Americans Have Billions of Dollars They're Not Spending -- and It Isn't Sitting in Their Bank Accounts

Many people keep their money in their bank accounts. You likely have a checking account for your everyday money needs, and a savings account, where you stash your extra savings. But you may have another form of currency that you're forgetting about and not putting to use.

I'm talking about gift cards. When was the last time you checked to see if you have any unused gift cards? A recent study found that Americans collectively have $23 billion of unused gift cards. If you have gift cards taking up space in your wallet, now is an excellent time to put them to use.

It's easy to forget about gift cards

You've likely received at least one gift card in the last year. But did you remember to use it? Many people quickly forget about the gift cards that they've received. According to a Bankrate study, 47% of U.S. adults have at least one unused gift card, gift voucher, or store credit.

The value of unused gift cards nationwide is $23 billion. The average value is $187 per person. That's a lot of money! It turns out that high earners are more likely to have gift cards they have yet to use. But those earning $100,000 or more per year and those earning less than $50,000 per year tend to have the highest average value in unused gift cards.

The same study found that about two in five people have been trying to use gift cards more frequently over the past year due to economic concerns. As living costs continue to rise, it's no surprise that people are looking for ways to make their everyday bills and purchases less costly. Gift cards are one tool that can save you money when making purchases -- another tool is coupon apps.

When you forget about gift cards, you waste money. If you forget to use your gift cards for a long time, they may even lose their value. You could use a gift card instead of swiping your credit card for a purchase. Doing this can help you keep more money in your checking account.

Don't let gift cards go to waste

Based on the findings of the study, you're not alone if you have a collection of unused gift cards sitting around. But let this article remind you to check your wallet, car, and home for gift cards. If you have a gift card that needs to be used, check the remaining balance and verify whether it has an expiration date. Then, make a plan to spend the money on the card.

Here's what you need to know about expiration dates and fees: Federal regulations require a gift card to be valid for at least five years from the date of purchase or from the last date additional money was loaded onto the card. What's more, inactivity fees can only be charged if a card hasn't been used for at least one year, and such fees can only be charged once per month.

Your best bet is to use your gift cards as soon as possible so the money doesn't go to waste. If you struggle to remember to use them, consider picking one organized place to stash them. You may be able to purchase household essentials, new clothes, or dinner for your family by using some of the gift cards in your collection.

Yes -- life is expensive, but there are always options to save money. Gift cards are one tool that can help you save money on everyday expenses. Check out our personal finance resources for additional ways to keep more money in your pocket.