Keep a running inventory on the door of the closet where you keep gifts purchased throughout the year. If the item is stored elsewhere, note where you have stored it. Beats the "I remember buying it, where did I put it?" syndrome at gift-giving time.
I usually use one of my very large rubbermaid storage tubs and as I buy gifts I put them in there and then if I need a gift but don't have time or money to go shopping, I check the tub to see if there is anything that can be used.
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