Sunday, March 10, 2013

What do I do With this Stuff??

People often talk about how can I stretch money, get out of debt faster, save my pennies and be financially free. But have you ever noticed how much stuff you have around you? Can you create clothing, jams, something that people would want to buy? If you answered yes to either or both these questions then there is something you can do to make a little extra money on the side.

Depending on the type of items you have that you no longer need/want you can sell them. eBay.com allows for sales of items in various states of trash and treasure. Creepy dolls living in your attic? Research what they are and sell them! eBay often asks you to use PayPal for item payment and there are fees to use PayPal and fees from eBay if your item sells. Be sure to add a little extra to shipping or your base price to cover potential fees. Also with eBay allowing you to list for free, you can set the price at the lowest amount you will accept and anything after the first bid is icing on the cake.

Be aware if you make too much money on eBay you will have to pay taxes on this income. eBay will send you a 1099MISC form with the information on it. According to this thread on the eBay.com forums, you need to receive either 200 payments through PayPal or over $20,000 over the course of a year. Because at that point it is no longer hobby selling but closer to a second income. Most people don't have to worry about this for selling off items that have been hanging around, but sometimes a creepy doll from the closet can bring a bigger profit then you were expecting.

Some tips before you sell your stuff on eBay:
  •  Before listing- make sure to find the right size shipping box for the item(s) and go to the post office/UPS/Fedex Store's website to estimate shipping. Your buyer pays shipping cost unless you say "Free Shipping" 
  • Get organized. Know what you are listing, when you want the auction to end, how much it is worth
  • Have a decent camera that can show details. 
  • Don't stress out! Its only eBay.
The other option with your stuff is to buy a table at a flee market and sell your stuff there. Tables can run from $15-100 depending on location, season and venue. There is no promise of return on the investment of the table or good weather. But if you get a friend to sell their junk and go in with you on the table even if you sell nothing you could have an enjoyable day!  If nothing sells and you don't want to unload that stuff into the house, you can always take it to GoodWill or other thrift location and receive either a donation receipt for tax time or store credit and the piece of mind that you don't have this stuff in your home anymore. 

Now for you crafty people. Etsy.com lets you sell vintage and home made items. They do not always sell quickly but you can make money off items you made. I sell home made and custom jams. To figure out my cost, I made a spreadsheet where I track cost of jars, sugar, pectin, fruit, labels and any other supplies needed divide it by number of jars per batch and I figure out my price from there. If cost per jar is $3.32, I round up to the next dollar to pay for my work.

Friends of mine sell clothing made for Live Action Role Play Games, Renascence Fairs, Steam Punk Accessories and other events. There are people with hobbies out there that need clothing but cannot sew, so they look for someone else to make their costumes. Don't be surprised if they sell slowly. When you open up a shop on Etsy talk about it! Post the link on your facebook and Twitter. Tell your friends that you're doing it. You never know which of your friends is looking for that item you make!

Sunday, February 17, 2013

Budget Tempate

Expense
Monthly Total
Due Date
Minimun Payment




House



Rent/Mortgage



Eletric



Water



Cable/Phone/Internet







Student Loans



Student Loan #1



Student Loan #2



Student Loan #3







Credit Cards
List your TOTAL balance for Monthly Total
Credit Card #1



Credit Card #2



Credit Card #3



Store Card #1



Store Card #2



Store Card #3



Store Card #4







Car



Car Payment



Insurance



Gas



Saving for Repairs/Oil Changes







Other Expenses



Food- Grocerys



Food- Resturants



Leisure



Cell Phone



Donations to Charities



Donations to Religious Organization



Gym Membership



Leisure Memberships (Like Monthly Massages)



Dry Cleaning & Laundry







Saving



General Saving



Travel Saving



Saving for College/Grad School