Money-Saving Habit #7: Rethink Buying Used Goods

The next in the series 20 Money-Saving Habits for 2009…

Oh, I remember the days when I was home with a newborn baby, surrounded by shiny new baby equipment. That shine didn’t last long! Once you get to the second or third kid, you realize that it wasn’t so important to purchase everything brand-spanking new. The same goes for you—whether it’s clothes, home decor, or furniture. Especially with today’s economy, buying used is often the smarter way to spend. Some parents compromise by purchasing only certain things new—say, kids’ shoes—while the rest is used or handed down. Figure out what you’re comfortable with, then plan your next shopping trip.

Where can you find used bargains?

• Shop Yard Sales and Consignment Sales—Check your local paper, Craigslist and GarageSaleTracker for sales in your area. Shop smarter by hitting the multi-family or neighborhood sales, church tag sales or association consignment sales. You’ll see much more merchandise without having to drive around.
• Shop on Craigslist—This seems dependent on your geographical area, but some parts of the country have thriving Craigslist communities. Just this week, I showed you some of the items I’ve bought off Craigslist. Make sure you ask questions over email before you meet up, and plan to meet in a public place or outside the person’s house–I ask them to meet me out front with the item(s), or I send my big scary husband. Be safe! And if you don’t like the idea of meeting strangers, then…
• Shop on Ebay—Ebay is just one giant yard sale, spread out all over cyberspace. If you’re looking for something specific, like name brand clothes, bedding, etc., Ebay can be helpful. I purchased used Pottery Barn Kids crib bumpers, crib skirts, and a wall quilt for my twins’ nursery for a fraction of the cost they would have been new.
• Shop at Consignment and Thrift Stores—Look around your area for hospital and other charity thrift stores, Salvation Army, Goodwill, and others. For some examples of fabulous used finds, check out Nesting Place or Southern Hospitality. Each of those inspirational blogs hosts links to lots of great blogs where people show you what they paid for their used items and how they incorporate them into their homes.
• Ask within your Social Network—Are you part of a MOMS Club or have an email list from your child’s class at school? Ask around and let people know what you’re looking for. This also allows you the Craigslist experience but with people you know.

No matter where you are in the financial spectrum, it can be worthwhile to purchase used goods. Free up your dollars to pay down debt, save an emergency fund, or enjoy time with your family. By embracing the concept of buying used and doing it regularly, you save hundreds and thousands of dollars over the course of a year.

As a last note—remember that you can also re-sell your used goods after you’re done with them. By purchasing high-quality children’s clothes (either used or on clearance) and reselling them at yard sales and consignment sales, I recoup some of my cost, saving even more money. This is also true of household items, furniture, and everything else you’re bought used. That’s how I spent only $100 net on my dining room table.

What are your best used purchases?

Read the other articles in the 20 Money-Saving Habits for 2009 series.