Week 39 ~
A gift card also known as gift certificate in North America, or gift voucher or gift token in the UK is a prepaid stored-value money card, usually issued by a retailer or bank, to be used as an alternative to cash for purchases within a particular store or related businesses.
A gift card is a prepaid debit card that is loaded with a specific amount of money, which can then be used to make purchases and other financial transactions. They hold their value during uncertain times.
When budgets are cut, and money is at an all-time low, gift cards can save the day. Plus, they are much less vulnerable to loss, theft, or fraud than cash. Gift Cards also give the freedom to choose whatever you want from a retail or online store. They are also safe as they can be frozen in case of loss or theft, without losing the money on the card. It only contains a specific amount of money that you load onto the card and once that sum is spent down, the card can no longer be used.
The Credit Card Accountability Responsibility and Disclosure (Credit CARD) Act provides several protections for consumers who purchase certain types of gift cards, including store and restaurant (also known as merchant) gift cards. These cards can only be redeemed at the stores and restaurants that sell them. Bank gift cards, which carry the logo of a payment card network (e.g., Visa, MasterCard), are also subject to the Credit CARD Act protections and can be used wherever the brand is accepted.
Buy gift cards now so you can use them later. Under the law, a gift card cannot expire until at least five years from the date it was activated. The law also places general limitations on fees. For instance, the card issuer cannot charge a dormancy or inactivity fee on a gift card unless there has been no activity for one year and the card clearly states its policy toward that fee. In addition, some states have separate laws that provide added protection in certain circumstances.
Here is your challenge.
These are suggested items for you to purchase. Review your inventory and add any items you to your shopping list.
Food Storage Purchase
Water ~ 1 gallon per day per person
Take inventory to find what you need
Purchase more medication for winter season.
Request additional prescriptions from your doctor.
Purchase winter season linen.
Buy a gift card for every person in the family or group for last minute items for each person in an emergency. This will come in handy when that person don't have cash.
Skills & Drills
Research which gift cards are best for you at WalletHub.
Save $39 as your budget allows. Save something. Here is a 52 Week Money Challenge Printable Spreadsheet
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