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How to Make Money Off of Your Closet

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Let’s be honest, everyone has those moments when they make an impulse buy. And then you try it on when you get home, just to realize that it’s not exactly what you thought it was. But instead of taking all that effort to return it, it just sits in your closet collecting dust. Sometimes our spending habits gets the best of us, and as a twenty something, I see this happen all the time with my friends–myself included.

As I prepare for my upcoming move, I’ve been taking a long hard look at the stuff in my closet. I’ve decided it’s time to clean house, so I’ll be organizing all my belongings into three different groups: keep, donate, and sell.

The keep pile is obvious, keep the things you wear and like. Donating clothes is great; someone gets a new item and you get a deduction for your taxes. But then there’s the other group, the group that includes those heels that you wore once, or that sweater that still has the tag. You obviously don’t want to keep these items because you don’t have a need for it, but you certainly don’t want to just give them away either. Today there are many different outlets to help you sell your unwanted fashion–and make some money:

1. Poshmark

This has become my newest addiction. I’ve sold some items on Poshmark, but am guilty of purchasing, too. I’ve found that this is easier to use on your smartphone. You set up your closet, post pictures, brief descriptions, and a checklist of the items you wish to sell. Then everything goes on the market and people can purchase through the app or website. You’ll get notified when you sell an item. Once the payment is made, you just mail the item out. It’s really easy and safe to use.

2. Tradesy

Tradesy is another website where you can sell your stuff online. This site helps advertise and market your items to make sure they sell, so Tradesy takes a small commission (9%) of your sales.

3. Consignment Shops

Find a local consignment shop and try to sell your belongings there. They try to sell the item within 60 days; if it sells, you receive 40% of the ticket price, and if it doesn’t, they call you and you take the item back. This is an easy and effortless way to make some extra money.

4. Garage Sale or Flea Markets

Set up a stand at a local garage sale or flea market with your unwanted clothing. You never know what people may be looking for and someone might find a treasure in your “trash.” This is another easy way to sell items, but the ticket price is often a lot cheaper than the other options. People shopping at these types of events are looking for a low price, and they’re always going to try and negotiate.

5. Make Your Own Online Store

There are many websites that let you create your own online store like eBay or Etsy. It’s almost like hosting a virtual garage sale. The internet helps you open up your business and belongings to a larger audience, and hey, it might even convince you to start a fashion side project.

Photo: Thinkstock

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