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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 Turn impulse buys into cash in your pocket, instead of letting appliances and other belongings go obsolete or outdated.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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Three Big Financial Mistakes That Could Be Devastating

This article was written by in Debt Reduction, Real Estate and Home. 16 comments.

A few years ago, a friend of mine quit his job at a bank to focus on his own company. That can be a risky life change by itself, but in addition to his change in income, he and his wife were expanding their family. While I’m sure they would have been fine remaining in their apartment for a few additional years to ensure the new business could provide income, they wanted to purchase a house right away.

The mortgage broker they were talking to must have been very good. When they signed the paperwork for the adjustable rate mortgage, they were paying less per month (not including insurance and taxes) than the cost of rent in their old apartment. The premise could be valid. An adjustable rate mortgage allows you to qualify for a lower rate now while you’re earning less. Despite many studies that have recently declared that real income has been steady or has decreased for most workers over the past decade after taking inflation into account, most people have an impression that they can handle the increase in mortgage cost later because they’ll be earning more money.

For this particular friend, the decision to go with an adjustable rate mortgage paid off. His business found success early and he did not have a problem when the interest rate recently jumped. The situation could have easily gone the other way; in fact, it almost did. He managed to sign a major client at the right time, and it moved his business into profitability. Without the one client, his finances would have been in trouble.

Another friend of mine, when buying his second house, considered an interest-only mortgage. This is another good option to increase cash flow in the short term, but it means larger expenses later on. Unlike adjustable rate mortgages, if you’re paying only interest, you’re not building any equity in your home. In the beginning of mortgage repayment, building equity would be slow, anyway, but it’s helpful to start paying down the principal as soon as possible.

In the days of the runaway real estate market, homeowners could increase their equity just by watching the value of their home increase, but there are few locations where that strategy would work.

Along these same lines, homeowners would often take advantage of double-digit increases in value by refinancing their mortgage and walking away with cash. Enterprising individuals often find this cash helpful for making improvements to their home — and these improvements only pay off in terms of enjoyment of the living space, not future resale value — or investing in their own business.

Adjustable-rate mortgages, interest-only mortgages, and cash-out refinancing aren’t always mistakes. These could be the right options for many people, and several years down the road, one could look back and determine each one was, for any particular person, the best choice. These techniques often probe to be financially devastating if the housing market crashes, your income doesn’t increase as expected, or your business fails.

When plans don’t work out and the mortgage becomes too tough to handle, a family could find itself facing foreclosure.

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Citi Credit Card Reviews

This article was written by in Credit. 7 comments.

Citigroup is the third largest bank holding company in the United States, and Citibank is the consumer banking entity owned by this behemoth company. Sometimes, size is an advantage. Citibank’s size allows it to have a massive credit card division, branded as “Citi Cards.” The size helps the bank offer some of the best deals available among credit cards. Whether consumers are looking for a credit card with rewards, travel, balance transfer or overall credit card, Citi has options that should be able to fit most needs and many wants.

Keep in mind that rewards are only worthwhile for what I call “Type B” credit card users; those who pay bills in full and on time every month. If you use credit cards to buy things you can’t pay for right away, you will fall deeper in debt and you will pay for any credit card rewards through interest fees, late fees, and worse, high interest rates, particularly if you default. If you can’t pay the bill in full every month, skip this article now.

Citi offers a broad selection of credit cards. Here is a list of the better offers, and with each is a brief review including strengths and weaknesses. If you have a Citi-branded card that you believe should be added to this list, leave a comment below.

Citi consumer cards

Citi® Dividend Platinum Select® MasterCard® - $100 Cash BackCiti® Dividend Platinum Select® Visa® Card. The Citi Dividend Platinum Select Visa Card offers $100 cash back up front to consumers who spend $500 in the first three months of account opening. This card also offers 5% cash back on select purchases in each quarter that you enroll and 1% cash back on all other purchases. Citi includes a 0% introductory APR on purchases and balance transfers for 12 months, and the Citi® Dividend Platinum Select® Visa® Card has no annual fee.

Citi® Hilton HHonors™ Visa Signature® CardCiti® Hilton HHonors™ Visa Signature® Card. Frequent visitors of Hilton Hotels will love the Citi Hilton HHonors Visa Signature Card because it offers 40,000 bonus points after spending $1,000 in the first four months. Those points are good for a one-night stay at a category six Hilton hotel or three nights at a category two Hilton hotel. Cardholders earn six points for each dollar spent at participating Hilton properties, three points per dollar spent at supermarkets, drugstores and gas stations, and two points per dollar spent on all other purchases. There is no annual fee for the Citi® Hilton HHonors Visa Signature Card.

Citi Forward® CardCiti Forward® Card. The only card I know of that rewards responsible credit card behavior, the Citi Forward Card allows a maximum 2% APR reduction for consumers who make a purchase, stay within their credit limit and make on-time payments three billing periods in a row. Cardholders can earn 10,000 bonus points after making $650 in purchases and signing up for paperless statements within the first three months of card membership. In addition cardholders can earn 100 bonus points every month for paying on time and staying under the credit limit, subject to maximum limit. Cardholders earn five points per dollar spent at restaurants and on books, music, and movies. There is no annual fee on the Citi Forward Card. Finally, Citi extends users of this card a 0% introductory APR on purchases for seven months and on balance transfers for 12 months.

