he'll re-gift the card to another friend and so forth. The gift card might pass through several hands before someone uses it.

It's a completely different scenario if you know a friend will use the gift card. But if you're not sure, you're better off selling the card for cash using websites like Gift Card Granny or Card Pool. You'll put cash in your pocket — which might be the gift you preferred in the first place — and the buyer gets a gift card he actually wants.

3. Register Your Gift Card

I've received tons of gift cards over the years, but I've never registered one. Luckily, I've never lost or had a gift card stolen. But if you have, you know the frustration of missing out on freebies and digital cash. Registering your gift card protects the balance in the event the card falls in the wrong hands.

Just head over to the retailer's website and provide basic information like your name and the gift card number. If the card's ever lost or stolen, the retail issues a new one after verifying you're the owner. Registering the card also provides an easier way to track your balance.

4. Go Digital

Gift cards are the same size as credit cards, so they fit easily in wallets. But with everything else going on in your wallet (identification, bank cards, credit cards, insurance cards, etc.) adding gift cards to the mix can make your wallet bulky and heavy. Going digital might be the solution, especially if you never leave home without your smartphone.

There are apps to store and manage all your gift cards in one place, such as Gyft, GoWallet, and Passbook. Not only should you consider digital cards for yourself, but also when shopping for others. Physical gift cards still rule, true, but a recent gift card study found that 14% of Millennials are more apt to go digital. Digital cards might be a new concept for some, but the convenience is undeniable. Pull up the gift card on the app, let the cashier scan the barcode, and you're done. There's no need to shuffle through your wallet, and you don't have to keep up with a bunch of cards.

Do you have more ways on how to maximize gift cards? Let me know in the comments below.

This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: Affordable Presents for Dad

Ashley Jacobs — Fri, 06 Jun 2014 17:00:29 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some great articles on affordable presents for dad, getting a frugal start on summer, and how not to drown in student loan debt.

Ask the Readers: Do You Prefer Getting Gift Cards or Cash?

Ashley Jacobs — Tue, 24 Apr 2012 10:36:07 +0000

Editor's Note: Congratulations to Peg Mooers, Kelly, and Z. R. for winning this week's contest!

Whenever the holidays or your birthday comes around, inevitably you will receive either gift cards or cash. Some people love getting gift cards to use at their favorite store or restaurant. However, others would prefer to take the cash and run!

Do you prefer getting gift cards or cash? Why? When it comes to giving someone else gift cards or cash, which do you prefer to give?

Tell us if you prefer getting gift cards or cash and we'll enter you in a drawing to win a $20 Amazon Gift Card!

Win 1 of 3 $20 Amazon Gift Cards

We're doing three giveaways — one for random comments, one for random Facebook "Likes", and another one for random tweets.

Mandatory Entry:

Post your answer in the comments below

For extra entries (1 per action):

Go to our Facebook page, "Like" us, and leave a comment on this article telling us you did, or
Tweet your answer. You have to be a follower of our @wisebread account. Include both "@wisebread" and "#WBAsk" in your tweet so we'll see it and count it. Leave a link to your tweet (click the timestamp for the individual URL) in a separate comment.

If you're inspired to write a whole blog post OR you have a photo on flickr to share, please link to it in the comments or tweet it.

Giveaway Rules:

Contest ends Monday, April 30th at 11:59 pm Pacific. Winners will be announced after April 30th on the original post. Winners will also be contacted via email.
You can enter all three drawings — once by leaving a comment, once by liking our Facebook update, and once by tweeting.
This promotion is in no way sponsored, endorsed or administered, or associated with Facebook.
You must be 18 and US resident to enter. Void where prohibited.

Good Luck!

Tell us if you prefer getting gift cards or cash and we'll enter you in a drawing to win a $20 Amazon Gift Card!

This article is from Ashley Jacobs of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Best Money Tips: The Rules of Re-Gifting

Ashley Jacobs — Fri, 29 Jul 2011 10:00:19 +0000

Welcome to Wise Bread's Best Money Tips Roundup! Today we found some awesome articles on the rules of re-gifting, ways to find cheap paperback books, and how to avoid credit card problems while traveling.