Gifts With Strings Attached
Can't decide what to get someone on your Christmas gift list? Gift cards have become a popular choice. But Consumer Reports says there's a lot to be wary of. For example, if you lose a card you'll either have to pay a fee to replace it or you're out of luck. Maintenance fees are common among bank-issued cards. And some cards carry expiration dates, although more and more states are outlawing that practice. Here's a list of states with gift card-related laws.
Matt's View
Instead of giving a gift card, how about giving cash? Gift card marketers want us to believe that giving cash is tacky. At least one writer agrees, calling gift cards "a graceful proxy for cash." But cash is accepted everywhere; it never expires; and here's an added bonus: it's less likely to be spent. Study after study confirms that people spend more when using plastic. So, give the gift of cash and some of that money might just end up in a savings account. There's nothing tacky about that.
This article filed in: Gifts , Holidays , Marketing , Spending
Managing Money by The Book
- "Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock." - Matthew 7:24-25
Recommended Resources
- Money, Purpose, Joy - Discussion Guide
- If you want to take your relationship with money to a whole new level, bring the subject into your small group. It can be scary to open up about money, at least at first. But the "Money, Purpose, Joy Discussion...…Read the rest
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