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Mission: It's Financial Spring Cleaning Time!

Kids & family, Giving back, Housing, Mortgages  | 0 Comments | 272 Views | 0
By: hpatel , March 27 2009

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Hello LifeTuners!

March 21st has come and gone and spring is upon us! So, like your mother who always nagged to get the house in order, it is time for some spring cleaning - personal finance style! 

Here we'll go through some obvious and not-so-obvious ways to figure out how to clean the house while saving some money.

1. Throw out things you haven't used in the last year:

What if you could keep anything in your household that you used in the last year but had to throw out anything that hadn't been in use since then? How much stuff would you have to sell?

A rule of thumb for clothing: If you haven't worn it in the last year, you probably won't wear it ever. Try implementing that rule for everything in your house and you may be surprised at how much junk you're keeping that you never use. Which brings me to my next point:


2. Sell old stuff on Craigslist or other Web sites (virtual garage sale):

The old days of having a garage sale are dying as more and more people use Craigslist and other Web sites to reach a bigger audience. Once you've found a bunch of stuff you don't use anymore, go ahead and advertise it for sale on Craigslist. I'm willing to bet you'll find a great way to spend the money you'll have coming in from selling your old stuff.

3. Throw out old food: 

I love drawers and cupboards. I look at my kitchen and It looks like I have a ton of space to put all kinds of food in there: bags of rice, cans of beans and delicious maple syurp. But what happens to this bounty of food when time goes by and that jar of peanut butter is long forgotten? Gotta throw it out!
Anything that has passed its expiration date: Throw it out!

Anything that isn't part of your current diet: Throw it out!

Anything you have never used but think is nice to have: Throw it out!

That stale cereal that you put a rubber band around to keep it fresh -- well, it's stale: Throw it out!
4. Donate the stuff you can't sell:

 If you want to donate your car, there are few snags you have to worry about.
Rules from the IRS About donating cars:

1st rule: the company must be a 501 (c) (3) charity or a not-for-profit organization. It must be able to provide you with proof of this status, or you can contact the IRS at their toll free telephone number 1-877-829-5500.

2nd rule: The donation must be itemized on your tax form for your deductions. The car donation line item would appear on Schedule A of your tax forms. If you normally take the standard deduction instead of itemizing, then you might not get the full tax benefit when donating your car.
Final Rule: You can deduct the fair market value of the car.  This value can be different from the Blue Book value. The IRS provides guidance on how to determine the value of a donated car.

Clothing and other household donations to qualified charitable organizations are tax deductible. 

For tax deduction purposes, The Salvation Army and Goodwill Industries publish guidelines for the valuation of donated items, including clothing and shoes. You should bring in your receipts to get the maximum value out of your donations!

After selling, donating, or throwing out all the stuff in your home that you don't need, give yourself a high five! Your house is now free of the cobwebs from those items you no longer use! 

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