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Spring Cleaning Tips: Finding Items for Sale to Earn Money

This article was written by in Frugality. 8 comments.


This is a guest article by Jennifer Calonia, Junior Editor at GoBankingRates. In the article, the author offers suggestions for making spring cleaning work for you.

We are officially one week into spring, and many are shedding winter stagnation for more productive ways to save money — and earn money — using items around the home. Spring cleaning gives Americans an opportunity to revive their finances by playing salesman with forgotten and unwanted stuff.

Did you stumble upon a crock-pot from a Black Friday sale that you’ve yet to use? Turn impulse buys into cash in your pocket, instead of letting appliances and other belongings go obsolete or outdated. Finding items for sale in the garage or attic now can help you make as much back on your purchase as possible.

There are many ways to sell spring cleaning finds that are straightforward and take little time. Some of the most important decisions to make when selling your stuff is knowing what to sell, how to sell it and for how much — establishing these three critical factors can determine how much money ends up back in your bank account.

Have items for sale? Here’s what to do

Your selling approach can impact how much you earn on a specific product, so following the right game plan is crucial:

  1. Selecting items to sell. When deciding on which items to sell, it is helpful to create three different piles for donations, yard sales and online sales. Just because you found an abandoned tea bag plate in the cupboard doesn’t mean it’s worth the time to post it on eBay and absorb packaging fees for a $5 sale. Items like a partially used spiral notebook, crayons and well-worn clothing are better served in the donations or yard sale bins, while big-ticket items like an iPhone, leather jacket, new running shoes or a coffee maker will bring higher sales online.

  2. Choosing your audience. There are many ways of communicating to buyers that you have items for sale. Each of the most popular resale options have their pros and cons, so determine which is a practical selling approach for you, depending on what you’re selling and your resources.

    • Yard sales: Like other selling avenues, yard sales are typically hit-or-miss. A benefit of hosting a yard sale is that you’re able to negotiate prices with buyers in-person and can showcase your merchandise in one location, on one day, to get the sale done at once (ideally). The big disadvantage to yard sales is that it eats up a lot of your time. Not only do you have to stand guard on your lawn for potential shoppers, but advertising your sale is a time-consuming, yet necessary, factor for success. This includes posting your yard sale to the classifieds or Craigslist, making street signs and creating price tags or signage for your items.
    • Craigslist: This community listing is a great place to sel big items like a snowboard or toaster oven, when you don’t want to spend money on shipping. To save the most money and keep the profits of the sale in your wallet, try dealing with buyers in your immediate location so you don’t lose money on gas. While Craigslist is a free service, sellers must be prepared for possible haggling (unless the post clearly states the price is “firm”) and be able to meet the buyer face-to-face in a public location.
    • eBay: For over a decade, eBay has been a common selling platform for those with either valuable items for sale, or are selling new items like unwanted gifts. For example, I purchased two new brake pads at $85 each, but sold my car before I got a chance to install them. eBay was a better audience for this type of sale because there’s a higher chance I could get close to my original purchase price, and shipping costs were not budget-blowing. When dealing on eBay, however, there are a few basics to keep in mind for a successful transaction and sale.

Name your price

Before setting up a yard sale or creating a post online of items for sale, conduct a quick search online to see how much similar items are being priced. Remember, there is a difference between being flexible and being hustled. By knowing the price range of each item you’re selling and the lowest amount you’re willing to accept to part with your goods, you are setting yourself up for a fair deal.

Keep in mind yard sales and Craigslist deals will likely present the most back-and-forth price negotiations, as eBay allows sellers to set a reserve price if necessary, which is why you need to have a lowest price-point established ahead of time.

All it takes is a free Saturday to get your spring cleaning underway. Start fresh this spring with a tidy home and a robust savings account by parting with the clutter in your life.

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Offering Your Services for Free

This article was written by in Career and Work. 18 comments.

For anyone interested in starting a business, particularly in creative arts, is building up a reputation in the field. I mentioned that my goals for this year include doing two photography shoots each month. Over the past few years, my interest in photography has grown from a hobby to a serious interest to a potential income-generating endeavor, and over the last few years I’ve taken a number of classes to learn from professional artists.

I haven’t had much time to dedicate to photography due to my other responsibilities, but if there comes a time when I have more free time, I will most likely be pursuing professional photography with greater force.

There was a time when there was a delineation between amateur and professional photographers; from a technical standpoint, amateurs used inexpensive 35mm rangefinder cameras and occasionally SLRs, while professionals used high-level SLRs, medium format cameras, and large format cameras (although some did use rangefinders, particularly artists who focused on street photography). Professionals had training from other professionals, while amateurs concentrated on family snapshots.

The advancement of technology introduced more sophisticated cameras and lenses for amateurs, and a new category of photographer emerged: the “prosumer.” The prosumer exists somewhere between professional and general consumer. The quality of image, from a technical standpoint and not necessarily artistic, has given these consumers the confidence that their images are as good as professional work. Also, except to the most discerning clients, it has resulted in the impression that all it takes is a good camera for anyone to become a professional photographer.

With many amateurs acquiring quality equipment and deciding to start business, many are looking to build their portfolios and get practice shooting for clients. A business looking for event photography or a family looking for portraits need only to ask around within their network of connections, and most likely, he or she will find a budding photographer willing to accept the task for free.

As a result, clients expect they can find professional photographers willing to work for free at any time, which devalues the entire photography industry. Some pointed this Craigslist ad to me, a reaction from a photographer who may have been starting out but who’s frustrated that he or she is expected to work for free to build the portfolio.

