Make and save money with consignment

Consignment is a great way to clean out your closets, find good shopping deals and make some extra money. Consignment shops are popular places to find men’s, women’s and kids’ clothes and toys, household items or electronics. If you’re ready to try consigning, here’s what you need to know.

What is consignment?
Consignment allows you to buy and sell gently used clothes or goods. When you consign, you work with a seller who decides a selling price and places the items in their shop or on their website site for sale. Once the item sells, you receive part of the proceeds — which the seller also decides. Often, if you shop with the seller, you’ll get more for your items than you would if you simply take the cash.

How do I get started?
First, get prepared. Each consignment shop has a specific focus — from clothes to furniture to electronics — so make sure you know where to take your items. Second, do your homework. The seller sets the sale price and the amount you’ll get. So consider checking out different shops in your area to get a feel for going rates. Third, be patient! There’s a good chance you won’t get paid immediately. Plan on it taking time for a buyer to purchase your items.

Saving money with consignment
When consignment shopping, know what items you are looking for. First, make a list and don’t deviate. Next, plan out what shops to visit. If necessary, go online or call to find out about special hours or events. This will save you both time and effort later.

No time to visit a shop?
Try consigning online! Search for specific websites where you can sell or buy kids clothes and toys or maybe just adult men’s and women’s clothes. Some popular online marketplaces allow you to buy and sell everything from kid’s clothes and toys to adult clothes to electronics.

Online sites try to make it easy for you to consign with them, if you’re planning to sell. Check the site in advance to see what the going rate is for your item(s). When you’re ready to sell, they may send pre-paid labels and boxes so you can box and ship your items at no cost. At the same time, some sites put the shipping process back on you the seller.

While you’re not likely to get what you first paid for the item, the extra cash is a great addition to your savings.

Article provided by Local Government Federal Credit Union.

The advice provided is for information purposes only.