There are just a few days remaining until Christmas, and consumers are scrambling to wrap up their holiday gift shopping, with many opting to go into debt. In fact, 14 percent of Americans plan to use credit cards this season because they don’t have enough cash to cover their holiday expenses, according to a recent study from MagnifyMoney.com. What’s more, 26 percent don’t expect to pay off their holiday spending within one billing cycle, while 17 percent say it will take at least three months to pay off their holiday spending, according to the study.
[See: 8 Big Budgeting Blunders — and How to Fix Them.]
With statistics like these, it’s no wonder that some shoppers turn to their own belongings as potential gifts when time is running out. It may seem common to associate regifting with a poorly packaged product for which recipients have no use, given to them by a cheapskate who simply doesn’t care enough to buy a proper gift.
“Holiday regifting sounds nasty on the surface, but it’s not always a bad thing,” says Phillip Dengler, co-owner of BestBlackFriday.com, a website offering Black Friday, Cyber Monday and general holiday ad scans and other deal-related resources, in an email interview. “While presents are supposed to be special, it is impossible to buy the right thing for everyone. There is nothing wrong with passing off a gift to someone else who may genuinely enjoy it, and the majority of Americans have no problem with the practice.”
[See: Prepare Your Finances for the Holidays.]
Indeed, nearly 80 percent of Americans believe regifting is an acceptable strategy, though just over 38 percent admit to actually doing it, according to a survey from BestBlackFriday.com. When done thoughtfully, regifting can be a viable option and great way to participate in the season of giving when funds are low. To escape judgment, save a little money and avoid going into debt this season, follow these regifting do’s and don’ts.
Do: Carefully consider the gift and recipient. A successful regift starts with thoughtfully considering your recipients and determining if eligible items are appropriate and actually desirable. Make sure that the product you’re giving away is something the recipient will truly enjoy.
Don’t: Gift junk. Regifting isn’t an opportunity to offload your junk onto friends and family. In fact, doing so will likely land you on Santa’s naughty list, so be thoughtful or skip the strategy altogether. Also avoid regifting anything that’s heavily used or even slightly damaged. This is a surefire way to start some holiday drama come Christmas morning.
Do: Package it prettily. Just because you didn’t spend any money on the gift doesn’t mean that you should skimp on packaging. Wrap it just as you would any new gift purchase, with festive paper and ribbon or a gift bag and tissue. If you don’t have these items on hand, head to your local dollar store for the best prices on holiday packaging. You can also repurpose a brown paper bag or the comics section of your local newspaper.
Don’t: Mask the quality of the gift. One of the biggest regifting mistakes you can make is trying to enhance the quality of a product through deceptive packaging. A Target sweater gifted to you should not be placed in a holiday gift bag from Bloomingdale’s. As long as the item you’re regifting is in near-new condition and something the recipient will likely enjoy, you needn’t go to great lengths to enhance it.
[See: 15 Ways to Avoid Holiday Debt.]
Do: Remove all evidence of ownership. Make sure that you don’t leave any evidence of your ownership behind on the item. While you’re not trying to be deceptive, using a gift tag that clearly states that the item was intended for you will quickly soil the sentiment. Inspect the item for price tags or any signs of wear that can easily be removed or cleaned, like dust or fingerprints.
Don’t: Give items that are obviously used. Even if your brother could use a new MP3 player, gifting him your iPod featuring a cracked screen is a no-no. Make sure that the item is in working condition and void of any noticeable signs of use, including dings, dents and scratches. In this scenario, your brother likely knows that it’s your old iPod he’s receiving, so consider enhancing the regift with a gift card to iTunes, which you can often find at a discount this time of year, according to DealNews.com.
Do: Regift for a White Elephant or Yankee Swap party. Regifts are perfect for gift-swap parties where items are intended to be kitschy or funny. Most White Elephant gift exchanges typically require items of $10 to $20 or less, but there’s no sense spending money on something you don’t care enough about to own yourself. Again, it’s not appropriate to bring something soiled or unusable as a gift, but something you have marked for donation is a great candidate.
Don’t: Regift within the family. The cap-and-mittens set gifted to you by your grandma last year is a great gift idea for a friend or co-worker, but not your sister. Regifting items within your social or family circle is typically a bad strategy because it’s more likely that the original gift giver will see that their present ended up in someone else’s hands.
Do: Create a log of gifts and givers for next year. Expert regifters know to log gifts and givers so they don’t mistakenly regift an item within the family, or worse, to the original giver. If regifting is a strategy you want to truly master, start logging.
Don’t: Lie. If the recipient asks if what you gave them is a regift, don’t lie. Instead, let them know that while you don’t have use for it, you knew they would enjoy the item based on whatever inspired you to gift it to them in the first place. In fact, if you’re concerned about this conversation, be proactive and include a note with your gift letting the recipient know how much you enjoyed using the item, and offer reasons why you felt they would enjoy it, too.
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Do’s and Don’ts for Holiday Regifting originally appeared on usnews.com