This doesn’t apply to just photography, but it’s a great example because technology has put high-quality equipment in reach to more people. Should new business owners offering creative services be willing to work for free? Does offering service for free devalue their businesses? If they do offer services for free, how do they transition to earning revenue?

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Why I Still Drive My Old Honda Civic

This article was written by in Best Of, Consumer, Frugality. 38 comments.

After noticing, month after month, that I include the value of my 2004 Honda Civic in my monthly net worth updates, a reader wrote in to Consumerism Commentary to ask why I haven’t given into my desires and purchased something newer or more exciting. I’ve had a bit of a storied past with cars, but in my current, more responsible era of my life I’ve been sailing through without any car problems, and saving money in the process.

I had been driving a Honda Civic I purchased used, but after receiving the car back from a relative, it never operated the same. In 2004, I accepted a teaching position and I needed a reliable car to drive to the school every day. The old Civic, at 160,000 miles, just wasn’t as reliable as I needed it to be. Since my necessity to avoid breaking down was my new first priority, I decided to sell the old Civic and buy a new one. As the 2005 models were arriving, I purchased a brand new Civic.

Typical financial advice at the time was to always buy a used car. With Civics, which were said to operate great beyond 200,000 miles if cared for well, there was just a small price difference between a slightly used car and a brand new car was. For the extra one or two years of worry-free driving at the beginning of ownership, the extra money seemed to be worthwhile to me. I bought a 2004 Honda Civic around the time the 2005 models were arriving, so I was already getting a slight discount on the new car. I took out a loan (outside the financial industry) at an interest rate of 2% to finance the purchase.

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Car Dealers Pass Loan Acquisition Fees to Buyers Without Disclosure

This article was written by in Consumer. 10 comments.

If you have less-than-stellar credit, you’re at a significant disadvantage when you go to a dealer to purchase a car and seek financing through the dealer. Banks or intermediary loan brokers charge dealers a fee to extend credit to a risky customer. Rather than denying someone credit, the company that finances the loan charges risky applicants a higher interest rate. This higher rate is supposed to compensate the lender for the level of risk they take on by offering credit to an individual they believe to be at-risk for default.

The higher interest rate isn’t enough; the loan brokers or banks can charge the dealership an additional fee for approving a risky customer for credit. By agreement, the dealers are not supposed to pass this fee to the customer. No dealership owner in his or her would be willing to take on this added expense without recovering the cost of doing business through higher prices, so that’s what they do. This acquisition fee is often rolled into the price of the car without being itemized; customers are unaware that, due to their credit, they are paying more for the car itself in addition to their higher interest rate.

When it comes to buying a car, you can educate yourself as much as possible about the invoice price, dealer incentives, how long the car has been on the lot, and the local market, but the dealer will always have the upper hand. Even when you think you’ve have a killer offer, the dealership wouldn’t let the car go unless they’re happy with the terms. The economy over the past few years brought difficult times for many dealerships. You may have been able to get fire-sale deals for some time — if you had the means to buy during the time that credit was difficult to come by. Today, however, the market for new cars has returned.

Here is what you can do to avoid some of the hidden dealership tactics:

  • Don’t buy a new car. You can spend less money by letting the first owner deal with the worst part of depreciation. Just don’t be penny wise, pound foolish; don’t spend less for a used car that you’ll just need to pay more to service or replace.
  • Avoid the dealership. Craigslist is a great venue for finding used cars. The summer is a great time to look, too, as people go off to school where they no longer need a car or as fresh graduates leave their car behind in favor of mass transit options in the city where they’ll be initiating their career.
  • Have stellar credit. If you need financing, take steps to improve your credit score now. Having a good credit score saves you from acquisition fees and higher interest rates.
  • Buy with cash. Don’t rely on banks to finance your purchase. Again, you can avoid acquisition fees here, but you also avoid interest rates altogether. If you don’t have the cash now but need transportation, buy a cheaper used car with cash and start your own “car payment” saving — $300 every month, for example — and when you’ve saved the value of the car you’d like to buy, pay with your savings.
  • Settle for a less expensive car. If money is tight, you don’t need a “luxury” vehicle.

What have been your recent experiences with car dealerships?

Photo: dok1
KHOU

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Lending Money to Friends and Family

by Flexo

I try to keep the issue of money out of my personal relationships. Many people I know outside of those I know only online — my friends and family — read Consumerism Commentary. For the most part, they’re not interested because, I assume, they’d rather keep the issue of money out of our friendships — ... Continue reading this article…

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Why You Should Care About Your Wallet and Your Waistline

by Philip Taylor
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This is a guest article by Philip Taylor, the owner of the blog PT Money. Philip created PT Money to share his own experiences with successfully managing his money. It’s no secret that our money and our health are connected. More people want to excel with these two things for their lives more than any ... Continue reading this article…

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Podcast 81: Sell Your Crap, Adam Baker

by Flexo

Today on the Consumerism Commentary Podcast, Tom Dziubek talks to Adam Baker, founder of the Man Vs. Debt website and author of the Sell Your Crap series of guides. Adam and Tom talk about many topics tackled in the guides, such as admitting that you have crap in your house, finding the true value of ... Continue reading this article…

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All The Ladies Are Interested Now

by Financial Samurai

This is a guest article by Sam, the author of the blog Financial Samurai and the founder of the Yakezie Challenge and Network. He writes a column for Consumerism Commentary every other Tuesday. What a difference a couple weeks makes! Craig has gone from depressed online dater to someone with a ton of self esteem. ... Continue reading this article…

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