If you took part in a family gift exchange or Secret Santa, it’s likely you ended up with a few bad Christmas gifts.
Whether it’s an ugly bedazzled sweater or a creepy porcelain doll whose eyes follow you, some gifts just aren’t right for you. But rather than let bad Christmas gifts take up space in your home, consider turning them into cash instead.
How to convert unwanted Christmas gifts
While it’s the thought that counts, having unused items sitting around your home does nobody any favors. It just creates more clutter.
Therefore, after Christmas sort through gifts you receive right away. Separate the presents you will keep from the items you will sell or return.
Then, check out online marketplaces and auction sites that make it easy to exchange even the strangest unwanted Christmas gifts for money.
Afterward, use the extra funds to buy what you really want. Or, make extra payments on your student loans and get out of debt faster.
Here are five ways you can get started on converting bad Christmas gifts into cash money ASAP.
1. Sell them online
A gift that’s not a good fit for you could be the hallmark of someone else’s collection. And online sites can easily connect the two of you.
So if you get a collectible or knickknack, check out the brand and item name on auction sites like eBay.
By sorting through completed listings, you can also see what similar items have sold for. That can give you a good idea of what you can expect to get if you decide to sell your present online.
Figurines, dolls, some china, glassware, and ornaments often sell well online. In fact, you may be surprised how much you get for a weird-looking toy or quirky ornament.
Remember, what may be an odd present to you may be a valuable treasure to someone else.
2. Return for a gift card
But if you return your items for a store gift card, you can turn around and sell it for up to 92 percent of its value on resale sites like Card Pool.
Since people have more purchasing options with a gift card, they’re often willing to pay more for a store card. So if you’re willing to take the extra step and return an item for store credit then sell it online, you can get more money in your pocket.
This strategy works well for difficult to sell items like clothing, niche toys, and books. Designer items and collectibles tend to resell well on their own, too.
3. Host a swap party
If you received gifts that are interesting but just not your style, consider hosting a swap party with friends. P
Have some drinks and appetizers ready and encourage guests to bring over the bad Christmas gifts they received as well. You could sell items to one another for cash, or do a simple trade-off.
At the ned of the day, you may find that what your friend considers to be an unflattering dress could be the perfect garment for you.
4. Regift them (carefully)
If you’re careful, you can strategically regift unwanted Christmas gifts and save money, since you won’t have to buy a present in the future.
But if you decide to go this route, proceed with caution. Make sure you only regift a present if you’re sure the original gifter will never meet the new recipient.
5. Donate to charity
While that cardigan may not be right for you, it might be exactly what someone else is looking for to ward off the chill in a frosty office. And if you donate to a recognized charity, you can get a nice deduction when you file your taxes, reducing your tax burden and increasing your savings.
Goodwill accepts clothing, gently used toys, books, furniture, and even electronics at their locations nationwide. And, proceeds from the sale of donated items helps people in the community build job skills and find employment.
In fact, just last year Goodwill helped 312,000 find employment and over 35 million people used their services to access education, training, and mentoring.
With more than 7,500 centers operating across the United States, The Salvation Army also accepts donations of clothing and household items. They then sell the items and use the profits to help veterans, the homeless, and victims of human trafficking get back on their feet.
Making the most of bad Christmas gifts
While you may really mean it when you say “you shouldn’t have,” even a bad present can help you and your financial situation. With some creativity and a little extra effort, you can turn that dud into a profit in no time.
For more information on how to save money this holiday season and cut down on clutter, check out this article on how to prepare for Christmas with a pre-holiday garage sale.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 5.87%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|