- The Festival of Frugality #278 The Pure Peer Pressure Edition is up. All of your friends are reading it. http://bit.ly/aqkn4K #
- RT @princewally: Happy StarWars Day!: princewally's world http://goo.gl/fb/rLWAA #
- Money Hacks Carnival #114 – Hollywood Edition http://bit.ly/dxU86w (via @nerdwallet) #
- I am the #1 google hit for "charisma weee". Awesome. #
Side Hustle: The Garage Sale Preparation
We had a garage sale last week, as a wrap-up to the April 30 Day Project. We got rained out halfway through the first day of our 3-day sale, but we still managed to clear $1500. We held the sale in our neighbor’s garage because it had more space and better visibility.
Wednesday night, while carrying boxes over, I missed the step to their property from our driveway and crashed while carrying three boxes. That’s a twisted ankle and a bleeding knee. Naturally, while I’m hopping and swearing, everyone is concerned that I’m okay. The worry-warts. Anyway, it hurt, so we stopped setting up while we still had a few boxes left in the basement.
[ad name=”inlineleft”]Thursday morning, I decided to show them all. At 5:30AM, before anybody else is strongly considering the possibility of maybe thinking about getting ready to hit the snooze button, I decided to get the rest of the boxes ready. They’d all wake up, worried about how I’m feeling, asking if I’m to stiff to carry boxes. The best way to show them they don’t need to worry would be to have all of the boxes dealt with before they woke up. So I started. Up and down the stairs, with a stiff, twisted ankle, gloating to myself about how tough I was…BOOM, down the stairs. I was on my back, sliding down the stairs. I caught a stair-tread in the small of my back and another on the point of my tailbone. Mommy?
After I stopped twitching on the floor at the base of the stairs, I managed to get the last of the boxes ready. Instead of sympathy, I spent the rest of the weekend getting asked if I needed an inflatable doughnut to sit on. There are places I’d prefer not to have bruised.
Unpacking the boxes made me glad that everything was priced. We spent 6 weeks going through our entire house–every room, every dresser, every drawer–to eliminate the clutter. As something went into a box, it got priced, so we didn’t have to do it all at the last minute. That is the most important time-saving step for a garage sale. Price it as you pack it. You don’t want to waste hours pricing stuff while tripping over potential customers.
Another preparation tip to do early: Find tables! Ask around. You’d be surprised at who has a dozen folding tables collecting dust in his basement. It’s better to borrow that to rent. The best price I found was $17.50 to rent an 8′ X 30″ table for a week. We didn’t have to do that, but we thought we would have to. I borrowed a few, found a few, and built a few out of sawhorses.
The week before the sale, we placed an ad in the paper. When I placed the ad, the paper called to suggest we change it from running the weekend before to running just the days of the sale. I agreed, to a point, but their Sunday circulation is miles ahead of the weekday circulation, so why pay to run an ad nobody will see on Thursday? I ran it Sunday through Tuesday, because I wanted the Sunday ad and we got 3 consecutive days in the price. Did I actually know better than the paper’s sales-weasel? Who knows? I think I made the right decision.
The Sunday before the sale, I posted an ad on Craigslist. Interesting fact: little old ladies use Craiglist to plan their garage-sale adventures.
Two days before the sale, we made signs. Bright pink signs with brighter yellow starbursts. They were all simple. “Mega Sale! 8-5” followed by an arrow and our address. Simple, easy-to-read, and bright. The morning of the sale, after the ibuprofen kicked in, I put the signs up. When you make signs out of paper, always include a crossbar. It rained a lot the first day of the sale, so the signs wilted. The second morning, I went out with some duct tape and crossbars and fixed them all.
The day before the sale, we got cash and change. We had $50 in 1s and 5s and $25 in silver change. No pennies. Nothing was priced to make us need them.
The morning of the sale, we set up two canopy tents in the driveway and pulled the prepared-and-filled table out under them. We finished stacking as much as we could on the tables and called it “open”. There were a few boxes we couldn’t put out due to the rain. We simply ran our of room. At noon, $65 into the sale, we decided enough was enough and shut down–cold, wet, and miserable. Lunch and a nap made the day better.
Later, I’ll discuss the other parts of our successful sale.
Note: The entire series is contained in the Garage Sale Manual on the sidebar.
Update: This post has been included in the Money Hacks Carnival.
Side Hustle: Garage Sale Tips
Garage sale week wasn’t enough. There are so many little things that I did–or meant to do–that I forgot to include them last week.
- Advertise everywhere. I do mean everywhere. Take out an ad in the paper. Put an ad on Craigslist. Have fliers in the grocery store, the laundromat, and any place that has a publicly-accessible bulletin board. Put big, bright signs at every possible turn to get to your sale. Assume the drivers a dense. Don’t give them an opportunity to make a wrong turn or–like I did–put conflicting arrows on different sides of a sign.
- Use bait. Set out tools and furniture where they are visible. Lots of people drive past if they only see knick-knacks. Tools get the men to stop, furniture gets anybody running a household to stop. If you don’t actually have any tools to sell, put your lawnmower out with an insanely high price on it. Heck, if someone wants to pay you 125% of retail for your mower, take it! I had a number of tools and lawn-crafting gear–actually for sale–near the end of the driveway. If I can get the people out of the car, someone will find something worth buying.
