You’ve gone through your closets with a fine-tooth comb.  You’re finally ready to part ways with the salad bowl you got for your wedding.  Your basement is filled with boxes and bags of goodies ready to find new homes.  Now what? 

Before jumping head-first into the rummage sale game, consider your options.  There are more choices than ever for recycling your unwanted items.  Decide what makes the most sense for you given your own financial situation and time constraints.

Rummage Sales

For many people, the idea of preparing for a rummage sale is a daunting task.  The well-organized sale takes countless hours of preparation, and can be mentally taxing as well. 

The thought of having to one-by-one determine a market value for items you’ve become sentimentally attached to can be overwhelming.  The cute little outfit your baby wore when he took his first steps may not be worth much to anyone else, but to you it’s priceless.   How can you mark it a dollar?  If you’re set on having a rummage sale but not sure how to price your merchandise, ask an experienced friend to help you.  Sometimes an objective eye can mark it faster, and won’t be taking a trip down memory lane with each item. 

Not only will pricing be time-consuming, you’ll also need to clean your garage, locate and set up tables, write and ad, secure proper signage, and find change.  Piggybacking your sale with other neighbors’ sales can help save a little time and money.  The cost and effort of writing an ad is split between multiple families, and you can take advantage of extra foot traffic the other sales bring.

Bottom line:  Rummage sales will probably yield more quick cash than any other selling method.  They also take the most time.  Be sure to consider the time factor when deciding whether or not to have a sale.

Consignment and Resale Shops

Resale shops can be found in most large and mid-size communities.  While they can be a convenient way to unload your used clothing, sporting goods, or even furniture, most are quite particular about the merchandise they accept.  Some pay you cash outright for the items they take (Once Upon a Child, Play it Again Sports, etc.) and others wait to pay you until they sell the merchandise.  Be sure to ask about their payment policy so there are no surprises.  Some consignment stores will donate your unsold merchandise if you don’t pick up within a certain time frame.  Be sure to pick it up yourself so that you can claim your own tax deduction.

Online Options

With eBay and other auction sites the time factor of getting the item sale-ready, photographed, and writing a listing may or may not be worth your while.  Plus, listing fees can quickly offset your earnings.  One eBayer I know won’t even list an item if she isn’t sure it will fetch at least ten dollars.  Decide what your own “minimum” would be before going through the time and effort to list your items.

If you’re short on time, consider selling like items in lots instead of individually.  Or, investigate places that will sell your stuff for you.  eBay drop-off sites are popping up in most mid-size and larger cities everywhere. 

Online classified sites are becoming more and more popular.  Sites like freecycle.org and the Mommysavers.com bartering board forum allows its members give away merchandise or post their “in search of” lists to its members without money changing hands.  Craigslist.org and its regional sub-groups allow its users to post classified ads for everything from electronics and art, to furniture and clothing.

Consider Donating

While donating may be far and away the easiest and fastest route to take, many people shy away from it because they don’t leave with a nice fat wad of cash in their pocket.  What you do leave with, however, is a receipt for your contribution.  Says Scott W. Danger, CPA, “When making a donation, you may qualify for a deduction equivalent to the current thrift store value.”  The amount of this financial perk can vary greatly depending on your tax bracket and whether or not you itemize on your tax return.  In general, the higher your tax bracket the more valuable your write-off will be.

Combination Strategies

Do a combination of the above.  If you have more clutter than time, consider donating the least valuable of your items instead of trying to sell them.  Use a guideline like this:  if you would mark it less than a dollar (or other pre-determined amount), donate it.  Save only your more valuable items to try and recoup a little bit of cash.

No matter how you decide to find new homes for your cast-offs, just do it.  Donate it, sell it, or give it away.  Get it out of your home.   The feeling of unloading your extra clutter is liberating.  And most likely you won’t miss anything at all.