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3 Easy Ways to Make Money from Your Junk

3 Easy Ways to Make Money from Your Junk

You’re surrounded by clutter, and you wish you could wave a magic wand to make it all go away.

I don’t have that kind of lifehack (yet!), but as someone who’s become a pro at minimalism and creating an adventurous life on a budget, there are 3 easy tips I can share to help you quickly make money from your junk and create more room in your life.

Best of all, none of them require a lot of work.

Reverse Birthday Party

When I was 39 and on the verge of selling everything our house to travel around the world, I didn’t know how to get rid of those things I no longer needed but still really loved, such as:

The buttery leather coat

The giant leopard cocktail ring

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The colorful silk scarf

The black stiletto boots

The red wool beret

You probably have things like this, too, maybe items you love and are good quality but you never, ever use anymore. They just don’t fit who you are now (or maybe they never did). But you can’t figure out how to get rid of them so they just sit there, taking up space and cluttering your life.

The solution I came up with was a Reverse Birthday Party. In honor of my 39 years of living, I picked 39 of these great items and made tags describing why I bought them, loved them, and needed to release them. They were displayed on a metal shelf in my living room.

Then I invited about 20 friends over my Reverse Birthday Party, requesting that they shop my closet and contribute to my upcoming trip rather than buy me a gift. Add some wine and food to the mix, and you have the makings of a very good time.

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My friends were instructed to write their names on the tag of any item they wanted, and if more than one person liked it, we had a runway ‘style off’ to the sound of Carly Simon’s You’re So Vain. Whoever wore it best got to keep it.

As my friends collected their items, they dropped a donation into our trip fund box, took a picture with me and the item, and then waltzed that possession right out my door.

It was a great way to release what I no longer needed, make new memories with friends, and have a permanent reminder of the fun evening with the digital photos, which don’t take up any physical space.

Indoor Yard Sale

It’s exhausting to even think about putting together a yard sale, and if the weather’s turned cold, this usually isn’t an option anyway. But there are times when you really want to get rid of big things like furniture, artwork, accessories, and linens.

When we were about a month away from closing on the sale of our home, we invited several friends over for an indoor yard sale. It took almost no planning or set up on our part, and we were able to continue using the necessities until the day we moved out of the house.

First, we invited friends who were in need of household items. These included a recently divorced friend, a couple buying their first home, a couple who had just moved in together, and a couple who bought some land to build a small retreat in the mountains.

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When they arrived, we fed them snacks and drinks to create a party atmosphere. People are likely to buy more when they’re having a good time.

Then we gave each person/couple a sheet of colored sticky dots. They took these dots around the house and put them on the items they wanted. After they were done shopping, we simply went around with them to talk about the group of items and negotiate a price and a date for pickup.

It was incredibly easy because we didn’t have to price or move anything, and we didn’t have to give up our couch or dishes while we were still actively using them.

If you’re getting ready to move or downsize, this is the perfect way to get rid of what you no longer need in a comfortable setting with people you trust.

Craigslist Store

Lots of people sell odds and ends on Craigslist, but by creating a staging area for all your Craigslist items, you can sell more of them in less time.

We began saving and decluttering for our travels 2 years before we left. During that time, we had a goal of selling at least one thing every week. We knew it would be less stressful and more profitable to do it that way instead of waiting until the few weeks before departure.

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What we didn’t realize was the power of a Craiglist Store. Now, there isn’t an official store, so don’t go looking for it. The store I’m talking about is the one you create in your own home.

  1. First, find a space in your home you’re willing to let strangers see. We created our staging area in the small front room by the door.
  2. Then use this space to attractively display all the items you have for sale. Think of it in terms of a store display and show how pillows, rugs, and other items go together.
  3. When a buyer comes to buy the camera, frame, or toaster you have advertised, make the transaction in the room that holds your Craigslist Store. Let your buyer know that all those things are for sale, and you’ll be surprised how often they buy more than what they came for.

We sold thousands of dollars of items this way, and we met a lot of interesting people who were curious as to why we had a Craigslist Store in our front room in the first place.

Your junk is not doing anything for you right now except taking up space in your life. Try one of these methods for getting rid of what you no longer need and you’ll have a nice sum of cash to fund something that fits you perfectly.

It sure beats paying the price for keeping what you no longer need.

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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