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If you have been watching the news, or if you just come in contact with another living person, you know the holidays are going to be rough this year.  Many companies have gone bankrupt and/or closed over the past few months.  These companies include, but are not limited to the following:

• Linens N Things
• Steve & Barry’s
• The Bombay Company
• Sharper Image

All of these companies were fairly large, especially Linens N Things.  I am not all that surprised that Sharper Image is bankrupt, they sold nothing but useless junk (in my opinion anyway).  With these stores going under, their gift cards are (most of the time) worthless.  When you purchase a gift card you are essentially loaning the company money, making you a very small lender.  When the company goes under, you being the smallest lender, are paid absolutely last.  The majority of the time, this means you get nothing, nada, squat.

This being said, you should think twice about which stores you want to purchase gift cards from this holiday season.  Gift cards have been one of the most popular gift ideas for many years now, but this may begin to change.  I know personally, no one on my list is getting a gift card ever again.  I have a perfect example of what could happen to you.  My step-sister was married in May 2008.  She and her husband were registered at Linens N Things.  The day before their wedding, Linens N Things announced their bankruptcy and it was printed all over the local paper that the company’s gift cards were no longer valid.  Now, I forgot to ask her if they received any gift cards and if they were able to use them.  I will look into that.  The point of the story is that I was terrified for them.  Santino and I were getting married three months later and I knew if that had happened to me, I would have been devastated.  They could have ended up with hundreds of dollars of worthless gift cards.  Luckily, we were registered at Bed Bath & Beyond, which leads me to my next point.

If you are planning to purchase gift cards this holiday season, please, please, please purchase them from debt-free companies.  A debt-free company is a billion* times more likely to make it though this economic down-turn (*please note that this is not an actual figure, just my opinion).  There are many wonderful debt-free companies out there.

• Ann Taylor
• Gymboree
• American Eagle Outfitters
• Bed Bath & Beyond
• Panera Bread
• Apple

These are just a few of the hundreds of debt-free.  I was very excited to find out that American Eagle Outfitters is a debt-free company.  I have been shopping there for many years, since I was in the 7th grade.  I actually worked at Panera Bread in high school and had no idea that it was a debt-free company.

There are a few companies that have not gone belly up quite yet, but I would keep an eye on them.  I am sure everyone knows about K-Mart and Sears, they have been on the down turn for years.  One company that I didn’t know about, but it doesn’t surprise me that they are going under is Circuit City.  I did recently purchase a new laptop from them and I am sad to say that they had less than acceptable customer service, the computer was a good deal though.

I hope this makes you rethink your Christmas list.  I would definitely recommend you thinking twice when picking up a gift card this year, I know I am.  How do you feel about gift cards?  Do you plan on giving them this holiday season?

(Photo Credit, Above: Ange Soleil, Below: xoxreanna)

• Turn all of your clothes hangers around backward.  This may be a little bit more of a pain in the behind, but do it.  Turn around every hanger, I mean all of them.  Once you do this, wear your clothes as usual.  When you do laundry, put the hanger back in forward, this way you know which items you have worn.  Don’t touch any of the backward hangers for an allotted amount of them, we usually say 6 months.  This will all depend on where you live and how often your seasons change.  Here in Florida we have Summer all year except for 2 months of Winter (yes, be jealous).  Believe it or not, I actually have an extensive (well at least for Florida) Winter clothing collection.  This consists of sweaters, coats, and color coordinating scarves, gloves, and hats.  After 6 months, go into your closet and take out all items with hangers still backward.  Assess them.  Why haven’t you worn them?  Are they out of season?  If they are just out of season, keep them.  If you just haven’t worn them, then you need to  sell them, donate them, or freecycle them.
• Have you spouse or significant other go through your closet.  Yes, I said it.  I go through Santino’s closet and pick out things he tries to keep and still wears when they should have been tossed months before.  These items include jeans with holes that show his underwear, stained shirts, socks with holes, and boxers where the elastic has worn out.  These are things he would still wear if I did nothing about them.  He is a young professional, he should dress like one, not like a homeless bum.  Here is a thought, give the worn out clothes to a homeless bum, he will truly appreciate them.
• Use the shopping rule.  When we go shopping, if we buy something, we have to give something up.  If we buy a new T-shirt for example, we go home and get rid of an old one.  Hats are another item that are hard for him.  He has a hat basket and hats can only be stored there.  If the basket gets too full, he has to clean it out.  Usually when he wants to buy a new hat, he has to sacrifice 2 old ones for 1 new one.

All of this may sound harsh, but it works.  It is the only way we can keep the closet from getting out of control.  How do you handle this issue at your house?  Who has more clothes, you or him?  I think in most households, it’s the woman who has the shopping problem, Santino and I are the exception.