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Finding Cash In Your Closet

Have you ever put on a jacket that was stored away and found money in your pocket? It’s like hitting the lottery, isn’t it? Those unexpected surprises can make your day. What if your closet had unexpected cash in it, too?

Truth be told, the average woman has clothing, shoes, handbags and jewelry taking up valuable space in her closet that just won’t be used. In fact, if those items were to magically disappear they wouldn’t even be missed.

So why not take those items and turn them into cash? There are several ways to sell your clothing, so let’s look at your options:

Consignment Shops

This is a great way to sell your clothing and earn a portion of the profits. These shops house your items in their businesses and get them in front of a large group of people. They collect a portion of the sales and you collect the rest.

This is a great option if you’re limited on time. You are essentially dropping off your items and they do the rest. In the end, you collect a check for what was sold.

Second hand stores are becoming quite popular because they’re a great resource to save money and some people will only purchase consigned items because they see it as a way to take care of our planet. It’s the ultimate in recycling.

Expect your items to be looked over carefully. There may be items they won’t accept. Even if you have the most beautiful shoes to offer, they may have an overflow of shoes and simply don’t have room for them. So don’t take it personally if they don’t accept something.

Online Sales

You don’t have to look far to find avenues in selling your clothing online. eBay has long been known as the way to get your wares out to the world. But did you know there are other options as well? Look at Poshmark or Mercari for starters, because they specialize in selling apparel. From designer purses, to jeans, to children’s clothing, you can sell it all on these sites.

Keep in mind with this option you will need to set up an account, take photos, get your items up for sale, and then package and mail them when they’ve sold. You will keep a large portion of the sale price and the buyer pays all shipping costs, but it is something you will need to stay on top of in order to find success. Many choose this option to cash in their closet treasures and enjoy the process.

Yard Sales

This option works great if you’re looking to get things done in a day or two. You put out a few tables, price your items and wait for purchasers to arrive. This approach will save you time, but be aware you typically won’t get the money you could get at consignments shops or online sales.

The good news, though, is it probably wouldn’t take long to find household items, books and toys to put out as well. This is important because those that go to yard sales will spend more time with you when they see a variety of things. The win for you is that you’ve not only cleaned out your closet, but you’ve also created more space in your home with the other items you’ve sold.

Donation

If you were looking for the easiest way to remove your unwanted items, donating them would be your answer. It’s a fast transition from your home, to your vehicle, to the donation center. It’s that simple. Your donation will not only be a great tax deduction, but will also mean a great deal to the recipient of those items.

When donating be sure to only give items without holes or stains, and keep track of what you’re giving. A list of your donations will be important for tax time. The donation center will typically give a slip proving you’ve donated, but having a list of what you’ve given will allow you to write off the fair market value. The tax benefits can make a substantial difference in your savings.

When looking for donation center, consider The Salvation Army, Good Will, veteran or church organizations.

Although closet clean outs can feel daunting, the end results are worth the effort. Would you like to organize your closet even more? Victory Closets can show you personalized options for your specific space that could include more hanging, shelving and drawers. Reach out and let us show you how our closet systems can help you stay organized once and for all.

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