How To #2: How to Make Money Off Your Wardrobe

Now, for a question that I'm sure has been keeping you all up at night: how is it that a graduate student with a part-time job, who doesn't get money from her parents and is responsible about her budget, can afford to have such a fabulous wardrobe? (Because it is fabulous, isn't it?) Part of it is that, other than things like rent and food, I don't spend much money on anything other than books and clothes. I am convinced that the fact that I'm not really a drinker has saved me thousands over the years. But additionally, I'm all about finding ways to maximize my budget and monetize my clothing. And now I'll pass that wisdom onto you!

Here are my top five tips, in no particular order:

1. Never pay full price for anything. I do most of my shopping online, both because my schedule is crazy and because I like to be able to try things on at home and take a little while to decide if I like them. However, online shopping has an added bonus: I get to google for coupons. If I can't find a coupon, I make a mental note, and then either search again later, or wait for it to go on sale. For those of you who, like me, like to shop at places like Loft, Boden, Banana Republic, and the like, there are constantly discounts available. Take advantage of them! It will let your dollar go further. (Also, try to make sure you don't have to pay for shipping in either direction. That always feels like a sad waste of money.)

Note: the one exception to this rule is Stitch Fix, where everything is full price. However, because of my Stitch Fix evangelism, I have gotten enough referral credits that my last two boxes have been totally free. So even though I will eventually have to start paying again, I figure it all sort of balances out in the end.

2. Maximize cash back opportunities. Have you heard of Ebates? If not, you need to! Ebates is a website that gives you a certain percentage of cash back if you shop through their site. Although the bonuses vary and are not available for everywhere, I've had a pretty high success rate with the places where I shop. If, like me, you sometimes forget to go through website, you can install the Ebates tracker on your web browser. Whenever you go to a site that is eligible for cash back, an icon will pop up. Sure, it's a little big brother-ish, but I sort of assume nothing I do on the internet is private anyway, so I might as well get money for it.

Additionally, if you use a credit card and don't need to pay down debt, consider getting a cash back card. I have a Chase Freedom card, which automatically gives me 1% back on all of my purchases, 5% on certain categories every quarter, and additional discounts in certain places if I shop through their rewards website. You can use the cash back to get gift cards to your favorite places, or to pay down you balance. My rule is that cash back money is fun money-- I can spend it on whatever I want, and I don't have to feel bad. Let's hear it for guilt-free frivolity!

3. Get money for your old clothes. What happens when you look in your closet and you find something that's new or basically new, but that you never wear? There are a few ways to turn that item into cash!

First, you can sell things on eBay. (My selling page, which is pretty sparse at the moment, is here. I just had a good run and sold a bunch of stuff, so it's all quiet for the time being.) I've had especially good success selling things from Boden and Anthropologie on eBay, and boots seem to go quickly as well.
The pros: You get to set the price, and eBay only charges you if you actually sell the item. You can also design your listing as you wish.
The cons: eBay and Paypal both take a cut of any money you make. You have to be willing to package the item and shlep it to the post office every time something sells. If you're going to sell on eBay, I would recommend listing a bunch of things at the same time, so that you can bring them all to the post office at once if they sell. And be sure to save packing materials from any packages you receive, so you don't have to spend money on shipping supplies.

Second, if eBay is too annoying for you, you can send your new and like-new clothes to ThredUp. ThredUp is basically an online consignment shop/ thrift store combo. They send you a clean out bag, which you can fill to your heart's content. You then send them the bag for free, either via the post office or FedEx. They sort through the bag and anything they deem to be in sellable condition, they give you money for it. If you want them to return any items they don't accept, they'll take $12.95 out of the money they give you and send them back. Otherwise, they'll donate whatever they don't take. Once they decide how much to pay you, you can either take the money in ThredUp credit, or you can cash it out after 2 weeks, via Paypal.
(You can also shop on the ThredUp website, where everything is seriously discounted because it's pre-owned. I've gotten a couple of things from there and they've both been really nice, and way cheaper than if I had gotten them in the store.)
The pros: It is much less labor intensive than eBay. Someone else does the work for you! And assuming they take your items, you get paid right away in most cases, instead of having to wait for the item to sell.
The cons: You make way less money than you do on eBay. The processing takes a while, and then it's two more weeks if you wan to cash out. They reject a lot of things, so you don't make any money off of those. And they don't accept all brands, so make sure you check their list before sending things in.

Finally, if your old clothing is super high quality or high-end (my stuff tends not to fit into these categories), sell it to a consignment shop. Stores like Second Time Around are always buying. I'm not sure about how much they pay, but either way, it's like getting money you wouldn't have anyway, and more closet space. Win!

4. Clothing swap it up! This isn't a money making technique, but it is a good way to refresh your wardrobe without spending. Email a bunch of your friends, choose a location that has lots of room, and have everyone bring their cute things that they don't wear. Make sure you have a designated area for people to try things on, and that clothes are sorted by type and/ or size. When the night is over, donate everything nobody took. And speaking of...

5. Itemize your donations for tax time. If you're like me, you bring large bags of clothing to Housing Works or the Salvation Army or your local thrift shop multiple times a year. Even though it's sort of a pain, keep track of what you are donating. When it comes to taxes, you can write off those donations and maximize your refund! Delayed gratification, but gratification nonetheless.

So those are my tips! Hope they help. What else would you recommend to save money and maximize your wardrobe? Leave thoughts in the comments!