People can fall into debt for any number of reasons. Sometimes it's because of not-so-benign neglect of personal finances, and other times it's because of a giant unexpected expense at the wrong time.
After the smoke clears and cash flow is back around where it should be, it's time to pay off the debt.
Sell your stuff to pay off debt
Some time ago, Dr. Dean Burke, ob/gyn now turned Georgia Senate member, sent me a complimentary copy of his book, The Millionaire Nurse.
One piece of advice he gives to people who've dug themselves into a deep hole is to sell off a lot of the stuff that got them into the hole in the first place — especially if it's gotten so bad that the mortgage payments are behind.
Some of the bigger things may have to go, like “the flat-screen TV, boat, or Harley.” Though it's not easy to part with a beloved motorcycle, the bigger-ticket items can take a big chunk out of debt quickly.
Selling small stuff works, too
But taking a different spin on this, you can also sell a lot of little stuff. You can sell pretty much anything — shoes, DVDs (remember those?), Hummel figurines, books, salt and pepper shakers, comic books, whatever.
If the stuff brought you some pleasure at one time, but now just takes up space, then that's a prime candidate for selling. I've seen collections of DVDs sell as a lot on eBay for a few hundred dollars (or more).
Sell as much of the stuff that doesn't bring you joy before listing the things that you still enjoy. Some of your beloved items may still have to go if the bills are large enough and due soon enough, though.
Where to sell your stuff
Three common places to find buyers for your stuff online are eBay, Craigslist, and Facebook Marketplace.
Selling on eBay
The website eBay continues to offer buyers and sellers a lot of protection in transactions. Selling on eBay is not free, however; there are a number of fees associated with listing, selling, accepting payment, and shipping.
Check out this post on selling your things on eBay at your leisure.
Selling on Craigslist
If you want to avoid fees altogether, head over to Craigslist.
There's no buyer/seller protection, though. Buyer and seller beware!
Selling on Facebook Marketplace
This is the newest platform of the three. I've successfully sold some drum equipment on there.
Selling your stuff keeps on giving in other ways
If the stuff is more of the “now just takes up space” kind, then there's a nice fringe benefit: having that stuff gone literally frees up some of your brainpower.
When we moved about ten years ago, I didn't do a great job pitching things before I moved. Shortly afterward, I got rid of several boxes of books and magazines that weren't doing anything productive. (At one point I was going to sell them, but that's starting to fall through.)
My shoulders felt lighter after doing that, and it was one less thing I had gnawing at me and sapping my mental energy.
Letting things go helps both ways!
Selling stuff is a great way to raise cash to pay off bills and reduce debt. Some of the prized possessions may (painfully) end up going, but try starting with the low-hanging fruit — stuff that doesn't really do that much anymore — and enjoy the extra space and extra peace of mind along with the extra cash.
If you get antsy and start to just pitch it, consider donating it instead. That way you at least get the tax deduction!
I wonder how much all of my junk is worth.
Thanks for the kind words about the book.
Getting rid of the big stuff, is better from a raising significant cash fast, as well as maybe getting rid of a payment-if you are making payments on what you sold.
Getting rid of small stuff, i agree, makes life simpler-and a little extra cash is always good! All it takes is a “move” like you made, to remind us of all the “stuff” we collect!!!
Thanks again,
I just completed a 1,000 mile move and in the process divested myself of a LOT of things.
Furniture that I had been moving for 20 years because I had it, books that I had collected but never read, craft materials for crafts I didn’t do any more, clothes that didn’t fit, etc.
I used Craigslist, my friends and the local thrift store to do this and with every load I felt better. I still moved too much stuff but I’m using the same process to thin the rest out as I unpack.
There’s some things I couldn’t part with and I’m fine with that. But the bulk of what I had was just .. stuff.
I have so much clutter, most of it I don’t even think it’s sellable but it might be worth it to try. I’m one of those nick knack collectors, so my house is jam packed with random stuff.
Thanks for the idea,
Matt
Great post, definitly agree that selling stuff is an easy way to get cash. On top of that, we generally have too many posessions anyways, so why not make some cash by selling all of your excess posessions. I have personally used craigslist, which i find to be easier and quicker than ebay. Obvisouly, ebay has a much greater reach, but hey, whatever works. Keep up the posts.
I agree selling stuff is a great way. I noticed that there’s lot of ways to sell online via website or via social networking like facebook, multiply and etc.
“having that stuff gone literally frees up some of your brain power….”
what a true statement! I started a deep de-cluttering process of 40 years of accumulation about 2 yrs ago…while i am coming to the end of the process i have shed over 70% of my posessions (you know, all those once priceless items that you speak of)…and i have never felt lighter or more free in my life…(the only thing that is weighing me down now is my pocketbook…from lack of spending)…oh- if that were only so true….haha
But you are right…there is a true liberation when you finally make the decision to rid your life of ‘stuff’…not only the physical items depart but the metal clarity takes on a whole new meaning.