Dig out those forgotten gift cards and spend them because it's 'National Use Your Gift Card Day' 

You could be sitting on a little gold mine.

We're talking about those forgotten and unused gift cards that you not only may have received for Christmas, but last Christmas and the Christmas before, on your birthday, anniversary or just because.

In fact, it's estimated that 41% of us have about $244 in forgotten or unused gift card(s) or vouchers lurking in a wallet, digital wallet, the junk drawer at home, the glove compartment of your card or in the bottom of your purse or backpack.

That adds up to around $23 billion in unused gift cards across North America.

With such a cachet of untapped spending power out there, American public relations wiz Tracy Tilson trademarked 'National Use Your Gift Card Day' and started to promote it in 2020 on the third Saturday of January.

So, that makes today the 7th annual 'National Use Your Gift Card Day' and it gets bigger every year with more and more retailers and restaurants getting behind it.

The day also falls perfectly a few weeks after the Christmas and New Year's hubbub during a slow period for stores and restaurants and they want you to come in and spend your gift cards.

The day has also gained traction in Canada and British Columbia because retailers and restaurants actually want you to redeem those forgotten and unused gift cards.

So just imagine, today is the day you can get some new clothes or sporting equipment, get a mani-pedi or massage, get the car detailed, stock up on booze, go skiing or go out for breakfast, brunch, lunch or dinner.

Specific numbers aren't known for Canada, but in the US, about $100 billion a year is spent on gift cards.

After all, gift cards are often the most requested present because they offer flexibility, freedom and choice for the receiver.

It's easier to give your kids, spouse, mother, father, brother, sister, cousin, friend, neighbour or co-worker a gift card for any occasion that pops us so they can then go and get exactly what they want, when they want, how they want.

The vast majority -- 97% -- are used by the receiver fairly quickly.

But that still leaves 3% or $3 billion forgotten and unused annually, a number that builds and builds over the years to the aforementioned $23 billion in unused gift cards just floating out there waiting to be redeemed.

"My guiding mantra is this: Spend your gift cards intentionally...not eventually," said Salt Lake City-based Shelly Hunter, who is the director of communications at eGifter.

Hunter is also known as 'The Gift Card Girlfriend' for her fun dedication to have everyone buy, give, receive and spend gift cards.

She loves National Use Your Gift Card Day because it not only reminds people to spend their gift cards, but also be happy with the purchases.

"There's a misconception that businesses don't want you to use their gift cards--that they'd rather keep the money. And while that can be true for Visa and other bank-issued gift cards where the business makes money from 'breakage," that's not the best case scenario for stores and restaurants and other merchants," she said.

"In general, a store will gain more if a gift card holder comes into the store with a $50 gift card and leaves having spent more than the value. It's better for a restaurant if you bring a gift card, enjoy a good meal, order a little more because it's 'free' and come back because the business won your loyalty. That's why 'spend your gift cards' is good for the businesses."

Also, use your gift card before any expiry date.

Plus, it also honours the person that gave you the gift card.

They want you to treat yourself to a night out, that jacket you really want or need or that day at the spa you might not otherwise indulge in.

As such, consider sending the giver a photo of yourself with the spoils and say thank you.