How many gift cards do you have sitting in a drawer, tucked inside your wallet, buried in an email or forgotten somewhere around the house?
Those gift cards are worth real money — and forgetting about them can mean forgetting about money you already have available to spend.
I learned this lesson myself years ago when I discovered a gift card I had completely forgotten about. There was still money left on it that I could use instead of reaching for cash or a credit card. That experience reinforced a simple South Florida Savings Guy philosophy: saving money isn’t only about finding a deal — it’s also about keeping track of the savings you already have.
Your Gift Cards Are Money — Treat Them That Way!
Most of us wouldn’t knowingly leave a $20 bill sitting somewhere and forget about it. Yet it’s surprisingly easy to do essentially the same thing with a gift card.
Physical gift cards can wind up scattered between wallets, drawers, cars and purses, while digital gift cards can disappear among hundreds or thousands of emails.
Create one designated system for keeping track of them. That could mean keeping physical cards together in a secure location and creating a dedicated email folder for digital gift cards.
If you regularly carry several lower-value gift cards with you, consider keeping them together in one section of your wallet or another organized place. Higher-value cards may be better kept securely at home until you know you’re going to use them.
Don’t Guess Your Balance — Keep Track of It
Have you ever pulled out an old gift card and wondered, “Is there $25 on this thing…or $2.37?”
After using a physical gift card, write down the remaining balance or save it somewhere on your phone. Many retailers also allow you to check a gift card balance online.
For digital cards, consider keeping the original email until the balance reaches zero and updating your own note after each purchase.
The easier it is to know what you have, the more likely you are to actually use it.
Stack Your Gift Card With Other Savings
Here’s where gift cards can become part of a bigger money-saving strategy.
When a retailer’s terms allow it, you may be able to use a gift card while also taking advantage of a sale, coupon, promotional offer or loyalty reward.
For example, if something normally costs $50 but is on sale for $40, and you already have a $25 gift card sitting around, that forgotten gift card could reduce the amount coming out of your pocket to just $15.
And if you originally received the gift card for free or purchased it at a legitimate discount, your overall savings could be even greater.
Consumer Money Saving Tip: Before paying for a restaurant meal, shopping trip or online purchase, ask yourself one quick question: Do I already have a gift card for this business?
Don’t Let Forgotten Gift Cards Collect Dust
Finding an older gift card doesn’t necessarily mean the money is gone.
Federal consumer protections generally require funds on covered gift cards to remain available for at least five years from the date the card was issued or from the last time additional funds were loaded. Federal rules also restrict when dormancy, inactivity and certain service fees can be charged.
Rules can vary depending on the type of card and additional state protections, so always check the terms associated with your particular card.
You can learn more about federal gift-card protections through the Consumer Financial Protection Bureau.
If you discover an old card, don’t automatically throw it away. Check the balance first. You might be pleasantly surprised.
Discounted Gift Cards Can Stretch Your Money Even Further
Another potential savings strategy is purchasing gift cards for less than their face value when they are offered through reputable sellers or legitimate promotions.
For example, paying $90 for a legitimate $100 gift card gives you $100 in purchasing power while costing you only $90 — an immediate $10 savings before you’ve purchased anything from the retailer.
Discounts and availability can change frequently, so compare the savings and make sure you’re purchasing from a source you trust. Also avoid buying more gift-card value than you’re reasonably likely to use.
The South Florida Savings Guy Bottom Line
Saving money isn’t always about clipping another coupon or discovering another promotion. Sometimes it’s simply about becoming better organized with the money and savings already available to you.
Keep your gift cards organized. Track the balances. Remember to use them. And whenever possible, combine them with other legitimate savings opportunities.
Whether it’s $5, $25 or $100 sitting on a forgotten card, that’s still your purchasing power.
Remember: proper gift card management can equal additional savings — so don’t let forgotten money go unused!
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