7 Ways to Make Money with Unwanted Gifts

Buying groceries for the holidays was, for many, an expensive affair, as some of us missed our minds. According to a new report from LendingTree, 35% of Americans have incurred holiday debt, averaging $1,549.

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Unfortunately, much of this debt would possibly have been spent on buying gifts that no one wanted. According to a new survey by Magestore, 57% of Americans will return or give away unwanted gifts.

But why not make money with unwanted gifts, return them or give them away?It’s a perfectly viable plan. Let’s explore what you can do to make quick money from those unwanted gifts and, ideally, pay off some of that holiday debt.

“You can never pass at a garage sale,” said Carl Grande, founder and senior advisor at Grand Capital Management. “An unwanted Christmas deal is doing a big garage sale on Saturday [find]. Start at the top and sell at the highest price possible. . Remember, it’s one hundred percent profit.

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“Sites like eBay are always smart to download gifts you don’t need or need, but you’ll need to do a little bit of research first,” said Julie Ramhold, a customer analyst at DealNews. com. “See if others sell the same item. If many other people are looking to get rid of exactly the same thing, you’d better wait now. When preparing to list your unnecessary gift, be sure to consider shipping so that you get value imaginable.

“Consignment retailers are the best places if you have designer clothing or accessories that you need to get rid of,” said Mark Joseph, founder of ParentalQueries. “You can take them to the store. They will evaluate your condition and value, and then include them for sale on your behalf. I recently took my fur coat to a local thrift store and made a few hundred dollars with it.

“If the gift in question is expensive and reusable, a smart concept worth considering is hiring it,” said Lucia Jensen, CEO of WeLoans. “For example, if you won a musical instrument, DJ, camera set, outdoor device or clothing/product designer, you have the option to hire it through sites like Rentmyinstrument. com, Renttherunway. com or Fatllama. com.

“This can be a wonderful way to constantly enjoy an unwanted gift, rather than promoting or giving it away. In addition, it allows you to keep the assets for non-public use in case you want to.

“Homes are the only thing that can turn into a profit,” said Laura Adams, MBA, a private finance expert at Finder. com. . “

“It won’t make you money, but it will help you save money,” Ramhold said. “Keep all the gifts that are great but not compatible with what you’re looking for and try to return them. “next year

“However, if you’re going down this road, it’s a smart concept to create a spreadsheet that records what the gift is and who it came from, and potentially even when you won it, to make sure you don’t accidentally offer it again. to the user who gave it to you in the first place. Observing who gave it to you and when will also help you if you check to offer it again in the same social circle as the original donor. If you check to redo a gift too soon after receiving it, the friends you have in it is not unusual might notice and someone could tell the original donor what is happening.

“It’s another way that wouldn’t actually make you money; but, since donations are tax deductions, it could help you save when you’re about to file your tax return,” Ramhold said. do in general; So if you don’t succeed otherwise, simply donate so those in need can use your junk items.

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