Archive for April, 2009:
5 steps to having a successful yard sale
(Photo via NicestAlan on Flikr. Used with Creative Commons license).
This is a guest post from Trisha Wagner. Trisha is a freelance writer for DepositAccounts.com where you can compare rates of deposit accounts from dozens of banks in one place. Trisha writes regularly on the topics of personal finance and savings accounts.
Last night as I tripped over last season’s Hess truck, sending it rumbling across the floor with lights ablaze I came to the conclusion that it is time I address the toy situation in my home. I’ve been putting it off for some time but with yard sale season right around the corner, I decided it is time to have a yard sale. In doing so I can kill two birds with one stone: getting rid of the “stuff” cluttering up my house and making some money on the side.
Since I have never had a yard sale I enlisted the help of professional yard sailors (friends and family) for guidance in planning my first yard sale. They offered the following tips which I’m sharing here in the hopes of helping anyone else who might want to make some extra cash while doing their spring cleaning.
Location, Location, Location- No- you are not selling real estate but you do want to look for a location which will receive a lot of traffic. The ideal spot would obviously be your very own yard, however that is not always feasible. You should look for a location that is easily accessible by passing traffic with plenty of places to park. Local community groups often sponsor “town” or “block” yard sales where several families participate. This is a great opportunity to pick up a lot of potential buyers.
Planning What You Will Sell- Get everyone in your family involved in picking out items that they no longer use to include in the yard sale. In my case convincing my son to part with even one of his toys was a bit of a challenge but we have included him in the process of picking which toys will stay and which will go (to make room for new ones). Everyone is looking for ways to save cash but that doesn’t mean they want to buy junk. You will have more success if you pick items that are gently used but still offer value to someone else. Avoid putting broken, stained or otherwise unusable items out for sale which may distract or deter people from looking at the other great bargains you may be offering.
Advertise- Do not rely on the passerby alone to bring buyers to your table. You should advertise in your local newspaper, grocery stores, community center and with signs in your neighborhood. Don’t forget to tell your friends and family as well and ask them to spread the word.
Pricing- When you have a yard sale you should be prepared for some pricing negotiations. Keep that in mind when you price your items. If you need a guideline for pricing items usually one third or one fourth of the cost of the item new can be a starting point. This is just a guideline and you will have to determine the “value” of the item for those who will be buying it. Pricing each item may be a long and somewhat tedious task however it will save you the trouble on sale day of answering “how much do you want for that?” a thousand times.
Money- Yes making money is the goal of this whole production but don’t forget you will have to have change for your customers. Both the size of your yard sale and the price of your items will determine how much change you should have. Consider having at least $100 in mixed bills and change at the beginning of your sale to make change. Don’t leave your change unattended, may people suggest wearing a fanny pack or apron with pockets to keep your money on hand if you will be moving around.
For more on holding a yard sale, visit this post by Cheapnik.
Planning on visiting a lot of yard sales this year? You won’t want to miss Meridith’s post at Frugal Hacks.
Have a lunch back-up plan
My husband takes a packed lunch to work everyday for his convenience and cost savings. But some days, he rushes out the door without remembering to grab his lunch box. Other times, he needs to work late and gets hungry.
My biggest financial blunder
Two years ago, I was eagerly planning a wedding. I was a senior in college and at the helm of the student newspaper. Funds were low, to say the least.
We were preparing for a rapid set of life changes: graduating from college, getting married two weeks later, moving 400 miles away right after that, and starting new jobs a few days after we arrived in town. It was apparent that if we wanted to have a honeymoon, we’d need to wedge it in before we made our Pittsburgh debut.
The only problem? We had no money for any sort of honeymoon. Our limited incomes were devoted to regular living expenses and wedding costs.
Still, we wanted to go on a nice trip somewhere.
A cruise to Alaska seemed to be a wonderful choice. But how to pay the $2,000 or so that it would cost?
Between Shane and I, our credit cards were each approaching their limits. We wouldn’t be able to use our current cards to fund the trip.
Shane applied for a new card and was denied. That should have been a clue that hey, maybe we shouldn’t do it.
I applied for a 0% interest card and was granted a $2,300 credit limit. Perfect.
I booked a 7-night round-trip cruise from Seattle to points in Alaska, as well as our flight to Seattle and a few nights of hotel rooms in the city for before and after our trip.
It was the classic, “I deserve this, and I want it now,” mentality.
I figured that we’d be able to pay it off before we started accruing interest six months later. After all, Shane had landed a great job and I had a paid internship waiting for me. Surely money wouldn’t be a problem, right?
We went on our incredible cruise and had the time of our lives.
Fortunately for us, we were able to pay off the card quickly, though we did end up paying some interest.
I consider ourselves extremely lucky. If we had tried to pull that stunt last year or this year, I’m certain that neither of us would be approved for a new credit card. It could have been such a disaster. Shane could have lost his job (his company has reneged on offers to new hires to his initial position this year because of the economy).
Had we said, “Let’s be realistic — we can’t afford this trip. Let’s book an affordable weekend at a nearby bed & breakfast instead,” we could have paid off all of our credit cards much sooner.
I don’t regret our honeymoon, but I wish we could have come up with a better way to pay for it. I mean honestly, who takes out a credit card for the sole purpose of going on vacation, since no other funds are available? I did. I won’t do it again.
[All photos taken by me. Isn't the scenery amazing? To view more, you can visit my album here.]
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