Friday November 20, 2009 - Holiday Gifting: Money Gifts
I am not a big fan of just writing a check or giving cash as a gift. But it certainly is quick, easy and never returned.
Just stick it in an envelope or a fancy box and you are good to go. Every year for Christmas my kids each got a $50 bill from a bachelor uncle. And each year they would fanaticize about how they would spend that money when it arrived. Often times using it to buy Christmas presents for others.
But how about being a bit more creative? A long distance calling card if you want them to call you more often. A gift card to their favorite store or restaurant. My daughter gives us a gift certificate to a restaurant and we spend most Tuesdays in January and February getting hamburgers at Gibbet Grill in Groton.
Also some restaurants like, Not your Average Joe's, are offering a deal with gift cards. Buy $50 worth of gift cards and get another gift card worth $10 for yourself.
The grocery stores and the chain drugstores offer gift cards. Perhaps a gift card to a nursery so they can plant something amazing in their garden in the spring or they can choose a new tool.
According to a recent survey shoppers are planning on spending over $26 billion on gift cards. This is big business! But some gift cards are trouble. They have hidden costs such an inactivity fee after six months of nonuse and they claim they expire in one year. You want to purchase store issued cards and stay away from the bank or mall issued cards.
Massachusetts law requires that gift cards and gift certificates be redeemable at full face value for up to seven years. According to the Tower Group a research firm, lost or unredeemed gift cards put $8 billion back annually into the pockets of the merchants.
If you are giving a gift card be sure it’s for a store or service that the recipient will use. And beware of stores possibly going out of business. Linens and Things and Sharper Image are 2 examples in the last couple of years.
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