Posted in Lifelong Learning, MoneyMatters

Breathe Easy…It is a win win for all

I got a call!

…Breathe in…breathe out…breathe easy.  Forget that!   Guesss what?  It’s an audience of one, and moi! It is.  All the more reason for my best side-eye, attention grabbing happy dance.

Drumroll!

Yipee!!!! I have a check!

Image Credit: thisnext.com
Image Credit: thisnext.com

Agreed, it may not seem like much, all of $30 but when you think of it in the grand scheme of things, some money is better than no money which would have been my fate,  had I added those items to my growing donation pile.

The selection of items run the full gamut – some brand new, one or two seasons ago and even in some cases, current season items.  Do not get me wrong, it never hurts to make those donations which come with some great benefits but whoever came up with the idea of Consignment shops in my book is genius! .

Breath of fresh air.   Clear out my closet and get paid for it..now if there was ever motivation to get on with this task, (t)here it is.  With my eyes fixed on the price with laser beam precision, I began going through my closet, storage, suitcases.  I was determined to get this thing cleared out of what I really had no need for and also so I could really see things as they really are; see through the clutter and the noise and identify what stays and what goes irrespective of the “deep” albeit, skin deep, sentimental attachment to the item(s).  Off to the Consignment Store it is.

Resale = Recoup.  Because of the zero  Inventory cost, the consignor is able to offer these new or gently used items at good prices much lower than their retail value and it is a win-win because the customers get a percentage of the sale when the item is sold which could run anywhere between 40-60% of the selling price.  Now think of the savings now that kids are in the “Back to School” season.  And yes you can get brand new tag still on items at significant discounts.

Perhaps you are wondering how is a consignment store any different from a Thrift shop given that both are in the business of reselling items received.  A Consignment store carries gently used or new items and the Thrift store accepts donated items.  The quality of items at a Thrift store run the full gamut, however there is the additional benefit to donors who receive a tax deductible receipt.  Thrift shops are generally run by Not for Profit organization.  Consignment stores are generally a bit more selective in the items they receive.

You want my item; Show me Your Selections.     Simply put, Show me yours and I will show you mine.  If you want to consign your clothes, evaluating the store’s inventory to get an idea of the current season’s trends will help determine if your items fit right into the store’s collection on display.  It would not make sense to turn in shorts in the middle of a brutal New England winter.  Check to see if the store is open to receiving items one season early.  Think fall items in the Summer.  Some Consignment stores may be willing to pay you off on the spot that way you do not have to wait until the items are sold to receive your percentage.

Also be clear on the store’s policy in terms of how items are priced, how long your items are displayed before they are marked down and how long you have to pick up your items once they are pulled from the display.  Most stores have a 60-90 day display policy.  Also be sure to have a good understanding of how and when payments are made as well as the means of notification of such payments which could be by email or a phone call.

Locating better quality and More Happy Dance Moments -Good quality merchandise comes with a price and that may vary with the store’s location and the geographical demographics.   Simply put, location, location, location.

Zipwho,  provides information on geo-demographics which may help locate information on the affluent neighborhoods and likewise consignment stores in such locales.  Consignment stores in those neighborhoods would likely rank high(er) in potential happy dance moments.

Ultimately irrespective of how many available good deals, the buyer’s budget and their comfort level paying for an item reigns supreme.  Do not shy away from streets with a high concentration of consignment stores with a close mile radius because such close proximity is likely to keep neighboring consignment stores competitive.

 ‘Consignment’

            An arrangement whereby goods are left in the possession of another party to sell. Typically, the consignor receives a percentage of the sale (sometimes a very large percentage). Consignment deals are made on a variety of products – from artwork, to clothing, to books. In recent years, consignment shops have become rather trendy, especially those offering specialty products, infant wear and high-end fashion items.

(Source – Investopedia.com)

Beyond consignment stores, there are Moving or and Estate sales as opposed to yard sales.  Drycleaners typically donate unclaimed clothes after six (6) months but may be open to negotiating sale of those items instead.

Also keep accurate records of items dropped off with the consignment store.  Do not get carried away by the steals, and I mean amazing deals.  Buy what you need, otherwise we are back to square one – the clutter and the noise in the closet.

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Author:

Broad based knowledge seeker; outside and beyond the box - arts and culture, travel, writing, christian faith walk, good reads and refreshing conversation - and not necessarily in that order. Storytelling by connecting the dots between the traditional and non-traditional, the obvious and not so obvious.

One thought on “Breathe Easy…It is a win win for all

  1. Nice tip there. Thanks SRDR..I shall be checking the zipwho website looking for a consignment store as the kids head back to school. Every deal helps so we don’t break the bank.

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