This Christmas, did you find yourself saying "you shouldn't have" and actually meaning it? Last holiday season, the financial services company Finder estimated 53% of Americans opened at least one unwanted gift, averaging $72.
But instead of tossing unneeded items in a closet or worse, the trash, there are smarter ways to use them and even put some cash in your pocket.
Selling unwanted gifts
Of course, you can always try to return or exchange a gift for store credit, but when that doesn't work, consumer and budgeting expert Andrea Woroch suggests trying to make some money by selling it on resale sites.
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"Clothing on Poshmark, maybe toys or small kitchen appliances on local listing sites like Facebook Marketplace or OfferUp," Woroch said
Donate what you don’t need
You can also try your luck at a consignment shop.
"End of the year is a big time for people to clean out," said Stephanie Aldridge, manager at Legacies Upscale Resale.
At the non-profit consignment shop, Aldridge says customers can sell items or donate unwanted gifts for a good cause and a tax write-off.
"If you donate your item, you can absolutely use that for your taxes," Aldridge said.
What about unwanted gift cards?
Woroch says if you wind up with store credit or gift cards you don't need, use them to buy someone else a gift later.
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Or try selling the card for cash on sites like GCX (the gift card exchange) and CardCash.
"They'll pay you up to 92% of the value for that card. So obviously you're not getting the full value, but sometimes it's better to have the cash in hand to help pay off your credit card balance," Woroch said.
An alternative to selling is donating unused gift cards.
"Charities readily accept gift card donations to support their operations," said WalletHub writer and analyst Chip Lupo.
Shopper Cindy King welcomes any alternative to standing in line during the post-holiday return rush.
"I do not want to stand in line. I am very impatient," King said.
So check resale or donation options, so you don't waste your money.
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