Budgeting is all very good and well and a great way to increase your finances and to improve your chances of paying back debt, but sometimes it can seem like a rather passive way to build up money. Something a little more active then, is to start selling your items, and if you have a large amount of debt this is a very good way to start repairing your finances and improving your chances of paying it all back.
The first thing you need to do when selling your items is to choose the items you are going to sell. While you don’t want to go overboard and start selling your items that have sentimental value to you, or that aren’t going to make you much money, almost all of us have things we don’t need or use and that could together make a significant difference to your finances. If you only sell enough to pay off one debt repayment, then that will still be a debt repayment less for you to worry about.
When selling your items there are some possessions that people commonly sell, and which of these you choose to sell will depend partly on how much debt you are in and what your other options are. For instance if you severely need finance you might opt to sell a second car if you are a family with more than one vehicle and this can help you to pay off quite a lot of your debt. Other big sources of income when selling your items are rings, necklaces and other jewellery – particularly if they are gold or diamond which will hold their value well. Likewise you may own other assets that were bought as investments and these could include paintings or antique furniture. Any collections you might have too such as comics, transformer toys, pottery or old records could be worth a good amount of money.
At the same time though when selling your items you shouldn’t neglect selling smaller items which could include DVDs, books and CDs. If you set up adverts on eBay or Amazon, then you can simply package and send them as they sell (buy the packaging in bulk) and it can all eventually add up if you have the items in large enough quantities. Another option, rather than to sell online, is to stock up your car with your belongings and do a car boot sale. This is a great way of selling your items and you’d be very surprised what will sell well.