You Wouldn’t Believe the Amount of Money Hiding In Your House
In the hustle and bustle of our daily lives, we often overlook the potential goldmine that's right under our noses – our own homes. Imagine stumbling upon unexpected money without stepping foot outside. It's not a magic trick but a mindset shift that invites you to explore the wealth hiding in plain sight. From forgotten items that could fetch a handsome price to embracing the art of reducing waste and intentional consumption, the journey of finding money around the house is a multifaceted one. In this blog, we'll dive into the art of uncovering these hidden gems, utilize strategies to cut down on unnecessary waste, and discuss how cultivating these practices can not only bolster your savings but also foster a more sustainable and intentional lifestyle for the long haul. So, let's embark on this transformative journey of financial discovery, frugality, and mindful living as we reveal the benefits of unearthing treasures within our own four walls.
Gift cards. According to Square, “Canadians are sitting on more than $33 million worth of unspent gift cards through its platform alone!” The average person has $300 worth kicking around the house. When I went through mine, we had over $350 ranging from Starbucks, Indigo, to Suds and the Keg. Gather them up from everywhere in the house. Your junk drawer, closets, purses, and cars. Make a plan on when to use them. Put it in your calendar. Every day, they are wasting away in your junk drawer and become worth less and less due to inflation.
Unused sports and gym equipment. We all have the best intentions, but I know as well as you do that the treadmill in the basement is just collecting dust. Your kids may have outgrown that hockey equipment, and when was the last time you used those cross-country skis? It will blow your mind on the sheer amount of stuff you have sitting around, taking up space in your garage and basement. The best tip is to sell the stuff for just under market value at peak season to get top dollar. I have seen clients make up to $2,000 selling unused elliptical machines, exercise balls, cleats, helmets, golf clubs, and dance costumes. That could go towards your child’s extracurriculars!
Clothing. According to a poll by Stitch Fix United Kingdom, which surveyed over 2,000 adults, discovered that “People have an average of $268.44 worth of unworn clothes in their closets". I would argue that it’s considerably more, as we truly only wear the same 20% of clothes 80% of the time. One trick, if you are overwhelmed in the clothing department, is to pull clothes that still have tags on that aren’t in the rotation. Maybe it didn’t fit properly, and you didn’t return it on time. Maybe you thought it might fit after you lost a little weight. Maybe it lost its luster after you got home; either way, these are the best clothes to sell and try to recoup some of your money back. Clothing is very difficult to sell on Marketplace or VarageSale. It depreciates almost instantly, so moving forward, be more intentional about what you bring home in the first place. Another trick that has worked for my clients in terms of selling their kids’ clothes is to sell it as a LOT. This means bundling like items together to create a deal for the purchaser (i.e., 5T Boys fall clothes - jeans, flannels, hoodies, and sweats). It’s easier for you to sell as a group.
Food waste. We all know how disgustingly expensive groceries are, but we tend to overlook how much food we are actually wasting. It’s a huge problem in Canada because we overbuy, overcook, and store food incorrectly. According to lovefoodhatewaste.ca, “the average Canadian family wastes 140 kg of food every year, which equates to about $1,300”. One experiment for your family is to try my REVERSE GROCERY LIST tool. Be brutally honest, have everyone in the family write down whatever food is getting tossed on a list for a month. Even better, attach a price tag to each item. See the patterns. What can you change moving forward? When I did this, I always noticed that the same things were going bad before we could finish them. When I help clients declutter their kitchens, the sheer amount of expired/freezer-burnt food is incredibly eye-opening. When you equate it to dollar bills hitting the garbage, it makes your stomach drop. It was a strong visual tool for us to see that we needed to plan better and focus on what we had for inventory before heading to the store.
Play Room Mayhem. The average 10-year-old owns 238 toys yet only plays with 12. That is incredibly excessive. Not only is this a great opportunity to start teaching your kids how to let go of material things early in life, but having less for them to manage will actually be life-changing for everyone in the house! But if you have never done a playroom purge before, a great start is to have your child pick ten things that they are no longer playing with and have them physically be a part of the donation process. If they see that their toy is going somewhere that will get more attention, they will be more likely to let go easier and quicker each time they do it. Taking them to a daycare, family resource center, or selling them and making a plan for what they are going to do with the money is incredibly empowering. They are in control. It’s also a great way to begin concepts like:
inventory (How many stuffies do you have? Do you need another one?)
saving up for a toy and doing research on it
creating a list, and checking what they have before they go shopping
taking care of toys will make them last longer
Reviewing Subscriptions and Policies. You’d be surprised how much money is just being wasted on subscriptions and apps you don’t use that are automatically getting renewed. This, alone, could save you hundreds a year. Another area is for you to sit down with your life and property insurance broker to review your policy. It’s always reassuring that you are not overpaying. We did this last year since we have a few rental properties and ended up saving over $600.
These are not just one-and-done areas to tackle. You will benefit if you take minimizing these spots to a whole other level by asking yourself these questions:
What lesson did I learn from this exercise?
How is this going to change my consumption moving forward?
If you were to equate the time you had to work for this item, how many hours would it take to purchase it new today?
If you find it difficult to let go of things that aren’t serving you, what is at the root of it?
Taking the time to learn the lesson that comes with minimizing is worth the value in itself. Over time, you’ll become more aware of your consuming behaviors and free up more time, energy, and big bucks. What’s even better, you’ll create more space in your home and your mind, reducing stress and having the freedom to do the things you love the most. Becoming more intentional is the ultimate goal. Freeing up money is just a bonus!
If you are looking to make a plan to help save up for those big-ticket items, feel free to reach out and connect with me! I’m happy to help you declutter and minimize your home! Feel free to reach out!
