(HELENA BOLOGNA/The Daily Campus)

Gift cards are a phenomena. Although usually considered in poor taste to give gift cards to close family and friends, they are still a popular choice for holidays, employee appreciation and birthdays. Furthermore, they are a clever gift for cash-strapped college students.

Gift cards are big business, at around $91 billion in annual sales according to the TowerGroup.

The paradox with gift cards is that many are left forgotten. Their value doesn’t show up on your online checking account and they are forced out of your wallet by numerous IDs and credit cards. At the end of the day, there just are not enough slots in the bi-fold.

A quick fix for gift card multiplicity is to have duplicates consolidated on to one card. The amount can quickly add up, so guard this card like another credit card.

Take inventory of your gift cards. After all, it’s free money. Gift cards are a sunk cost. Never use cash or a bankcard when you have a prepaid option. I use the term prepaid broadly, Pony or Flex purchased with a meal plan would be prepaid.

There are now 11 new locations that accept Pony. Chipotle, Rusty Taco, Pinkberry, and 7-Eleven among others will now all allow you to pay with a swipe of your student ID. Prepaid cards are great for peace of mind. There is less guilt in purchases or a need to rationalize because the money is there to be spent. It’s almost like Monopoly money.

Spend it or lose it. And many people lose it. In a report by the TowerGroup, around $2.5 billion remained unused on gift card for 2010.

What happens to this money? Texas state law deems it unclaimed property after the gift card’s noted expiration date. The businesses send this unearned revenue down to the comptroller in Austin. It’s quite a shame. The money intended for a nice vanilla latte or a cozy sweater is used for things like highway concrete. Don’t deprive yourself. Gather up your stash of gift cards and check twice before paying debit or credit.