Kenyon looks through her closet filled with clothing
treasures she bought second-hand at consignment
stores, July 18, 2013, at her home in Galt,
California. For the last 15 years, Kenyon has been a
dedicated thrift store shopper.
probably already know that decluttering can help you create
a happier and cleaner home. Not to mention, it can help you
feel better psychologically. However, perhaps one of the
biggest benefits of decluttering your home is the fact it
can save and make you a lot of money.
year, I cash in on items my family no longer wants by
selling them or donating them and claiming a tax deduction.
And there are a few other financial benefits that are harder
to attach a dollar amount to. Hereís how you can make and
save money by decluttering.
CASH IN ON UNWANTED ITEMS
the seasons change and I have to pull clothing out of
storage ó and put some away ó I do an edit of my
wardrobe. If there are items I havenít worn in a year or
two and still are in good condition, I set them aside to
go through the garage and other closets in my house at least
once a year to see if there are items that have been
collecting dust and to which I no longer feel an attachment.
Those things are also sold.
can sell your unwanted items through local consignment
stores. I get 50 percent to 60 percent of the sales price,
which means Iím not necessarily making as much money as I
could. But I donít have to do any of the legwork to sell
them, which is important to me because I donít have a lot
of spare time as a journalist and mom of three.
example, I picked up a check for $233.97 from a home
furnishings consignment store for several framed prints that
were passed onto me from my mom, some nice platters I got
years ago as wedding gifts but rarely used, and a few other
home decor items that had been in boxes since we moved in
Revisited Consignment Shop, located in Baltimore, Md.,
features dresses, blouses and jewelry.
Iíve gotten more than $230 from a clothing consignment
store for items that were in good condition ó which they
need to be for consignment stores to take them ó but no
longer fit me well or werenít getting enough wear to
justify letting them take up space in my closet. It took
only a couple of hours for me to pick out those items, iron
the wrinkled ones and take them to the consignment store.
can avoid a trip to a consignment store altogether if you
have clothing to sell by using a site such as ThredUP. If
youíre willing to put more time into selling your unwanted
items, sell your clothes on eBay or advertise your wares on
Craigslist. You also could use an app such as Close5 to sell
things locally from your smartphone.
GET A TAX BREAK FOR DONATED ITEMS
usually donate items that arenít in great condition and
wonít fetch top dollar at the consignment store, Goodwill
or a local organization that helps refugees that have been
resettled in my community. Then, I can claim my donation as
a deductible charitable contribution on my tax return.
must itemize on your federal tax return to claim charitable
contributions. When you donate items, the dollar amount you
can claim as a tax deduction is based on the itemsí market
value ó not what you originally paid for them. And, you
should get a receipt from the charitable organization. If
you claim a deduction for an item over $5,000, you need a
figure out how much things that I donate are worth, I use
the Goodwill Industries International donation value guide,
which provides price ranges for items commonly sold in
SPEND LESS ON NEW THINGS
my kids beg for new toys ó or clothes in the case of my
oldest daughter ó going through their closets is a good
way to stop the pleading.
we sort through their stuff to get it organized and to
identify what theyíre not using, we always find toys that
they had forgotten about and that suddenly seem new because
they havenít played with them in a while. It also reminds
them of all that they have and reinforces my message that
they donít really need more toys or clothes.
through what Iíve put into storage also tends to have the
same effect on me. I might find an item I stashed away that
appeals to me once again ó and itís like getting
something new. Or, it serves as a good reminder not to buy
more ďstuffĒ that will just end up collecting dust and,
perhaps, fetch a percentage of the price I originally paid
if I sell it.