AH, THE HOLIDAYS ... the family, the food, and, of course, the gifts. With any luck, you’ve survived the festivities — particularly the little-discussed dark side of the gifting ritual: the dreaded possibility that all the gifts you received sucked. We can only pray that there will be receipts in those packages, serving as beacons of hope in a selfish, materialistic world. These receipts are your key to the lesser-known holiday: Return Day.

There’s a fine art to the exchange. First, return everything you definitely don’t want, so you’re left with either cash refunds or merchandise credits. When you’ve received a credit, be sure to stroll about and see if anything piques your interest. Be creative and practical. And just in case you need a little help, here are a few common bad gifts that can be easily transformed into perfect presents.

The V-neck sweater. This is a potentially good gift that often goes horribly wrong. It’s probably about three sizes too big, acrylic, and in a striped color combo that could be pulled off only by the hosts of a PBS show targeted to toddlers. Fortunately, any store that sold it probably also sells good old-fashioned Levi’s. A classic pair of 501s ($42) in original rinse, available at Levi’s Original Store, never goes out of style.

Drugstore aftershave/perfume gift box. This is the universe’s way of balancing out gift karma for all the times you bought your mom or dad one back in the day. Trade it in for a big bottle of Kiehl’s Coriander Bath and Shower Liquid Body Cleanser ($12 for eight ounces). Its utilitarian packaging and rich, clean scent will force everyone who goes into your bathroom to acknowledge your casual sense of hygienic style. All the chic and none of the pretense.

The ugly scarf/hat combo. The last thing you need is another scarf. And many givers’ choice of white as a color that goes with anything is tragically off base. Unless you’re into the whole World War I fighter-pilot look, this baby is looking at a one-way trip back from whence it came. Now walk your trendy little self over to Allston Beat and scarf up a Kangol hat ($18–$55). LL Cool J has been rocking one of these hip lids for more than a decade. It’s time you caught up.

The horribly scented candle. After your five-minute sneezing fit in the store, the cashier has granted you the much-sought-after cash refund. Simply add in your aunt’s $20 cash gift and run over to Diptyque to get yourself a real candle, like the fig-tree-scented Figuier ($39).

The dreaded bottle of white zinfandel. Do not, I repeat, do not re-gift this one unless you have a mother-in-law who lives in Swampscott. The stigma attached to giving white zin is something you want no part of. You could completely disguise this gift fiasco by making sangria and having a little fiesta. Or, if you’re on a first-name basis with your neighborhood packy owner, explain your plight to him. He’ll probably let you trade it in for a good, cheap bottle of red or a four-pack of Guinness ($6). Head home, crack one open, and take in your fine loot. You should be proud of yourself. You scored pretty well this year.

Where to find it:

• Allston Beat, 348 Newbury Street, (617) 421-9555.

• Diptyque, 123 Newbury Street, (617) 351-2430.

• Kiehl’s, 112 Newbury Street, (617) 247-1777, www.kiehls.com.

• Levi’s Original Store, Prudential Center, 800 Boylston Street, (617) 375-9010.