- Price it like you’d buy it. People don’t come to garage sales looking for sale prices. They come looking to pay as little as possible. They want the crazy deal. You’ll have to oblige them, at least a bit. Price some things very low, and everything else almost very low. Aim for 25% of retail or less, except for a few special items that you won’t mind keeping.
- Don’t be afraid to say no. Some hagglers are jerks. If the offer is insulting, don’t feel obligated to take it.
- Bag the little stuff. Instead of pricing every toy 10 cents, put a handful of toys is a zip-lock bag for a dollar. Mix some of the bad with the good so the crap goes away, too. Reject every offer to open the bag and sell the stuff separately.
- Put the bags of toys on a table in the driveway. Kids stay out of the confined garage and entertain themselves digging. Kids are clumsy. They can’t break your lamp if the don’t come near it. Parents will welcome something to keep their little brats occupied while they shop. It’s a win for everyone!
- Describe anything that isn’t obvious. Make a lot of signs. To be clear, make a lot of signs. Describe the furniture. Show a current ebay auction for the item. Identify the antiques. You don’t want to be forced to sell everything yourself. Let the signs sell for you.
- Start early. Price and sort your stuff a month in advance. The night before the sale, all you want to have to do is set up tables and unbox your stuff. Don’t try pricing it then.
- Multi-day sales are best. It gives people a chance to tell their friends about it, or to come back and buy the thing they passed up. Don’t lose out on the buzz!
- Save your grocery bags. A few weeks before a sale, I go to the grocery store and ask if they mind if a bundle of plastic bags goes home with me. The manager has always said it’s okay. If that doesn’t work, just double bag your groceries and save the bags for a few weeks.
- Use blankets and tarps to hide anything that isn’t for sale. People will ask about everything they can see. Save yourself the hassle.
- Plan your layout to let people browse and move. You don’t want a traffic jam in the garage. Give it a clear flow, with enough room for people to pass each other comfortably. Three people should be able to pass each other in every row. It’s not always possible, but try. If two people can’t pass, start over.
- Clean your stuff. Clean items sell better. Dirty stuff will have to be sold for at least 25% less than clean stuff.
That’s it for now. More to come, I’m sure.
Note: The entire series is contained in the Garage Sale Manual on the sidebar.
Update: This post has been included in the Money Hacks Carnival.
Beat the Check
Have you ever played a game of “Beat the Check”? Your rent is due tomorrow, but you don’t get paid until Friday, so you write the check today an, on payday, you run to the bank to get your paycheck deposited before it has a chance to clear. To stretch out the time, you write yourself a check from another account to cover the deficit, knowing that will take a few more days to clear. This is called “floating” a check.
Sound familiar?
I think most people who write checks have tried to rush a deposit in before a check clears.
In 2004, the Check 21 act went into effect, which turned the game on its head. This law gave check recipients an option to make a digital copy of a check, slashing processing time. Instead of boxes of checks being transported around the country, the check began getting scanned and instantly transferred, along with all of the encoding necessary to keep the digital checks organized. This dramatically cut the amount of time it took to clear a check. What was once a week was reduced to as little as 48 hours.
Now, as technology improves and banks update their infrastructure to match, the “float” time has been reduced even further. Many banks are using image control systems to instantly convert all incoming checks to digital format. Within a couple of hours, these images can be transmitted to the Federal Reserve, to be transmitted nearly instantly to the issuing bank. If both the issuing and the receiving banks are using modern image control systems, it is impossible to float a check. “Beat the Check” is a thing of the past. It’s like betting on purple at the roulette wheel.
Of course, this doesn’t mean that the funds are instantly available. That would eliminate the banks being able make use of the funds during that time. Don’t expect the banks to make a habit of allowing you the use of your money before the federal regulations demand it.
Twitter Weekly Updates for 2010-07-17
- RT @mymoneyshrugged: The government breaks your leg, and hands you a crutch saying "see without me, you couldn't walk." #
- @bargainr What weeks do you need a FoF host for? in reply to bargainr #
- Awesome tagline: The coolest you'll look pooping your pants. Yay, @Huggies! #
- A textbook is not the real world. Not all business management professors understand marketing. #
- RT @thegoodhuman: Walden on work "spending best part of one's life earning money in order to enjoy (cont) http://tl.gd/2gugo6 #
Saturday Roundup – Welcome to Halloween
This weekend marks the beginning of Halloween at Casa del Myhouse. We’ll start setting up our yard display tomorrow. If we’re lucky, we’ll be featured on TV again.
Don’t miss a thing! Please take a moment to subscribe to Live Real, Now by email.
The Best Posts of the Week:
Bill and Ted is coming back for another sequel! I don’t know how they can top Bad Robot Ted or the Grim Reaper playing Battleship, but I’m looking forward to it.
Here’s a summary of the first stage of the new, overpriced, under-understood health care plan.
I keep thinking about signing up for a CSA. Here’s some details on how they work.
Frugal Dad talks about “my money“.
Finally, a list of the carnivals I’ve participated in:
Cheap Vacations was included in the Festival of Frugality. Thanks!
If I missed anyone, please let me know.