Citi ThankYou(SM) Preferred CardCiti ThankYou℠ Preferred Card. Citi offers 15,000 bonus points after spending $1,000 in the first three months – good enough for $150 in gift cards. During the first twelve months of ownership, cardholders earn five ThankYou points per dollar spent at the pump, drugstores and supermarkets, and one point on all other purchases. The Citi ThankYou Preferred Card has no annual fee.

Citi® Diamond Preferred® CardCiti® Diamond Preferred® Card. Similar to the Platinum Select, the Citi Diamond Preferred Card offers cardholders one of the best balance transfer offers available today: a 0% introductory APR on purchases and balance transfers for 18 months. The card includes no rewards program or bonus, but it does feature a low interest rate of 11.99% to 21.99% variable, depending on credit history. However they do offer deals and savings for brand name merchandise if you use their Citi Special program and special access to purchase presale tickets or preferred seating at entertainment events through Citi Private Pass. And, just like most other Citi cards, the Citi Diamond Preferred Card does not come with an annual fee.

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Citi Diamond Preferred Card Review

This article was written by in Credit. 7 comments.

When looking for a new credit card to place in your wallet, there are a variety of factors you should always consider. First of all, credit cards are not for everyone. In order to take advantage of the rewards that some credit cards provides, you should honestly evaluate whether increasing your use of credit cards will lead to increased spending. Besides the personal factors, credit cards come with a variety of interest rates, introductory offers and rewards programs and finding the one that suits your needs can sometimes be difficult.

The Citi® Diamond Preferred® Card is one of Citibank’s most popular credit cards. This card brings a few different features to the table, including a low interest rate and an excellent balance transfer and purchase APR option.

Citi® Diamond Preferred® CardThe Citi® Diamond Preferred® Card currently offers an introductory rate for 18 months on both purchases and balance transfers. The 0% introductory APR on balance transfers requires a 3% balance transfer fee ($5 minimum), which is currently the lowest fee available from major credit card issuers, making this card best for taking advantage of a balance transfer opportunity. Once the introductory rate expires, the APR becomes 11.99%, 16.99% or 21.99% depending on your credit history. The better your credit, the lower the APR you’ll receive.

The rewards program bundled with the Citi® Diamond Preferred® Card is almost nonexistent, so this should not be your everyday credit card. They do offer special access for Citi cardmembers to purchase presale tickets, preferred seating, VIP packages and other unforgettable live entertainment experiences through Citi Private Pass. While most credit card rewards programs offer points or cash back, this program does not.

The benefits of this card lie in the introductory offer, so keep that in mind. If I were to use this card, it would be to transfer a balance from a high-APR card or to purchase items I knew I wouldn’t be able to pay off within the next month.

Outside of the excellent purchase and balance transfer offer, the Citi® Diamond Preferred® Card also comes with a few perks that most other credit cards include. Some of the most prominent are:

  • $0 liability on unauthorized purchases
  • Citi® Identity Theft Solutions
  • No annual fee

The Citi® Diamond Preferred® Card may not be the best overall package, but for consumers who need to stretch important purchases over time and for whatever reason can’t save for the purchase in advance, the zero APR introductory period makes this one of the best cards for keeping interest expenses low. If you’re in need of a long balance transfer offer or are thinking of making a big purchase soon and can take advantage of 18 interest-free months, consider the Citi® Diamond Preferred® Card.

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Personal Balance Sheet, January 2011 ($578,043, +7.0%)

by Flexo

January 2011, the first full month of life without a salary, was my first opportunity to take a look at what I can do while working for only myself. The last two weeks of December were officially post-employment, but with the holidays, my routine wasn’t normal until after the new year. I’ve discovered a few ... Continue reading this article…

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Home Resale Fees

by Flexo

I’m adding to my list another reason I’ll (probably) never buy a condominium. Condos and townhouses often require sellers to pay a fee when sold. The fee is often a percentage of the sale price, such as 1 percent. I didn’t know about this fee when first contemplating whether I’d ever buy a condo. Unfortunately, it’s ... Continue reading this article…

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Kelley Blue Book’s Best Resale Value Cars

by Flexo

A reached another milestone earlier this week. My 2004 Honda Civic, which I purchased new in June 2004, passed 111,111 miles, after passing 100,000 in March. The car runs wonderfully still, as I expected it would years ago when I purchased it, and I don’t intend on selling it for a while, if at all. ... Continue reading this article…

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Criminal Charges: Volume XVII

by Flexo

About the author: This guest article is presented by Jeremy M. Simon, who writes for Taking Charge. Jeremy’s articles focus on payment card and debt trends impacting consumers. Thanksgiving is nearly here, and credit card misdeeds show no sign of letting up, meaning yet another well-stuffed edition of Criminal Charges, my weekly roundup of news ... Continue reading this article…

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