Are you an impulse shopper who is out of control with your spending? Do you feel like you should always have the latest gadgets or designer clothing, but know that you should not spend the money on them because they are items that you do not really need or cannot afford? If so, a new shopping strategy called spend what you sell may be the answer to saving you hundreds of dollars a year while still allowing you to buy some new items.
Many people have never heard of shopping by spending what you sell. It simply means that in order to purchase something new, you must sell one of your old items first. This way, you will not use your savings or credit card to pay for the new item. Shopping by spending what you sell also means that you no longer buy items that you cannot afford or do not have the money on hand to buy.
Advantages to Spending Only What You Sell
There are several advantages to spending what you sell. One is that it will keep you from accumulating clutter and keep you from buying things that you really don’t need. It puts into perspective the fact that you bought something last year for $100, but now you are only going to get $25 for the item when you sell it. Therefore, if you never or rarely used the item, you did not get your money’s worth. It makes you think twice about buying the things that you really need and helps to prevent you from impulse shopping.
Spending what you sell is also great for the environment. Rather than throwing away items that you no longer want, you are essentially recycling them. You may no longer want an old handbag, but someone else may treasure it and will be thrilled to buy it used at a discounted price. It is a win-win situation for everyone involved. The seller gets a little money, the buyer gets a bargain and nothing goes to the landfill.
How to Sell Your Stuff
One of the best ways to sell your unwanted items is to have a garage or yard sale. If you clean out and have a sale once a year, your closets will be clutter-free and you will have quite a bit of money to use until the next garage sale.
Craigslist and eBay are great places to sell online. There is no fee to sell on Craigslist, but you can’t sell items for a high value because people will expect garage sale pricing. If you decide to sell on eBay, be aware that eBay charges fees to list items as well as a fee on the final price of the item. The upside of eBay is that you will probably get a higher asking price because it is open to a wider audience of buyers.
You Might Even Enjoy It
Once you get started selling your old items, you will find it fun and exciting! It’s fun to see how much you can get for something you would have normally thrown out or donated. Selling on eBay is especially exciting because you never know how much someone is willing to pay for your old item until the last minute when it the item is sold. Once you see how much money you are actually earning and saving, you will be motivated to stick to the program and you will start to see the impact on your wallet almost immediately.
It is very important that you keep a record of your buying and selling activity. If you are computer savvy, you could set up a spreadsheet for new items in versus old items out. Keep a list of the items that you want to sell and a list of the new items that you would like to buy. Realize that you don’t have to buy your new items right away. There are advantages to adding an item to your sell column and letting them sit for a while. It gives you time to think if you really need or want it. In the meantime, you can watch for the item you want to buy to go on sale.
Of course, there will be times when this strategy simply won’t work. Eventually you many need to replace a big-ticket item or may have an unexpected purchase in an emergency. However, spending what you sell is a great strategy to keep yourself on a healthy budget. It will give you more opportunities to save for those unexpected purchases.
Similar Posts:
- Top 3 Tips for Frugal Online Shopping
- 5 Tips for Saving Money the Old Fashioned Way
- Need it? Want it? Five Tips to Help You Be Honest with Yourself
- Need it? Want it? Five Tips to Help You Be Honest with Yourself
- Saving Money through Frugal Living
