Four Easy Tips for Finding Instant Cash in Your Closet

Wednesday, December 05, 2012

Closet clutter in your house, garage, storage room, we are all guilty of it. Most of us have clothing we haven’t worn for decades or only wore once and they are sadly left in our closets, taking up space. Carolyn Schneider, author of The Ultimate Consignment & Thrift Store Guide and expert bargain shopper says, ”Finding clothing in your closet is like finding extra money in your wallet that you did not know you had.” “ It is very easy to clean out your closets and make extra money for clothing that you will never wear again”.

Ms. Schneider offers the following four easy tips for finding instant cash in your closet:

• Know what sells. Designer women’s clothing, handbags, shoes are always in very high demand. Designer items from Chanel, Gucci, Hermes, Prada will get you top dollars.

• Consign your items but read the consignment contract carefully. The contract gives you all the information about what your consignment split is, the length of your consignment term and how you will get paid. Most consignment splits are 50/50. Consignment terms are usually 60 days. Items that do not sell right away are usually reduced, 20% after the first 30 days and an additional 20% after another 30 days.

• For items in less demand donate them to a thrift store. When you donate your items you can ask for a receipt for tax purposes. The IRS rules allow you to deduct fair market value for the item which is the price the item sells for in the thrift store.

• Reconstruct your clothing. Thrift and vintage stores are the best for finding bright cotton patterns and interesting wool to be used to reconstruct clothing into other items such as handbags. Some companies specialize in reconstructing thrift and vintage clothing into handbags and had a special request from a customer to reconstruct her grandfather’s Vietnam army blanket into two handbags.