3 Tips for Converting Your Holiday Gifts to Cash

The holiday season may be festive and fun, but it can also be expensive. As a result, people regularly rack up holiday debt while enjoying this time of the year.

If you currently face a hefty balance on your credit cards because of holiday expenses, you are probably eager to get rid of that debt. Or, you may have a general need for money, whether your rent was recently increased, or you are looking to build an emergency fund.

Either way, there are various options for you to explore for scrounging up cash, such as cutting back on non-essential spending or working a side hustle. However, if you still have many unwanted holiday gifts, you may have a great opportunity to convert them to cash, which is far more useful.

1. Selling Your Gift Cards Online

People often buy gift cards as holiday presents since they are easy and usually well-received. However, you may have received some gift cards you didn’t want. If that’s the case, you have several options.

First, you can post a message on your social media pages asking whether anybody will buy the gift cards at full price. For example, if you have a $50 gift card to your friend’s favorite restaurant, your friend may be willing to buy it from you as a favor, knowing that money will easily get spent.

If the first approach does not work, you can sell your gift cards for cash online. You can sell gift card for the best value. Usually, you will have to accept less than their face value – for instance, you may only get $40 for a $50 gift card. However, if you aren’t using the gift card, you may as well get some money for it.

2. Hold a Yard Sale

You could be sitting on unwanted holiday gifts and other items you no longer use in your home. However, if you can spare a few hours of your weekend, you may have success selling the said items in a yard sale.

That said, you should exercise caution when it comes to yard sales. People will sometimes show up expecting very steep discounts. For example, if you received a sweatshirt that you don’t particularly like, which retails for $50, you may not even get $25 for it at a yard sale. Instead, you may only get $5 or $10.

3. Target Specific Social Media Groups

If you received relatively expensive items as holiday gifts, you likely wouldn’t want to throw them out on a yard sale table, hoping for the best. Instead, you may want to sell them for as much as possible, backed by social media sites like Instagram.  You can find the different websites that offer cash for gift cards by conducting a simple Google search and checking through the search results or social media groups

Say you received a $150 purse that isn’t particularly your style. If you can find a group dedicated to handbag trends and sales, you may find a buyer willing to pay closer to the actual retail value of the purse, especially if it is still brand new with its tags attached.

People often have the best of intentions when they give out holiday gifts. If you are sitting on items you don’t want, you might as well try to sell them, especially if you have a pressing need for cash, such as a holiday debt you must pay.

Still, it is important to exercise caution when selling those items. Unloading a gift card for cash and moving on is one thing, but if a family member bought you something specific, such as a vase, they will likely expect to see it on display when they visit. So you will have to be judicious about the items you sell versus those you choose to keep.

This article was produced by Wealth of Geeks.