4 Ways to Make Money off Your Closet

I am always up for making money. I mean, who isn’t? Of course, when we think of making money, we just think about side jobs. But you might be missing out on a simple way to make a little extra cash.

I’m talking about your bedroom closet. There can be amazing ways to make money just behind the door.

1. Check Bags & Wallets

I am a self-proclaimed bag hoarder. I seriously love handbags — not just the bag but the wallet that coordinates with it. I actually swap mine out every few weeks. When I do that, I always seem to find some coins at the bottom of the bag. Once I even found more than $20 in a wallet. Take a minute to go through your bags and wallets, and you might find some money yourself.

2. Check Pockets

While most of the time I carry a purse, there are times when I grab some cash and stuff it into my pocket when heading out. I also occasionally take the change from my purchase and stuff it into my coat pocket. Usually, this will come out in the laundry. However, I will put my winter coat into the closet and not pull it back out again until it’s that time of the year. It’s awesome when I reach into the pocket and find money waiting for me.

3. Clean Out Items You Don’t Want

A simple thing you can do is take your used clothing items and sell them. There are actually two different types of consignment stores: traditional and online. There can be good reasons to use one over the other.

The one most of you probably know about are traditional, or local, consignment stores. The biggest reason I love them is their instant reward: You bring in your things, and they pay you on the spot. The main reason I don’t like them is that you may have to drive to find one. I live outside of a metropolitan area, but do not have a consignment store nearby.

The newest trend is online consignment stores. What’s so awesome about them is that they often pay more than stores. The reason is they have lower operating expenses. The only thing I don’t like about them is that they don’t exactly take everything you’re trying to sell.

4. Get a Tax Deduction

If you don’t have the energy to sell items yourself, you can donate them instead. This will not put actual cash in your pocket, but it can give you a little deduction on your taxes. Just make sure to keep the following:

A receipt from the store
Photos (just in case)
Value of items donated (there are online tools that can help you pin this down)

There are other great ways to make money from things you own, like by hosting a garage sale. It’ll take more work, but can pay off big time.

[Editor’s Note: You can monitor your financial goals, like building a good credit score, each month on Credit.com.]

4 Ways to Make Money off Your Closet

1. Check Bags & Wallets

2. Check Pockets

3. Clean Out Items You Don’t Want

4. Get a Tax Deduction

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