Need Help Finding Cash? You May Find Some in Your Closet!

When you are running low on cash, a creative way to find some money is by exploring the items in your closet. Here are a few creative ways to make your closets work for you!

  1. Sell to Consignment Stores – Many consignment stores will sell your items for 50% of what they can resell them fore. Check out NARTS.org for a list of shops in your area and information on how they operate. If you dry clean your items before taking them in, you can boost typically your selling price.
  2. Sell on Craigslist or EBay – The good thing about selling this way is that people are already hunting for used products so it makes it easier to sell secondhand items. Most likely, posting photos of your offerings will help you get them sold quicker.
  3. Host a Yard Sale – Traditional yard sales are always an easy way to bring in some cash but next time post yours on garagesalehunter.com or another Web site that offers local listings. You could attract more people than just those passing on the street.
  4. Take a Tax Deduction – You can earn money on tax savings if you donate clothing to tax-exempt organizations. Although these items must be in good condition for the IRS to all you to deduct a fair market value for the goods.

For the entire article from MSNBC, click here. Have you had any luck with selling clothing items? Tell us your story below!

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16 Comments Add yours

  1. Jessica B. says:

    Thanks for the tip…I am going to use all of them. By the end of this school year, I plan on moving out the country and need all the extra money I can get. I know many people who use craiglist and shop at consignment stores. I am defiantly going to use these resources.

  2. Capri says:

    As a college student, I find myself running low on cash quite frequently. These are definitely some great tips to get a little cash back, especially since I have to wait until the end of the semester to sell my books. I especially like the first tip, and I plan on rummaging through my closet soon to see what I can sell.

  3. Taylor Kornegay says:

    This is such a good idea. It is an easy way to make cash especially if you have clothes that do not fit or you do not like anymore. I think that people forget about quick tips like this, and they stress themselves out about money when it is right there in front of them!

  4. Julianne S says:

    The tips under point one, consignment store sounded great. I never thought to dry clean my items before handing them in. Next time I will try this. Also, the links for garage sells were new to me as well. I will have to tell my friends the link; they always find great deals at local garage sells, and also have some of their own.

  5. Kenneth Macaluso says:

    Ebay is a great way to make some extra cash or even start an online business. I have sold a few autographs online a few years ago and got more for them than I would if I had brought them to a pawn shop or similar place. I was not desperate for money but did not really want them anymore so it worked out wonderfully. My uncle started selling computer hardware components on ebay about 7 years ago and he ended up starting an online business and selling almost 50 computers a week. At the same time his wife started selling wedding dresses on ebay, and got so busy with it that she opened her own bridal shop on Joes Creek rd. in Baton Rouge,LA.

    1. Money Tools For Life says:

      That is a great story! It is always interesting to learn how people earned their success, especially through an Intenet tool like Ebay!

  6. jdobra says:

    Craigslist and ebay are great ways, especially for college students, to make some quick money off of their unused iPod. I have made a lot of money towards books selling things I do not need. Trying to get together with friends for a yard sale, or trying it back home with your family might help as well.

  7. Olivia says:

    I have a closet that is regularly busting at the seams. These are great ideas for turning my shopping addiction into funds for necessary living expenses. Consignment stores offer great options for turning old clothes into much needed cash.

  8. Michelle says:

    The selling to consignment shops is a great and useful idea that I often turn to when cash is slim. As a college student, I have TONS of clothes, many that I don’t really wear anymore. Naturally, as a college student, I am also short on money. Consignments are a great way to turn your old clothes into cash for current activities.

  9. Hannah says:

    There are so many different ways that we can make some extra cash from items that we no longer use. I have had a personal experience with selling books on Ebay, however, I found that after the cost of shipping, little money was made. If I had researched this before setting up my account, I would have thought twice about my decision. A consignment store is the easiest way to make some extra money. Everyone has a few extra clothing items they no longer wear so why not get some money for them!

  10. Jessica says:

    Online buying and selling is a great way to save and make money. Many people have made a business of selling items on eBay. Craigslist is usually better for larger items because then you don’t have to worry about shipping them. You usually will make more money selling things online than you will at a garage sale because more people are able to see your items than at a garage sale. I feel like many of these places are so successful now because of the recession. People are trying to spend less money and are looking to buy used items over new ones. Websites like eBay and Craigslist help both the buyers and sellers by helping the sellers sell their used items and the buyers to get them for a cheaper price.

  11. Quantae says:

    It’s times like these when some extra money in your pocket can really help out. When there is a recession, people find some really creative ways to make money. A pretty simple one is to just look in your closet. Doing any of these ideas listed above is a great way to make some extra money while making some extra room. And if you’re looking for that extra deduction on your taxes this is a great way. Donating your clothes to charity allows you to take an itemized deduction for the fair market value of the clothes, which is usually what they can sell them for. If you know you can’t get exactly what you want for your items by donating to charity, then having a yard sale or posting the items on eBay for people to bid on them is a great idea. Either way you’ll have more money in your and a cleaner house with more room for you to buy more clothes that you really want. If none of these choices work for you then always consider giving to someone else in your family who could use the items. If you have clothes that don’t fit and you have a younger brother, sister, cousin, or anyone who could benefit from them, then don’t hesitate to let them have them. Remember when you do good things, good things happen to you.

  12. Katie says:

    I couldn’t agree more with your number 2: sell on craigslist or ebay. I second that by also shopping and browsing on those websites to save money! I have had experiences of buying a bike and bike rack for great prices. I saved money by researching and looking around on those websites. Ebay is also a great website to sell textbooks back or anything else you want to get rid of around the house.

  13. Hayley says:

    Selling items on eBay is a great way to make money off of things that you no longer want. Through past experiences, I have noticed that you can sell things on eBay for much more than you would make selling them in a garage sale. The buyer pays for the shipping costs, unless you choose to cover them, and it is very inexpensive to list an item…sometimes you can even post it for free! The website is also very secure and user friendly.

  14. Micki says:

    While growing up my family always cleaned out our closets twice a year and donated the clothes and shoes to the veterans. It made a good tax exemption for my family.

  15. Micki says:

    I believe selling to a consignment store is one of the best decisions I ever made. I have sold a lot of clothes to one and have made good money off of them instead of having them hanging around in my closet.

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