7 Things Millennials Should Consider Selling To Pay Off Debt
According to Experian, millennials have an average of $29,702 in debt. This does not include mortgage-related debt, but it does include credit cards, auto loans, and student loans.
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If you’re a millennial with debt and you want to pay it off, one option is to go through your home and look for things you can sell for cash. Depending on what you’ve got lying around in your closet or garage, you might be able to sell it for a few hundred or a thousand dollars.
Designer Fashion Items
Designer fashion items are expensive to buy, but that also means there’s a good chance that you can sell them for a decent amount of money if they’re in good condition.
“That designer bag or pair of shoes you splurged on and hardly use could be a goldmine,” said Jeff Rose, CFP and founder of Good Financial Cents. “High-end fashion holds its value pretty well. Sites like The RealReal or Poshmark are perfect for this, and there’s always someone looking for a deal on luxury items.”
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Unused Vehicles
Most households in America have at least one car. A lot of millennials have two or more vehicles. If you have multiple paid-off vehicles you rarely or never use, you might be better off selling them rather than letting them slowly depreciate in the garage.
“Another thing that millennials could sell off to help with their debt would be … a vehicle that they may not frequently use,” said Sebastian Jania, the owner of Ontario Property Buyers. “This would apply especially in the scenarios where one is able to commute to work by bicycle or by walking or even working from home.”
Musical Instruments
It’s not unusual to find musical instruments hidden away in storage or the back of your closet. Whether that’s a flute, a trombone or a drum set, if you’re not using it anymore, you might want to sell it instead.
“Maybe you tried your hand at guitar or keyboard and it’s just not for you. Instruments, especially from good brands, can fetch a decent price,” Rose said. “You could sell them on Reverb or even at a local music shop. It’s a great way to pass on your instrument to someone who’ll use it.”
Sports Cards
“There are a number of things that millennials can sell off in order to pay different forms of debt,” Jania said.
One such item? Collectible baseball and hockey cards.
“These items, because they are rare, are often in high demand,” Jania noted.
So, if you own a decent collection and they’re in good condition, you could sell them to pay off some of those expensive debts.
Old Collections or Rare Items
Having a collection or two isn’t uncommon, no matter your age or generation. But some of the things you used to collect could be quite valuable now. And if you’re no longer that interested in them, selling them could help you out financially.
“Got a collection of rare sneakers, comics, or action figures? These can be surprisingly valuable, especially to the right collector,” Rose said. “Websites like eBay or niche collectible forums are ideal places to find buyers who understand the worth of your items.”
Video Game Consoles and Video Games
Video games and video game consoles can also be worth some money to the right buyer.
“Much like their old collectibles, a lot of the video games that millennials still own have some value even though they may be considered to be old,” Jania said.
Before selling off old gaming systems or games, make sure they still work properly. Otherwise, they might not be worth all that much.
Sports Equipment and Accessories
“Unused workout gear or sports equipment can also be a source of extra cash,” Rose said. “Maybe you have a bike you don’t ride or golf clubs gathering dust. Selling these on platforms like SidelineSwap or even at local sports consignment stores can turn your forgotten hobbies into money.”
Where To Sell Your Items
When it comes to selling your personal belongings, you’ll want to choose the right shop or platform. Otherwise, you might not get as much money as your item’s value. If that happens, you’ll also have less cash to put toward your debts.
Here are a couple of additional places where you can sell your things:
Consignment shops or thrift shops: See if there’s a local consignment or thrift shop in your area where you can sell your unwanted items. You might want to check out dedicated shops for specific items, like musical instruments or sporting goods.
Online platforms: Check out sites like Poshmark, The RealReal, eBay, Facebook Marketplace, dedicated Facebook groups and Craigslist. Make sure you take clear pictures and write an enticing product description to boost your chances of getting seen — and of getting the sale.
Garage sale: If you have a lot of things to sell, you might want to consider holding a yard sale. The best times to do this tend to be on the weekends as more people are out and about enjoying their days off. Be prepared to negotiate on your prices.
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