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Frugal Living: Convert Items Into Cash

Last month’s frugal living tip focused on exploring resources such as eBay, Craigslist and your local classifieds to search for items rather than going to a store and buying them at full price.

This month we would like to encourage you to take a moment and reflect on those items you have sitting around the house. You know, that pair of shoes that no longer fits or the Christmas gift you received last year and haven’t even opened yet? It’s time to convert these items into cash in your pocket!

Consider selling some items using these methods:

eBay auctions: These auctions entail listing your item(s) for a small fee and typically last a week at most. You can utilize eBay’s “Buy It Now” option or set a reserve price to ensure you receive your desired price for each item you sale. Once your item(s) are sold, you will usually pay a small percentage of the selling price to eBay. You can require that buyers pick up your item locally or you can charge to ship.

Craigslist ad: You can create a FREE online ad for a specific region of the United States and list a description, price and pictures. Craigslist usually involves face-to-face transactions and no fees.

Local Classifieds: You can usually list items for free in your local classifieds. Our local classifieds has a weekly print and online version that lists each ad submitted.

Yard Sale: If you have a lot of cheap items that aren’t worth selling elsewhere, a yard sale is a great idea. Some preparation is involved but at least the cost is minimal to set up.

Whatever items that you have left over might be worth dropping off at your local Goodwill store and claiming a deduction on your tax return as a charitable donation. Remember to get an itemized list of the items you dropped off!
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