Some of the items taking up space in your home may be worth selling.
Everyday living costs have been higher than in years past. According to the U.S. Bureau of Labor Statistics, consumer prices for all items rose 6.5% from December 2021 to 2022. It's no surprise that many households are struggling financially due to inflation. If you want to increase your income so you feel less financial strain, you may want to sell unwanted items around your home to bring in extra money. Here are a few ways to do that.
1. Local buy-and-sell groups
If you regularly use social media, don't forget to join local buy-and-sell groups. These groups are a great way to sell unwanted items because you can find interested sellers nearby. Before posting your unwanted items, look at previous and existing listings to see what sells best. For better success, take quality photos and write clear product descriptions.
2. Craigslist
Even though it's been around for a long time, Craigslist is still a popular resource for people looking to buy and sell furniture, clothes, and other goods. The nice thing about this service is it's completely free. That means any profit you make from selling is all yours.
One thing worth noting is that Craigslist postings are organized by date, so it can be worthwhile to go into your existing listings and renew them every so often so your listing date is more recent and more people can see your posts. You can renew listings every 48 hours. Once 30 days pass, you can no longer renew an existing listing.
3. Poshmark
For app-friendly sellers, Poshmark is another option to consider -- especially if you're looking to sell clothing, shoes, purses, or similar items. The company, which also has a website, markets itself as a marketplace to buy and sell secondhand clothes, accessories, and home goods. You'll list items and can then ship them to buyers when they sell.
Keep in mind that Poshmark will take a portion of your earnings for using its service. For sales under $15, the commission is $2.95. For sales of $15 or more, Poshmark will take 20% of your sale for the commission.
Poshmark charges a flat fee of $7.67 to buyers. However, you can choose to offer discounted or free shipping instead. If you do, make sure you account for shipping costs when setting your prices so you can maximize your earnings.
4. Facebook Marketplace
Facebook Marketplace is another place where you can list items for sale. You can sell items locally to people nearby, or you can sell items and ship them to buyers who don't live in your area. However, make sure you consider the cost of shipping when you're pricing any items that you plan to ship so you're still able to profit from the sale.
Stay safe and practice extra caution
Selling unwanted items like clothing, furniture, and home goods can be an excellent way to bring in extra cash while reducing clutter around your home. But make sure you practice careful judgment during the sale process. Your safety is always the No. 1 priority.
You should always consider the safest way to meet with buyers. One way to practice good safety is to ask a friend or family member to be around while you meet with a buyer. Another option is to meet in a public place where other people will be, like a local coffee shop.
Additionally, consider how you will collect payment. If a potential buyer delays payment or acts strange, be wary. If it sounds like a scam, it probably is. Cash is likely the best payment option if you sell items locally to people you don't know well. You can deposit the money into your checking account to boost your balance without risking a check bouncing.
If you're struggling financially right now, please know that you're not alone. Many people like you are looking for ways to boost their income and stretch their money further. Review these personal finance resources for more guidance.
