‘“The money you make from selling your unwanted items can go towards creating financial freedom for yourself”
Canna is a financial planner who is the creator and host of SugarMamma.TV; a dedicated channel to wealth management help.
Drawing upon the advice she’s shared and her experience in the finance industry, Canna authored wealth management book,” The $1,000 Project” on how she managed to save $32,000 in one year.
Did you know?
- Gumtree’s eighth annual Second Hand Economy Report shows Australians could stand to earn $34 billion from the second hand economy
- The average Australian household is sitting on $4,200 worth of unwanted items
- Australians believe the main benefits of buying and selling second hand are; lower prices/saving money (72%), reducing waste/recycling useful items (66%) and the ability to cash in and make money (53%)
- 56% of Aussies have sold a second hand item in the last year
- 3 million Australians joining the second hand economy by selling online for the first time during this period
- Australians are generally open to the idea of selling second hand items online to contribute to a deposit for a home (66%), with millennials are more likely to do so (80%)
- The key life moments when Australians consider using the second hand economy to buy or sell are:
- Spring cleaning (69%)
- Moving house (60%)
- Downsizing (57%)
Check out how you can boost your savings with Gumtree
Canna’s top tips for taking advantage of the second hand economy
1. Declutter first
Decluttering is the first step to unearthing valuable items you may have forgotten you were holding onto
2. Sell your items
The money you make can help pay off those debts, build up some savings or even pay for that holiday or put towards that house deposit. If you’re hesitant to begin investing, selling on Gumtree is a great way to put together that first $1,000 towards earning a passive income!
3. Set and forget mentality
Put any money from sales straight into your savings account to avoid spending the cash. Apply a ‘set and forget’ mentality
4. Think minimal
The best way to save is to subscribe to principles of minimalism. Get yourself a capsule wardrobe, strip back your furniture, be critical about what items in your home or in your garage are meaningful to you. Sell the rest!