Pay Down Debt Faster: Part Three – Sell Stuff

As part of my anti-resolution and to-do list, I’m on a mission to pay off my debt. I plan to become completely debt free by the end of 2012. In part one and part two of this series, I made a yearly budget and created a plan to increase my income through freelance work.

I’m a big believer in using a combination of steps to create a one-two punch, and really knock out my debt. Now it’s time to put part three of my plan into action. I’ll be selling so much stuff, that people will think I’ve been robbed. I already live a pretty minimalist lifestyle, and I hate clutter. But I’m sure I have lots of stuff I can sell, to help pay down my debt.

For electronics, brand new clothing and shoes

Sell stuff on eBay

I’m a total eBay junkie and even used to be a PowerSeller, but I haven’t had much time lately to be a hardcore seller. Plus they upped their fees and changed a lot of their policies, so I’ve put reselling items for money on eBay, on the back burner. The best items that sell really well, and without a lot of hassle are electronics, new clothing (with tags) and shoes. Also, cosmetics and perfume sells pretty well and I tend to get a lot of bath items as gifts.

For like new special occasion clothing, accessories

Sell stuff at a Consignment store

I first learned how to buy and sell clothing at consignment shops from my mom. She was very frugal and always had killer yard sales, and great relationships with other resell shops. Most consignment stores deal with seasonal clothing and accessories like hats, scarves and purses. For me, in particular I have a TON of bridesmaid dresses that I plan to sell.

I will get anywhere from 40-70% of the regular price, for the items. I could get more if I sold them on eBay or Craigslist myself, but the dresses are bulky and would take a lot of effort to pack and ship. Another bonus is, most stores will give cash and credit towards other items. It’s a nice way to get some new clothes, or accessories without spending extra money.

For books, DVD’s and CD’s

Sell stuff on Amazon or Half.com

Books are pretty cheap, and it can take a long time to sell them. So instead of listing them on eBay I like to use Half.com or Amazon. The final sale price fees are slightly higher but my books and other media items will stay on the market until they sell (or I cancel them).

For furniture and large items

Sell stuff on Craigslist

I have such a huge and nice walk-in closet, that I don’t even have a dresser for my clothes. The only big furniture in my apartment is my couch, coffee table, bed and side tables.

I’m considering selling my couch because it’s too big and I have my eye on a smaller, cozier one from Ikea. I also have a headboard from my bed that I’m not using.

Steps to pay down debt faster

My six part plan to pay my debt down faster includes:

• Part one – Cut excessive spending
• Part two – Increase income
• Part three – Sell stuff
• Part four – Pause saving and investing
• Part five – Bartering
• Part six – Use found money

In this series I prefer to separate my steps, since I want to really define and focus on each method, so I don’t blend them together and lose momentum.

With the combined efforts of part one, part two and part three, I will be able to jump start my goal and become debt free even quicker than I originally calculated.

How do you make money from stuff you no longer need?

Photo credit: pheezy