1. Give gift cards instead of cash:
When giving cash as a gift, fears of looking stingy might compel one to tuck more money than one can afford into the gifting envelope. People tend to put more money in the gift envelope when giving cash in fear that the earlier amount decided to gift would not look appropriate and upto the general expectations of the person receiving the gift. The concept of gift cards helps to get rid of such extra expenses. This problem can be solved by giving a gift card which will help in saving the extra money. Giftcard of some online sites having varied choices for selection of products one wants to purchase can be given like Amazon, Flipkart or some online grocery store making it convenient for the person to get their daily essentials delivered at their doorstep like Bigbasket or Grofers.
2. Taking advantage of the offers coming with Gift Cards’ purchase:
Various stores provide a discount and other types of exciting offers when one purchases gift cards from their stores. These discount offers will help the customer save money amounting to the value of the discount. Other exciting offers include “Buy One, Get One” or “Buy One, Get other at 50% discount”; these also help in cost-cutting for the customer. XBOX rewards, get them from PrizeHog. The online and physical stores introduce such offers from time to time to attract customers and increase their sales revenue during off-season times or certain festivals. The customers should keep track of such announcements and take advantage of their benefit whenever they require a gift card, either for gifting or even for self-consumption, discussed in further points.
3. Using the gift cards for Regifting:
If one receives a gift card from a store or a restaurant which one doesn’t like, then that gift card can be used for again gifting others. This will help in preventing from incurring money to purchase gift cards as the earlier gift cards can be re-used for regifting to one’s loved ones. This is one way to appropriately use unwanted gift cards that one possesses, avoiding the wasteful purchase of items from that store for the sake of using the card or preventing getting the card expired without it being used. This idea serves the two-way purpose of preventing its wastage and, secondly, acting as a money saver by using it for gifting.
4. Helping limit one’s expenditure:
Gift cards can also be used for self-consumption by the purchaser other than using it for gifting purposes. This will help in limiting the expenditure of the person to the amount designated in the card and help in avoiding extra expenditure that could be incurred by a customer in the absence of a gift card. This cost-saving technique can be extensively used in daily lives by people in those stores or online sites where they regularly purchase. This will help the customer allocate only a specific amount towards the purchasing items from that store and help prevent going out of budget, leading to overspending. Hence, the customer can allow only a specific amount towards such purchases avoiding extravagant expenditure.
5. Buying and Selling Discount Gift Cards:
One can purchase gift cards at discounted prices from various stores and online sites and then sell them through some online sites like “Raise.Com,” “Card Cash.com,” “Card Pool.com,” etc. at their face value. These sites can also be used to sell off one’s unwanted gift cards which they received as gifts from their family members or friends and in turn will help them convert those gift cards into money which they can use to purchase whatever product/service they require. This will help in earning some money from the discount amount, which is also one of the ways of mobilizing savings. The person has to be aware of the various opportunities where stores give various exciting offers in the purchase of gift cards and harness those opportunities to purchase those discounted gift cards and resell them to earn some money.