3 Ways to Save Money by Downsizing
Posted on Monday, September 12th, 2016 at 10:10 pm
One way to save some money is by getting rid of things that you do not need or that no longer fit your lifestyle. Downsizing can be a relief for people who have accumulated too many things and do not know what to do with them. Going through stuff that hasn’t been touched in years is a good way to prevent yourself from buying things you already have.
Ways to Downsize
Sell Your Car
The car that has been sitting in your garage for years is costing you money. It adds to the cost of your car insurance. It requires at least a minimal amount of maintenance, even if you have stopped driving it. Downsize by selling that vehicle. Doing so might lower the cost of your car insurance.
If your lifestyle or work situation has changed, its possible that you won’t need a car at all anymore. Those who work from home and who live in a place that has good public transportation might not actually need their car anymore. Sell it, and you save the money you would have spent on car insurance and maintenance.
Get rid of the subscriptions that you are paying for but do not use. Stop spending money on the gym subscription that you bought in January and have only used once or twice since then.
Canceling magazine and newspaper subscriptions provides two benefits at the same time. You won’t be spending money on things you aren’t reading, and you can get rid of some clutter. Have you subscribed to more than one music streaming service or video streaming service? Downsize by picking one and canceling the rest.
Go Through Your Closet
Most of us have clothing that we wear all the time…. and a bunch of clothing we don’t wear at all. Downsize by going through your closet and removing all the clothes that you don’t wear.
There are reasons why you aren’t wearing those clothes. Maybe the clothing no longer fits. You might be hanging on to clothing for sentimental reasons – like a bridesmaid dress or a college sweatshirt. Or, maybe your tastes changed and the clothes in your closet are unappealing.
Downsize your clothing by getting rid of the stuff you don’t wear. Donate it to a charity. Have a yard sale. Give it to your younger relatives who might get use out if it. This frees up your closet by giving you space to put new clothing.