High prices and inflation are cutting into 84% of household budgets, according to our latest inflation survey. It may seem like a side hustle or part-time job is the only option for extra income right now. But taking on extra work can be tiresome when you factor in other responsibilities -- like kids or a full-time job.
Bola Sokunbi, a certified financial education instructor and a CNET Money Expert Review Board member, has another option that can help you bring in some extra money from the comfort of your home.
Sell your old stuff.
“Things are so expensive in the store people are looking around for alternatives,” Sokunbi said.
It may not be as predictable or steady as a guaranteed paycheck, but it may help you earn a few hundred dollars a month, which could add some extra breathing room to your monthly budget.
How to decide what to sell
Figuring out what people want to buy can be tough. Sokunbi recommends sticking to necessities.
“When you’re trying to get creative to bring in more money, focus on essentials,” Sokunbi said. “People are always looking for ways to save money on essentials.”
Clothing, shoes and some accessories fall into this category. If your child has outgrown their old onesies or crib that’s sitting in your basement, selling those items could earn you some extra money.
For example, if you originally bought a brand-new stroller for $500, and you sell it used for $250, the money can come in handy -- especially if you’re not using it. The $250 can help cover your student loan payment or go toward your emergency fund.
And there’s an added benefit -- you’ll also be helping other families who may be struggling to afford to buy essentials find the items they need at a discounted price.
If you’re selling items for a loss -- less than you paid for them -- you won’t have to worry about paying taxes on any of the money you earn. But if you sell items for a profit, then you’ll need to report them as income on next year’s income tax return.
Get rid of gently used items you don’t use anymore
While essentials will always be in demand, many are turning to second-hand websites like Facebook Marketplace, Merari and OfferUp to save money on anything from electronics to furniture. If you haven’t given your place a spring cleaning yet, sifting through what you no longer want could help you earn some extra cash.
Laura Michelle Davis, a CNET Money editor, is doing just that to help pay for upcoming moving expenses. Instead of dipping into savings or turning to credit to finance the cost of her move, she’s selling furniture and other household items for extra money. So far she’s made over $1,000 to put toward her costs.
Go through any small appliances you may have duplicates of or no longer use. For example, that food processor or juicer you thought you’d turn to daily that’s hidden in the back of your cabinet could help you earn extra money, while clearing out space in your home.
“There’s money to be made in your starting in your house. Most Americans have a lot of things that we don’t use, or we don’t need that we can get money from,” Sokunbi said. Her recommendation? Spend a weekend sorting through your kitchen, basement, attic or garage for items in good working order that you no longer need.
If you need a new gadget or appliance, shop second-hand sites first. I recently needed a new coffee machine but didn’t want to pay $200 for the one I wanted. Lucky me, I found one on Facebook Marketplace in my neighborhood for half the price. The previous owner only used it a handful of times and it’s been working great.
Host a yard sale
If selling online isn’t working out or you have too many items to list, consider hosting a yard sale so buyers will come to you. You can list the days of your event online on social media platforms like NextDoor or Facebook, and yard sale sites like YardSaleSearch.com. You can also put up flyers around your neighborhood and hang them at local businesses.
Davis recently hosted a sidewalk sale outside of her apartment with a selection of books and kitchen appliances.
In addition to selling your old, gently-used items, if you’re an artist, baker or other type of creator, you can also try selling handmade items, like cookies at your neighborhood yard sale for extra money.
You might not get rich from this strategy, but every dollar you earn can go towards essentials you need to buy (like groceries or gas), or savings and debt payoff goals. And you can use the extra money toward financial goals or to help you stay afloat, Sokunbi said.
Where you can sell your stuff
In addition to throwing a yard sale, here are a few places Sokunbi recommends selling your gently used items.
- Your local community (neighbors, friends, family, colleagues)
- Facebook Marketplace and other social media outlets
- OfferUp, Poshmark, eBay and similar sites
- Etsy or Amazon for homemade items
- Local thrift stores and pawn shops
Before posting your items for sale, make sure you’re sharing on the appropriate platform. Some platforms let you sell only clothes and accessories, while some stores and sites are specifically for kids (including toys, necessities, clothes and books). Most importantly, watch out for scams when buying or selling items online, choose a safe place to make the transaction and look for safe ways to receive money.
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