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Sunday, 5 November 2023

4 Surprising Reasons Why Decluttering Benefits Your Wallet

by Rose White

4 Surprising Reasons Why Decluttering Benefits Your Wallet

Image source: Getty Images

When was the last time you thoroughly decluttered your home? If it’s been a while, you might consider carving time out of your schedule to do it. Decluttering can help you improve the look of your home and make your space more functional. But did you know decluttering can also be a win for your finances? Discover how decluttering can benefit your wallet.

1. Save money on unnecessary purchases

By taking time to declutter your home, you’ll get a more accurate picture of what belongings you already own. When life gets busy, clutter can quickly collect around your home, and you may not realize what you have or where everything you own is located.

Going through your possessions can help you avoid overspending on unnecessary purchases in the future. For example, you may end up finding a few clothing items that you always loved but assumed you no longer had. Getting organized could help you avoid wasting money on unnecessary clothing purchases in the coming months, which is a win for your bank account.

2. Find extra cash and unused gift cards

As you declutter the rooms in your home, you’ll likely find a collection of things that have been long forgotten. This could include receipts, family photos, old mail, and cat toys. But you might also find coins and cash. Any extra money found during the decluttering process can serve as a reward for your hard work — and you can use it to boost your savings account balance.

Don’t forget to check coat pockets, drawers, wallets, and purses you haven’t used recently. As you look for extra coins and cash, you should also look for gift cards. You may have partially used or unused gift cards. If you do, make sure you spend them so they don’t go to waste.

3. Sell unwanted items

Another way decluttering can benefit your wallet is it can help you find items you no longer need that are worth selling. Whether it’s electronics, clothes, or household goods, you can collect the items you no longer need and sell them to boost your income. You might consider hosting a yard sale or selling unwanted items in community social media groups. It’s a win-win idea, because you can earn more money and get your home more organized.

4. Encouragement to organize your finances better

Finally, decluttering your home could encourage you to organize your finances better. If you have a lot of paperwork collecting around the house, you might find bank statements, credit card bills, and other important financial documents. It’s best to keep all of your financial documents in one organized place so you’re in the know about where your finances stand.

If you don’t yet have a solid organizational system for your essential financial matters, now is a perfect time to get all of your affairs in order. Consider finding a safe and organized place to store your important documents so they’re readily available when needed.

If you prefer a digital system, you can sign up for paperless billing with your billers and financial institutions to reduce future clutter. You might also consider a digital approach to managing your everyday financial affairs. Using one of the best budgeting apps is a great strategy to reduce unnecessary spending and learn new spending habits.

It pays to get organized

Decluttering your home can reduce stress, increase your livable space, and improve your mood. But decluttering can also benefit your wallet. If it’s been some time since you’ve deep cleaned your home, let this be the inspiration you need to start. Looking for other ways to improve your finances? Check out our free personal finance resources to learn more.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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