In addition to writing my own content, I contribute to money-saving articles written by top talent in the smart shopping, beauty, and personal finance space. The post below from StashInvest.com is the latest!
Written by Jacob Passy
Giving a gift card is often seen as a cop-out — but maybe that’s because so many gift cards go to waste.
Gift cards are the second most popular holiday gift, with around 56% of purchasing one this time of year, according to data from the National Retail Federation, a trade organization for retailers. The only gift that’s more common is clothing and accessories, which are given by 59% of people.
Here’s how to avoid gifting a loved one with a gift card that wastes away in the back of their wallet.
Choose gift cards that will help your friend or loved one meet a goal
Savings and gifting platform Goalsetter offers digital gift cards, called GoalCards, which can be deposited into FDIC-insured savings accounts, regardless of whether the recipient already has an account with the site. With that money, a consumer can set up their account to save toward a specific goal. For children, the site automatically creates a savings account and an education fund.
Similarly, for those looking to give to a friend or family member who is fresh out of college and starting on their path toward building their financial foundations, gift card for the micro-investing service Acorns, said Trae Bodge, shopping consultant for Gift Card Granny, a gift-card resale website, which clearly has a vested interest in people buying gift cards this holiday season.
Opt for a digital gift card when possible
A lost or expired gift card is worthless for the recipient. The simple solution to avoid that fate: Go digital. “A record of the digital gift card will live in their emails so when they are ready to use the gift, they can access that email,” Bodge said.
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