How to Save Money Through Downsizing

Retirement is all about doing what you enjoy and downsizing is often the first step in that journey. And the longer you wait, the harder it may become. When it comes to downsizing your belongings, where do you start? As it turns out, there are some items that make for common downsizing obstacles. So here is our list of what you can downsize to save money:

Save Money Through Downsizing

Your Home

Downsizing from your home can result in loads of savings every year and can reduce your yearly expenses. The savings come from reduced property tax, insurance, maintenance, and utilities.

Your Debt

On average, Americans carry $6,194 in credit card debt. If you downsize your home, you can put some of your monthly savings toward paying off your debt and pay less interest going forward.

Clothes

With the rise of “fast fashion” online, people today are buying more clothes than ever. The  average person is ditching about 81 pounds of clothing every year as of 2020. Due to this fact, it’s clear that closets all over America have room to shrink and stay that way. Though, donating would be far more beneficial than simply throwing clothes away.

Storage Units

If you are paying money each month for a storage unit, it might be time to go through them and see if you really need those items. After all, you won’t have more room to use them if you downsize anyway. Now is the time to think about condensing those items or even getting rid of them all together. 

Exercise Equipment

Exercise equipment can go unused for long periods of time while taking up a lot of space in your home. Programs, like SilverSneakrs, provide Medicare enrollees free access to over 15,000 fitness facilities nationwide.

Sell Collectables and Kitchenware

If you have a large collection of collectibles, or lots of kitchen gadgets that you haven’t used in the last year you can make a little money by selling them. 

Ready to begin downsizing? Here is the best FREE starter’s guide to beginning your downsizing journey. Download your FREE copy to Unlock the Power to Declutter: The Definitive Guide on How to Start.