Sign In
Sign In
Decluttering has never been more in.
As Marie Kondo-mania sweeps the planet, more and more people are looking to organize their lives and cleanse their closets of rarely worn clothing and seldom used objects. That fresh start, though, can also help you pay off bills that might have piled up during the holidays or when you went a bit overboard planning a summer vacation.
Earning potential varies, of course, on what you get rid of, its condition and its age. (That smartphone from 2009, for instance, is probably best suited for a recycling center.) But there's also the question of where to get rid of items once you've finished decluttering.
A yard sale might be the most common method, but you can often make considerably more with just a little effort. The best place to do that depends on what you're trying to unload. Here are a few ideas to get you started.
Clothing - Charitable donations and garage sales will help you get rid of clothes faster, but if you've got good quality, name brand items, consider either the local consignment shop or some online options. Sites like Poshmark and Vinted let you list items at prices you choose. Once you find a buyer, the sites provide prepaid shipping labels to send it on its way. Often, the host site doesn't charge sellers a fee. Other sites, like ThredUp, offer the choice between acting as an online consignment shop or offering a more immediate, though lower, payout for your unwanted clothes.
Electronics - There are plenty of online options for getting rid of electronics you no longer use, though if it's a large item (such as a flat screen TV), you might consider using a service like Facebook Marketplace to avoid hefty shipping fees.
If it's something smaller, such as a semi-recent phone, tablet or laptop, a site like SellShark, Decluttr or TradeMore are worth checking out. See who is offering the most for your device, then print out a free shipping label and drop it in the mail. Once your item has been inspected and confirmed to be in good condition, you'll receive your money. Just be sure to do a factory reset on your device, wiping all data and photos, to protect your privacy before sending it off.
Furniture - Like TVs, furniture tends to be big and bulky, meaning you'll want to look for a local buyer. Facebook Marketplace is again a good option, as is a local consignment store. Craigslist is also effective in finding local buyers. In any situation where you'll be meeting with a stranger, though, have someone with you as a protective measure. And don't fall for the most common scams.
Collectibles, Movies, Video Games and CDs - The market for things like DVDs, CDs and games, isn’t that great anymore since people prefer digital options more and more. That said, trade-in services like those on Amazon often offer a few dollars for popular titles (and a fair amount for newer ones). And LetGo is another good place to try.
In some instances, the movie or video game could be rare and worth more than a few dollars. (Some old video games, for instance, are worth anywhere from $300 to $100,000.) Other collectibles, such as baseball cards or figurines, have dedicated fans. In either case, a site like eBay is often the place to go, as it has the widest audience of people looking for obscure collectibles.
Legal Disclaimer: This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
