I’ve written about J. Money’s Sell-O-Meter, where he tracks how much money he’s “made” by selling off old items he’s no longer using, and how I’ve been inspired to also keep track of the money I’m bringing in by selling off things that have been sitting on a shelf or hidden in a closet (a painless $67 in under 2 months).
This week, J.D. at Get Rich Slowly posted his version of the idea – a Stuff Replacement Fund. Same general idea – sell off your things and track how much money you’re making. But rather than spend the money immediately or put it into a “fun fund,” J.D. suggests creating a Stuff Replacement Fund. If you’re hanging onto something because you think you might want to use it someday, by putting the money into a Stuff Replacement Fund, you have the money there to replace it if you so choose. His theory is that a few years later, if you’ve not needed the money, you can just fold it into your regular accounts, because clearly, the items you sold weren’t items you needed.
This isn’t a bad idea for people who find themselves holding onto things because they might need them again. Sure, you won’t be making enough money to replace the item if it were new, but you’d probably be able to buy another used one.
What’s the point of selling then, if you’re just going to stash away the money? Well, you’re earning interest. All your item is collecting now is dust. Additionally, you’re simplifying your life. I’ve realized over the past few weeks that one of my problems is that I have too much space to store things. I’ve kept stuff just because I have room for it, not because I need it. Plus, the item is better off in the hands of someone who will use it.
I’m not sure if this is something I’m going to try or not. I’m pretty good about getting rid of things that I know I won’t use again, but there are things I can’t bring myself to sell, even though I’m well aware that perhaps they are not items that I need. I find more incentive in creating a “fun fund,” as J. Money has done. But maybe I should take another look at what I own, just to see what else might be ready to leave the apartment.