How To Live With The Downturn -- Assess Your Stuff

George Carlin died last year. I was sad. He had such a great bit about "stuff." He won't be reminding us of the folly of it anymore. But he did a good job of it. We buy it and then need MORE stuff to care for it, store it, show it off, etc. He made some really good points about how demanding it is to have "stuff." Thank you, George.

"Buying stuff" is deeply ingrained for most of us though. It may be a cute little purse at your favorite boutique. It may be spare parts for your 1979 Ford 1/2 ton pick-up. It's still "stuff." For years we've been buying buying buying just because we can.

An economic downturn interrupts that pattern. It makes you say "whoa." And gives you a good strong push toward looking at the stuff you already own. Do you need it? When are you going to use it? Is it consistent with how you're living your life these days? I have inline skates I haven't used in two years. Do they belong in my garage or on Craig's List?

When you're getting close to retirement, it's really important to look at your "stuff." Simplify becomes the word of the hour. We think about dealing with our stuff. But it's one of those "I'll get to it eventually..."efforts. It's a whole lot more fun to just keep buying it.

Use the downturn to push yourself on this. Use it to take a good look at your stuff!

Anything you need to let go of, even if you've loved it for decades? Anything taking more to own than it gives as pleasure? A collection of figurines that takes an hour to dust? Jewelry you never take out of the safe deposit box? The extra stereo components you were going to install on the deck of the last house you owned?

Take a long, slow, serious look at what you have. Then really think about how it's serving you. Does it all need to stay? If not, you get to learn a new fun game: What to Do with It Instead. There are more options than you think:

SELL IT. The most financially beneficial option is, of course, to sell it, even if things aren't fetching what they did a year ago. Garage sale? Online? Your sister's kid who's starting a business and needs that very stuff?

If you want best dollar, maybe it's time to learn about E-bay. If you want to move it quickly, maybe Craig's List or something low tech, like a sign on it, will work better. Or maybe there's someone who's told you "If you ever decide to part with that..."

DONATE IT. This can be financially positive as well--IF you get a receipt for it. Then you can deduct it from your income tax as an in-kind charitable contribution next year. (But if it has significant value, pay attention to what the IRS requires as documentation.)

Donating unneeded stuff is emotionally satisfying. You get "do good" with stuff that isn't doing you any good anymore. Cool! This is true whether you give that extra dresser to your uncle's needy friend or a prize piece of art for an auction to raise money for a community project. It can be downright exhilarating to learn that what you have to give is what some organization has been praying for.

RECYCLE IT. Please please please don't throw things out that can be reused. That goes for everything from plastic grocery bags to clothing and household items. Give it to Goodwill. Give it to St. Vincent de Paul. Give it to somebody! Check online for ways to make a difference. Last week, I found a local company who was delighted to get the sink, countertop, and plumbing fixtures I no longer needed. They will be useful again and that's good. Plus the woman who took my donation made me feel like a hero!

PITCH IT. Okay, sometimes throwing it out is the right option. But that's the last resort--for two reasons. You don't earn anything for it that way and you pay--one way or the other--to make it gone.

This pitching and sorting is a good thing. Kind of the household equivalent of losing ten pounds. Your living space seems bigger. Your maintenance responsibilities seem lighter. Use the downturn to tap the potential of converting "stuff" back into cash and buy back a bit of your space in the process.


Copyright (c) 2009 Mary Lloyd