Average monthly Social Security benefit by age (12 31 24)

Author

Anthony Hazzard
December 31, 2024

Clark dislikes gift cards as presents. Later in this email, you'll learn the shocking amount of revenue one restaurant chain earned from unclaimed gift cards in 2022. 

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🎁 PSA: Spend Your Gift Cards ASAP

Clark dislikes gift cards as presents because they turn real money into “fake money” that can only be used with a specific establishment.

At the risk of coming across as impersonal, Clark believes cash to be superior as a present.

However, gift cards are like weeds in your garden that you can never really eradicate. They’re part of Christmas and holiday culture.

Seeing as they exist, it’s important to avoid financial waste. Otherwise, you contribute to corporations like Starbucks, which claimed $212 million in revenue from unclaimed gift cards in 2022.

Normally proud of every penny he saves, Clark says, in this case, it’s better to spend, spend, spend.

More than 70% of all gift cards get redeemed within six months. But in the ensuing six months, only an additional 5% get used. After a year, scooping up an old gift card and pulling it out when it’s time to pay is rarer than a $2 bill.

Retailers, of course, love when you don’t use your gift card funds.

If you’re not going to use it, you can sell it. There’s an entire ecosystem devoted to reversing the process from what Clark calls “fake money” back to real cash. But don’t expect to get the full value back.

Over time, companies go bankrupt and prices rise due to incessant inflation. So even if you use your gift card, the purchasing power may decline over time – or, in rare cases, disappear altogether.

Better to help yourself recover from holiday spending by using those gift card funds now.

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Did you know that using debit cards can be financially dangerous? Clark explains why you should really think about following this rule. Also, there’s a market share war with credit card companies. Competition is hot. So how do you choose? Clark has updated his cards and offers a new tool to help you choose the best credit cards for your wallet.

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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