Financial Benefits of Spring Cleaning

Spring Cleaning - Good for you and your wallet!

Spring cleaning is good for your mental health, gives you more space for items you do want, and can have hidden financial benefits. Let’s start with your closet.

Did you know that April is Financial Wellness Month?

Moran Law is committed to informing you about every aspect of your financial health, from reviewing financial tracking web services to detailing our top tips & tricks to staying afloat with your finances.

Spring means starting fresh. Out with the old, in with the new- it’s a perfect time to start new projects, work on forming new habits, and purge what’s unnecessary.

The term ‘spring cleaning’ arises from this mentality- spring is a time for rebirth and growth, as well as taking inventory of what’s important in your life and what’s unnecessary. Your physical possessions are a good place to start.

One’s wardrobe can often be a source of unnecessary clutter. Clothes from twenty pounds ago, clothes you liked the idea of but have never worn, your sixth-grade camp t-shirt- there are many items you simply just aren’t using and don’t need. However, these items are not without value! Below, find our tips for reaping the financial benefits of decluttering your closet

Go through your closet. Pull out boxes you’ve shoved on the top shelf or in back corners. Separate the items into four different piles:

  • Sell
  • Keep
  • Store
  • Give Away/Donate

Sell

There may be certain items in your closet that you don’t wear, but are hesitant to give away or donate because they are still in great condition and were expensive. You can always try your luck at selling these items on eBay, (see our eBay seller’s guide) but many people will realize they don’t have the time or energy to list, measure and photograph each individual item. If you want money for some of your castoff clothing, but don’t want to do the work of selling them yourself, we suggest taking nicer items that are in season and in excellent condition to a resale or consignment shop near you.

These stores will go through your items and determine what they might be able to sell, then make you an offer for the items they like. Since these stores have to make a profit, it will likely be significantly less than you originally paid for the item (most stores will offer you about a third of what they can sell it for).

This is a great way to get rid of items taking up unnecessary space in your life and make a little extra spending money at the same time!

Keep

Pretty self-explanatory. Items that go in this pile are things you regularly wear and are in good condition. Your favorite cable-knit sweater, a nice pair of black dress pants for work, a nice-fitting pair of jeans- whatever is used regularly and still in nice condition. Be honest with yourself when putting items in this pile! Do you really wear it? Does it fit you?

Store

Items that are out of season (like thick wool sweaters or down parkas) don’t need to be hung in your closet- you won’t be wearing them anytime soon, and all they’re doing is adding bulk to what you are trying to streamline. However, if you know you will wear or use these items at a later point in the year, you should keep and store these items somewhere you can easily access them when you are ready, but where they won’t take up unnecessary space you could be using for something you’ll need to access more immediately.

You might purchase inexpensive bags that can be vacuum-sealed to maximize the amount of clothing you can fit in a storage space. It will also protect them from anything that might stain them, like liquids or dirt. Store them in a box, tuck it away, and pull it out when it’s time. You can do this every change of season to ensure your closet stays streamlined and doesn’t get too cluttered with unnecessary objects.

Give away/donate

This pile can be for items that don’t make the cut for any of the above categories. The dress you don’t wear but your little sister loves, old t-shirts from when you were a Girl Scout, out-of-style pants and purses- instead of throwing these items away, give it to someone you know will appreciate it or donate them to a local charity thrift shop. You can write off these donations on your taxes for the year later!