Are you looking forward to spring cleaning to make a little extra money? Believe it or not, your closet may be your best bet. Beyond the traditional idea of a garage sale, consider these easier, and often more cost effective options to make money from your old, unwanted clothes.
Host a Party
Clothing exchanges are becoming the hot new party theme as women are looking for fun ways to get together that don’t cost an arm and a leg. Host a clothing exchange party and ask each guest to bring a few gently used items from her closet to exchange with your friends. I attended one of these a few months ago and ended up cleaning out my closet and coming home with three new outfits. Compared to a jewelry, makeup or other at-home sales party, I saved at least $50 by attending this type of party, and walked away with some great stuff!
Resale shops are only a good option for your recently bought items that still are in style and are in good shape. This is a great option for that sweater you bought and never took the tags off, or that dress you wore once and decided you didn’t like anymore.
While there are a lot of great resale shops such as Plato’s Closet in the Mid-West and Hut no. 8 in the South and West, there also are some great online opportunities. My favorites are Tradesy, for brand-name sales and EBay for everything you could possible sell.
When all else fails, there are several locations that accept donated clothing. Beyond Goodwill, there are local women and children’s shelters and my personal favorite, donations to Habitat for Humanity, which uses the clothing items as insulation in homes. The Internal Revenue Service (IRS) has some pretty tight regulations on what you can claim as a write off but generally speaking, the value of the item is equal to the value you would pay at a resale shop, and you need to have a receipt to prove your donation. For more detailed information, check out this helpful guide from the IRS on determining the tax write-off of household items.