When we read or hear about decluttering, it often translates into making a few hundred bucks or so by way of a garage sale in which our old “junk” is sold off to others. I’ve had more than my share of garage sales and have certainly reaped the monetary rewards from such activities. However, decluttering can be more than just about the money made by way of a garage sale. In fact, the decluttering process can mean much more when it comes to saving money and even making money.
Downsized living adds big-time savings
The most significant way in which downsizing has helped us save money is in our living situation. A few years ago, we sold our single-family home, realizing that it was more house than we needed and suffering under the financial strain of its related costs. We rid ourselves of much of our unnecessary possessions — from furniture and yard tools, to toys and kitchen utensils — and downsized to a much smaller, more affordable condo. In the process, we were able to purchase this new property outright, eliminating a $1,350 a month mortgage, cutting our property taxes by $2,000 a year, and reducing utility costs by about $1,200 a year.
The financial benefits of charitable donations
I find that it feels good donating to charitable causes. And often times, there isn’t just the intrinsic value that comes with such donations, but the financial rewards as well. By utilizing the charitable donation tax deduction when itemizing the deductions on our income taxes, we’ve managed to save ourselves hundreds of dollars in taxes over the years.
Online sales and area resale
There are online and area resale options these days for a wide variety of previously used items. Just look at the variety of sale items on eBay if you want a general idea of what people are selling online for money.
While I’ve yet to start selling a lot of stuff online, I have made money from selling back things like books, CDs, DVDs, videos, video games, and even furniture at places like Half Price Books and our local consignment shop.
So just bear in mind, the next time you’re staring into that cluttered closet or packed attic, there may be other money-saving or money-making options than just a garage sale for your decluttering efforts.
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The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute advice of any kind. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.