Financial Reasons to Get Rid of Your Junk

Can I park my car in any of the three parking spaces in my garage? The answer is no and “stuff” is the reason. I’ll be brushing snow off my car in the morning as a result, but there is another reason to get rid of my junk. Holding onto items that you don’t use is also bad for your family’s finances.

This summer, I’m going to get rid of all the junk that clutters my home. It’s easier said than done, but I know that there is no shortage of ways to get rid of things. I can sell items online, hold a garage sale, donate to charity, pay someone to sort out my hoard or simply throw stuff in the trash.

Opportunity Costs

Opportunity cost is a fancy term used by economists to define the money you aren’t earning, because you made a decision. The average person has £3,429 worth of junk sitting in their garage. That means that the opportunity cost of not selling that junk is £3,429. It can really add up when you think about how all that stuff is just sitting unused.

Cost of Organization

Do you need to buy shelving and storage systems? Maybe you should just get rid of the stuff you plan to organize?

I can think of a number of times I’ve bought shelving and organization systems. Yet, I’ve never stopped to ask myself if the stuff I was organizing should be tossed instead. There was a mess and I needed somewhere to put it.

Since remodeling my master closet, I’ve come to realize that organization and storage can have a very high cost. You need to be cognizant that organizing the stuff you aren’t using can increase spending.

Cost of Replacing Useful Stuff

Of course, you can leave stuff piled up in a corner and many people do. However, what happens when having lots of junk causes you to misplace things you use regularly?

When I recently couldn’t locate batteries, I went out and bought new ones. Later, I found a stash of batteries misplaced amongst some papers. I bought new batteries for nothing.

We tend to overlook replacement costs, but useful stuff get lost in unused junk all the time.

If you are like me, you are a busy person and don’t have time for junk management. However, you need to realize that the more stuff you have, the larger the costs above will grow. You may be able to live without a garage, but as stuff accumulates so does the cost of keeping all that stuff.

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