Sell Your Unused Items to Pay Off Debt

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Black Rotary Phone On Top Of Books on Wooden Table

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:

  • Textbooks
  • 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.
  • Watches
  • Jewelry
  • Tools
  • 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.

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8 responses to “Sell Your Unused Items to Pay Off Debt”

  1. Mo' Money Mo' Houses says:

    Not that I’m in debt, but in my mind I’m making a list of everything I’ll need for my wedding. Then I’ll be putting a note next to it with a price of how much I think I can sell it for afterwards. It’s a great way to declutter and make some extra cash!

  2. Daisy @ Add Vodka says:

    I really need to get on this. I have a lot of things in my closet that would be good to sell to pay off debt. It would go a long way toward my car loan.

    • WellKeptWallet says:

      Daisy, I know what you mean! We are still finding stuff that we can sell. I wish you the best and let me know if I can help in any way.

  3. Kira says:

    I definitely just applied the 1 year rule to my wardrobe and nearly cut out a third of my stuff! It’s also great in terms of just having more space and not being overcrowded. Although I too don’t have any debt, selling some clothes to a used clothing store like Buffalo Exchange is a great way of getting some extra cash!

  4. linda says:

    What are the best online sites to sell used stuff? I think we could sell vinyls, books, and DVD’s mostly.

    • Deacon says:

      Hi, Linda. I would say that is the best place to sell books and DVDs. However, If you have vinyl records you would probably be better off listing those on Ebay. For any big items, like furniture, I use Craigslist as things seem to sell quickly there. I hope that helps.

  5. Lynette says:

    I’ve paid off the 1st mortgage, and between a 2nd mortgage and 2 credit cards, I still have about $50K to go. I’ve cancelled cable, and my idea of eating out usually has to do with the dollar menu at McD’s. I bought an Ooma so my landline is $3/month, and I use Straighttalk for my cell which is the cheapest I could find. Hopefully I won’t be forced into retirement too soon at the end of this school year, and can retire in 2015. My neighborhood is changing, so when I retire, I’d like to sell my house and buy a condo where they shovel the snow and mow the lawn. If you know a teacher in Ohio, you probably know they have cut the retirement we have been planning on for the majority of our careers. I was originally planning on working longer so I could get more in my retirement, but a lot of things are changing after 2015, so that may not be possible. Bottom line: When I retire, I’ll be taking a $30K pay cut, and because I’ll only be 62 I won’t be eligible for Medicare. Costs go up, income goes down. I have WAY too much stuff, mostly clothes and things packed away in the attic I haven’t seen since I moved here 28 yrs ago. I currently work about 100 hours/wk, so finding time to do this will be difficult. Is there any way to hire someone to do this without sucking up the profits? I still have to do half the work just sorting out what I want to give away. Also, I still spend way too much on my class just to keep my job, and I also spend too much on my grandchildren. Spending less on my grandchildren means they don’t come over on the weekends anymore, because feeding them is the biggest expense. Any suggestions?

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