Extreme Saving - Gift Cards

My sister in Chicago called me, excited about our new blog.  She started telling me different stories she watched on Extreme Cheapskates.  As she talked about reusable toilet paper, dumpster divers, and ovenless apartments, I begged her to stop me if I ever get "that far."  After discussing the notable environmental impacts and the thrill of "the game" it was  a little less scary.

And then I needed tape.

In a 2011 Wall Street Journal Blog Post, they estimated that from 2005-2011 $41 Billion in gift cards went unspent because they were lost or never used.  In my wallet alone (and there are more in a drawer) I have the following low balance cards:

$3.07 on a visa card
$10.00 on two $5 Starbucks gift cards
$15.00 to World Market
$16.04 to Best Buy from a return I made late

I decided to play a little game and see if I could get my tape and knock out the visa gift card.  I knew there was a dollar store in the strip mall down the street, I thought the dollar store would have the modest amount of tape I was looking for.

Unfortunately they did not.

I walked next door to the bargain grocery store to see if they had a roll to spare.  They had plenty in stock at $8.50 a roll.  I passed (I could have gotten a 6 pack at Costco pack for that) I decided to walk in the other direction and hit up the Big Lots on the end.  

They had the same large roll from the grocery store listed for $3.50.  A big "savings" but really not a great deal as $3.50 is an average price for a roll of packing tape.  On the lower shelves, far below eye level there were smaller rolls of the same Scotch brand packing tape for $1.25.  One was not going to be enough, but with two, (which totalled more yardage than the larger roll) I got more tape for $1.00 less. 

Normally when I walk into a store I "feel silly" JUST getting one item, so I'll spend on average 15-20 minutes roaming the isles for stuff I MIGHT use.  But, with new resolve I took my two lonely rolls of tape straight to the counter and checked out for $2.67 which will tape 40 moving boxes!

What's even better, I accomplished my goal and was able to get more of a balance off of that gift card!  And since I had only to park once, there was no petrol lost by shopping around.  And best part?  I put the $1 I saved by shopping around directly into my savings account.

I was so excited.  I quickly realized why people get so deep in the game of saving.  I hope, however, that someone will pull me back if I start to use reusable toilet paper!  We all have our limits!

Got a gift card that you will not use ever ever ever?  Try selling it on sites like eBay or giftcardgranny.com.  These sites are where buyers go to find discounted gift cards.  So plan on selling them for 2-5% less than the face value.  Also, did you know that if you have a store gift card with a balance under $10, you can ask for the balance in cash and they have to give it to you?  Even more incentive to spend under that card limit!

TIP:  Don't let money on gift cards get lost or go unused! In the process, do not accept a bad offer!  Know the average market price and aim to find a better deal.  Finally, when you save on something actually move that savings into your savings account so that those savings can grow, no matter how small.