Time to unclutter!
Summer is almost here…have you completed your spring cleaning?
Spring has arrived and summer is almost here, so now is the time to unclutter so that you can become financially healthy. According to Michigan State University Extension, spring cleaning is not only good for your home, but it can be good for your financial health. Now is the time to go through your belongings and decide if you have items to donate or sell. Go through each room of your house, especially the closets, and if you have items that you have not used within the last 6-12 months, put them in a pile. You should make two piles: a pile to donate and a pile to sell; both have many benefits. If you donate items, be sure to get a receipt for your donation to use when you complete your taxes.
Clothes, jewelry, books, albums, CDs, furniture, stuffed animals, seasonal items and Disney paraphernalia are just a few items that you may consider to sell. When selling clothes, be sure to sell according to the current season to get the best bang for your buck. If you have collectibles, be sure to research the value before selling. Perhaps you have a wedding dress or wedding accessories, think about selling them on consignment. EBay, mom-to-mom sells, garage sales, consignment stores and Craigslist are a few options to consider when selling your items. When selling on sites such as Craigslist, please be cautious when meeting the buyers.
So now that you have sold your items, what is next? According to americasaves.org, it is imperative for you to establish your saving goals. Use the additional income to create or increase your savings or emergency fund or to pay down debt. It is also important to note that savings accounts are for general expenses such as a new television and can be broken down into several categories (i.e. saving for vacation, kitchen/bath remodel, Christmas/Holiday, taxes, etc.), while emergency funds are for major unexpected expenses such as car repairs, job loss, etc. Also, consider taking a financial health survey from MI Money Health to get your financial health score! It is confidential and your answers never connect back to your name. Happy cleaning and saving!