It is no surprise that we women love to shop. We dream of gigantic closets with separate shoe racks. We crave for hidden cabinets that store our luxurious beauties and, at least, five levels of drawers just for our jewellery collection.

Too much? Kind of. Think you deserve it anyway? Bad idea.

Women’s love for shopping sometimes turns into a collection of unused tops, bags you never took out of the closet, and shoes you just thought you liked. Shopping can easily turn into a bad addiction. Don’t worry, ladies. We can still turn things around, sell unnecessary items in our closets, and use our earnings wisely.

Why you should go through a major closet raid

Admit it. You cannot remember when and why you bought those leopard printed tights, and you have no plans of wearing them anymore. It can also be a pair of wedges that looks like it was delivered straight from the 80’s. Sometimes, you see them lying around your closet, wasting good closet space, and you realise that you got these just because they were on sale.

Make Money from Your Unused Clothes

Here are good reasons why you have to do something about the unused jungle inside your closet:

You don’t like them anyway

Need it? No?
However, do you want it? No?
Do you want to give it away or would you rather earn from it? Of course, you would rather earn from it. Easy as that.

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They are wasting precious closet space

It does not matter if you have a closet as big as another person’s house or as small as another person’s shoe room. As long as you are placing something you do not need anywhere, it is a waste of space. The rule of matter is simple: you cannot place two things in one particular location in space.

Cash in Your Closet: How to Make Money from Your Unused Clothes

With just a few clicks, you can turn them into cash

You have many options online on how to turn anything you do not use anymore into cash so that you can purchase something else that you can actually use. You can have probable consumers bid for your items, or you can have your social media friends buy directly from you.

How you can earn online by selling your unused items & make money from your unused clothes

The biggest online shopping option is eBay, but there are also other efficient local shops. Social media sites are also an excellent platform. It is really up to you.

The reason eBay would be a magnificent choice is because you have the option to have it auctioned. This works especially for rare and hard-to-find items and collectables. Here are a few tips so that you can succeed in selling your items online:

  1. Put some effort in posting nice pictures because they can make or break a sale. If you are not into photography or if you do not know if it looks nice, simply consult someone you trust.
  2. Share every detail – both the good and the bad. Include everything that you can in the description of the post: What’s the size? How old is it? Is it brand new? Where did you get it? What’s the last price? What’s the bidding price? How do I contact you? Are there defects? Remember: Honesty is the best policy. Buyers love honest people.
  3. If there are defects, invest in having them fixed so that you do not have to reduce its price.
  4. Consider having your items auctioned. Set your starting bid price and wait for buyers to bid on your items. Do this especially for rare items or old, luxury items.
  5. Ship on time! Respect your buyers and make sure they respect you too. If you are planning to meet up, make sure you meet your customer at a secured place. If possible, meet somewhere with visible guards. If you agreed to ship the item, make sure you ship it on time.

Succeeding in eBay will not happen overnight, but it is still better to do something about your unused items than let them collect dust and depreciate over time.

What you can do with your earned cash

When you finally get the money, you can put it somewhere else.

As soon as you replace your unused items with money, you can start deciding where to invest your money in. Should you spend it this weekend? Buy more unnecessary clothes? Save it in the bank? Invest it?

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Cash in Your Closet: How to Make Money from Your Unused Clothes

The financially savvy woman will not spend it on items she will just forget about. You do not have to buy something just because it is on sale. Buy something – whether it is cheap or expensive – because it gives practical value and it can still provide monetary returns when you do not need and want it anymore.

If you use the money on shoes, make sure you buy shoes that will last for years instead of shoes that will last for only six months. Make sure that they pair you will get can still be sold at a good value when you are ready to let it go.

You can also use the money to buy books or attend seminars that will teach you skills to earn more money. Investing does not have to involve charts and numbers. It can simply mean putting money into something that can give you more money, and knowledge is one of those things.

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).