A love for shopping can result in in a closet full of unused clothing, bags, shoes, accessories, just name it.
Face it, half the time people don’t remember when or why they bought those leopard-print tights and they certainly have no plans to actually wear them.
Or that pair of wedges that look like they came straight from the 1980s and were bought because they were on sale.
But all is not lost, there could be value in those overfull closets – unnecessary items can be sold off and the earnings used more wisely.
Closet raid
There are many good reasons to clear the closet of unused stuff. Need it? No? Want it? No? Then decide whether to give the things away or earn some money off them. Easy, done.
It does not matter if one’s closet is as big as someone else’s house or as small as another person’s shoe room. As long as unneeded items are being stored, it is a waste of space.
There are many options online to turn unwanted items and things that are no longer used into cash to buy something that is actually useful. They can be auctioned off or sold directly to people via social media.
Selling unused items and clothing online
The biggest online shopping option is eBay, but there are local sites that are just as efficient.
Social media is also an excellent platform. eBay would be a good choice because the option is there to auction things off. This works especially for rare and hard-to-find items and collectables.
Here are a few tips to sell things online:
Post nice pictures because they can make or break a sale. Get help with the photography if necessary.
Share every detail – the good and the bad. Include the size, how old it is, where it was bought, whether there are defects and what was the last price. Be sure to mention the minimum bid and contact information. Remember, honesty is the best policy. Buyers love honest people.
If there are defects, invest in having them fixed so the price does not have to be reduced.
Consider auctioning items. Set the starting price and wait for bidders, especially for rare items or old luxury items.
Respect buyers and make sure they respect one too. If there are plans to meet up, make sure the meeting place is secure. Meet in public, preferably a spot that has security guards on duty. If the item is to be shipped, do it promptly.
Selling things on eBay may take time, but it is better to do something about unused items rather than let them collect dust and lose value over time.
What to do with the cash
So, when the money finally rolls in one can start planning where to invest it. Spend it this weekend? Buy more unnecessary clothes? Put it in the bank? Invest it?
The financially savvy woman would not replace unused items with more stuff that won’t be used.
Do not buy something just because it is on sale. Buy something – whether cheap or expensive – because it has practical value and it can provide a monetary return when it is no longer needed.
If you are using the money for shoes, buy a pair that will last for years rather than months and make sure they can be sold at a good price when it’s time to let them go.
Even more sensibly, use the money to buy books or attend seminars that teach one how to earn more money.
Investing does not have to involve complicated charts and numbers. It can simply mean putting money into something that gives back more money, and knowledge is one of those things.
This article first appeared in The New Savvy
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