Paying off Debt by Selling Unwanted Items

Holding on to items that you no longer use clutters up your home and your life. Most people don’t realize that what they consider to be junk might just be someone else’s treasure. You may have a goldmine collecting dust in your attic, basement or garage.

Online auction sites like eBay are great for making fast cash on a wide variety of items, including furniture, home goods, electronics, books and clothing items. Conduct a little research on completed eBay listings or other websites to determine the approximate value of your items so that you don’t set your starting price too low. When selecting shipping costs, keep in mind that heavy or bulky items are more expensive to ship.

Consignment shops are another easy way to make money while also clearing your home of items you no longer use or wear. The majority of consignment shops take mostly clothing, shoes and other fashion accessories, but some may take furniture, electronics and other home goods as well. Most consignment shops require clothing to be at minimum clean and free from wrinkles, stains or tears, and more upscale shops only take designer brands or clothes that are fashionably in-season.

If you’ve recently lost some weight and have like-new clothing that follows current trends, but doesn’t fit your new body, you can stand to make a significant amount of money through a consignment shop. There is no use hanging on to clothing that doesn’t fit your current body, because it has some type of nostalgic value or because you hope to fit into it someday. Break that sentimental bond to material objects and make room in your closets and other storage spaces, all while earning some extra money.

While it can be tempting to use profits from online auctions and consignment sales to purchase new items for your home or wardrobe, consider using this extra income to pay off any existing debt instead. The never-ending quest to accumulate more material objects is one of the reasons that so many people are in debt in the first place. Most of us can be happy with much less than we already own and are simply trying to fill a deeper emotional void when we overspend on material items.

Think of this as an emotional cleansing process and try to wait a few months before replacing any of the items that you sell with more clutter. Paying off debt instead and achieving financial freedom eliminates so much unnecessary emotional stress. Any items that you truly do desire will still be there after your debt is paid off and the anticipation will make it all the sweeter when you are finally able to purchase them.

Finally, if you have items that aren’t in tip top condition, but that you feel someone could still use, donating your old stuff is another way to clear up the clutter and help free you from the grips of materialism. Load up your karma bank in 2010 by donating gently used items to charities, such as the Salvation Army or your local church clothing drive.