The Family Wallet

Do you dread the thought of cleaning out your closet? Maybe as long as you can get the door closed, you feel that the closet is under control. Once you’ve realized the value of your closet overflow, you may be ready to tackle that chore you’ve been putting off all this time.

You may be thinking to yourself that you don’t have anything of real value in your closet. How are you going to turn your old cast-offs into cash? Before you become too certain that your closet overflow is worthless, however, consider these points.

Clothes (especially children’s sizes) are wonderful garage sale items. Okay, you’re certainly not going to make a fortune on any one pair of pajamas or shorts your little one has outgrown. You may be able to make a tidy sum, in total, when you sell all of the pajamas and shorts your little one can no longer wear. Price clothing items cheaply, and they’ll virtually fly away at your garage sale.

Don’t forget the toys and accessories that are hiding in your closet. Although your little guy probably loved his activity center when he was an infant, unless you’re planning on having another little one, you’ll probably value the storage space more than his old toy. Bulky baby items like highchairs and play gyms are perfect for garage sales. These items are large enough to be seen from the street and have even been known to attract drive-by shoppers.

Specialty clothing items require a little more attention. While you probably don’t mind selling an out-grown pair of jeans for fifty cents, you won’t want to part with your little girl’s special dresses quite so easily. Check out local consignment shops or use eBay to sell higher quality items. You’ll gain more from the sale when you treat these items like as something more than your average cast-offs.

Donate what you can’t sell for a tax write-off. After you’ve sold everything you can, you may still find yourself holding some leftover items. Be sure to donate these valuables to your local charity or thrift store. Your unused items will find new life in the hands of a new owner and you can take a tax deduction for your donation. Take care, however, to check out the donation guidelines for your charity to make sure you’re not donating something the charity can’t accept.

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Filed under: Money Management