Who says you shouldn't regift? Spread holiday cheer and bank the savings: Scorgie
For its fourth challenge, Metro's Small Changes, Big Win series gets you to save by regifting presents you have never used.
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Small changes to the way you spend can add up. Metro financial guru Lesley-Anne Scorgie pulls together weekly tips that will add a minimum of $10 to your savings. Ready to watch your money grow? Check out this week’s tip.
Week 4: Regift one present this holiday season
How It Works: We all have many people to buy for during the holidays — friends, siblings, parents, grandparents, colleagues, bosses, staff members and more. According to Canadian Living, the average person will spend approximately $550 on holiday gifts. The challenge is that the more people you have to buy for, the more money you’ll likely spend.
Regifting is an excellent way to reduce your costs and waste. Take an inventory of items that you’ve been gifted, but have never used, especially if they are duplicates. For example: board games, yoga mats, boxes of chocolates and mittens. Then choose one item that would make an excellent gift for someone else.
Take Action: Choose one item valued at $20 (or higher) that you can regift. Once it’s wrapped, etransfer $20 into your savings account.
Regifting Faux Pas: Note that there are some gifts you should NEVER regift like sentimental items, personal hygiene products and undergarments.
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If you want to be able to cope with life’s little surprises you have to first know exactly where your money is going.
Take stock of your debts and devise a plan to pay them off while saving as much on interest as you can.