When you are trying to get out of debt selling items around the house can help out tremendously. There could be multiple items sitting in closets, cabinets or storage rooms that could be sold to help expedite paying off your debt. Here are some guidelines that I used when selling items to become debt-free.
The 1 Year Rule
If you have not used the item in the past year, it makes sense that you could get rid of it and it wouldn’t be much of a loss. I do realize that there are items out there that you only use once a year, like Christmas lights, suits, etc. The goal is to find items that you don’t need anymore and that if you need to, you could repurchase to once you are debt-free.
Determine How Much it Will bring
There may be many items that won’t bring much money at all. Use Amazon, Ebay and Craigslist as a way to determine how much the items are selling for. If it is too little of a price to justify selling just one, consider the following:
Donate the items to Goodwill
This is a great route if you do not think you will get much money from selling your items, or if you think it would be too much of a hassle to go through the selling process. In addition, you will get a tax receipt that will allow you to deduct the items you donate which will reduce your tax liability.
Bundle your items and see if you can get more
For instance, if one DVD will only bring $2, perhaps 20 DVDs will bring $40. Instead of shipping out 20 separate times you only have to ship once and it will make the process feel like less of a burden.
High Dollar Items That You Forgot You Had
Here is a list of items that could bring top dollar that you probably forgot you had:
- Old iPod
- Previous cell phone
- Video game system like Nintendo 64, Xbox, PlayStation, etc.
- Workout equipment
- Name brand or designer clothing
- DVD Collections – TV Series, Trilogies, etc.
- Leftover tiles (maybe you remodeled your kitchen and you have boxes sitting in a closet somewhere)
- Extra wood flooring
- Unopened gifts (We had a blender still brand new in the box that was sitting in a cabinet!)
Make Sure Your Spouse is OK With Selling It
Whatever you determine to sell, make sure to communicate with your spouse and that they are OK with selling it. It is important that you are not selling a family heirloom or something that is sentimental to your spouse. You want to have them on the same page, so talk with them as you go through these items to avoid causing unnecessary conflict.
More Ideas About Debt
If you are at the point where you are willing to do whatever it takes to be debt-free, read Get Out of Debt Fast!
Are you a college student? Check out How to Graduate College Without Any Debt.
Are you motivated by REAL stories of getting out of debt? Look no further, here we show you how we Paid Off $52,000 of Debt in 18 Months.
Looking to buy a house? You should first read How to Buy a House WITHOUT a Mortgage.
Refinance Your Student Loans or Credit Card Debt
With the average credit card interest rate around 15%, this could save you a ton of money over the long haul. SoFi will refinance your credit card debt to as low as 5.99% so that you can pay your debt off even faster. Use this link to get $100 cash back if you get approved. They also refinance student loans to as low as 2.355% APR.