Browse Tag: money

Financials Behind Consignment, The Gamble

To explain the numbers when thinking about consignment I’m going to use the information from one of our “shopaholics” who often brings $3,000 worth of brand new items in one session to start my post.

First let’s talk best case scenario, you’ve managed to snag a brand new winter coat by Flash that’s 90% down-filled and super light. The new price tag on it says $475. At a consignment store like the one I manage, arguably they would price it at 1/3 of the retail value. In this case due to the new tags and high value, we price it slightly higher at $200. Assuming this coat sells at regular price, the consignor receives $79.

A more likely item is a heavier fall weight, wool blend coat from RW&Co regular retail about $150-200. We have it priced at $60, it sells the same day, the consignor receives $23.

A pair of used UGG boots, visible water damage on the toe area, regular retail $200 we would normally price around $60 if it was mint, but these are not, so we price them at $40 with an “AS IS” condition note. They sell at $40, the consignor receives $15. Continue Reading

Tips for Consigning Clothing

pricetagsRemove the sales tags if it shows a low value or a price sticker.

    I collected a few sales tags to show you what people leave on their clothing that they are bringing in. “Outlet $9.99 Compare at $19.00” “Value Village $5.49” “Value Village $9.49” If the store prices based on a 1/3 rate of the retail value an item with a price tag of $5 would have to be sold at $1.60 of which the consignor would receive .64 cents. That is assuming the prices don’t drop or go on sale.

    It is in your best interest to remove the label from the inside, play on the fact that most people wouldn’t know the item is from Streetwear Society or George. At the very least remove the price tag. I find a lot of women think that because their items have original sales tags that it will increase the value of their items, it does not in most cases. The only instance where it would is if the item is an expensive highly sought after item such as a Lululemon jacket ($250) or Frank Lyman dress ($200).

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Monthly Consignment Update

Thrift Spending:

June 1st – $0
June 6th – $0
June 13th – $0
June 20th – $0
June 27th – $0

Total purchases: $0

Consignment Income:

June 1 through 5th – $133
June 6th through 12th – $362
June 13th through 19th – $250
June 20th through 26th – $306
June 27th through 30th – $85

Total income: $1136

Number of items consigned: 80

Consignment Income $1136 – Spending $0 = Month End Balance $1136


When you buy a house your priorities change. What can I say? I turned my focus 100% towards renovating and moving into my new home and completely ignored the thrift stores. I imagine the day will come when I feel the urge to shop, but right now I am looking at clearing out – styling what I currently have and making my yard sale finds new!

Monthly Consignment Update

Thrift Spending:

May 2nd – $21
May 9th – $42
May 24th – $18

Total purchases: $81

Consignment Income:

May 1 through 8th – $224
April 9 through 15th – $140
April 16 through 22th – $120
April 23 through 31th – $271

Total income: $755

Number of items consigned: 70

Consignment Income $755 – Spending $81 = Month End Balance $674


Wow this month I spent $11 over my budget with mostly housewares and a couple resale items that I sold at the store. All in all I’d say that’s not too shabby! I consigned less items this month and made roughly $100 less than last month. We can’t always have record-breaking months!

 

Monthly Consignment Update

Thrift Spending:

April 14th – $15
April 24th – $20

Total purchases: $35

Consignment Income:

April 1 through 10th – $206
April 11 through 17th – $195
April 18 through 24th – $349
April 25 through 30th – $94

Total income: $844

Number of items consigned: 105

Consignment Income $844 – Spending $35 = Month End Balance $809


What I have learned recently is that it does pay to save off season thrifted items to consign. A lot of our clients are of the mindset “I’m clearing out, I want it gone now!” Which is fair and understandable. However, it is summer and you are trying to “get rid of” your very nice winter wears, you could simply throw them all into a Rubbermaid bin to store until the proper season and make some cash! When you do consign right (based on the store) you can make a great supplement income with minimal effort involved.

Even a return of $2 on an item is $2 more than you had before. The better the item, the faster it sells, the greater the return value. Some items I can get $18 for, some I get $2… it is a gamble but like I said, its more than you had just throwing it away. Now having said that, sometimes things don’t sell at all and you have to donate it anyway. Nothing lost!

 

Monthly Consignment Update

Thrift Spending:

March 28th – $34

Total purchases: $34

Consignment Income:

March 1 through 6th – $141
March 7 through 13th – $241
March 14 through 20th – $269
March 21 through 27th – $148
March 28 through 31st – $133

Total income: $932

Number of items consigned: 144

Consignment Income $932 – Spending $34 = Month End Balance $898


I’m at a loss for words what can I say? When I set my mind to do something I follow through full tilt. Since deciding to purchase my first home (which I haven’t found yet!) I have completely put a halt on my spending. I visited Value Village maybe twice this month and only spent $34… I also sold some items on Kijiji which just increased my home savings.

I think the boost in sales is mostly in part to finally being able to consign spring items which in my opinion sell far better than anything else. Everyone here is chomping at the bit for warmer weather and sunshine! It does pay to save your off-season items!

Resistance and the Art of Not Shopping

How surreal it is to be writing a blog about the art of not shopping, being that I am an avid thrift shopper. We’ve read a million times that we need to be a less wasteful society, big on recycling, protesting against fast fashion and converting to efficient methods in our daily lives. I recently read Patrice’s blog post How Taking a Shopping Hiatus Can Lead to a Better Wardrobe and reflected on my own shopping habits and style. When you stop and think, you know what you wear regularly, what is a staple in your wardrobe and an idea of what your “style” might be.

gotooutfit I have never felt that I have a particular style, I just like things, I buy – I try it out. Patrice talks about her “go to uniform” and I started wondering what mine would be. A lot of women I’ve noticed recently, have a “go-to” that is leggings and a long tunic. I have never found leggings to be comfortable and I don’t find long tunics to be particularly flattering on my figure so that’s definitely out for me. But I do think high waist skirts and tucked in blouses are one I repeat often. I love my skinny jeans, cozy sweaters, big bold jewellery and a layered look. I have started the process of moving, with the intention of buying my first home so I am packing up off-season clothing and starting to take a closer look at my current closet. With my situation I am deciding if things are better to be sold, donated or brought with me.
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How Consignment Works

I am often asked about how I can afford to thrift as much as I do, they suggest my wardrobe is massive and bursting at the seams. I buy a lot of clothes, that we will admit up front. But I am buying clothing at a fraction of the retail price so you need to change your way of calculating. I only buy secondhand knowing that I get bored of things and change my style frequently. I also have the ability to open up my closet on any given day and pull out a ton of pieces that are not screaming my name.

Most people are not able to be this brutal as most people think of how much they spent and have an emotional attachment to things. The most emotional attachment I have ever felt with clothing is my inability to wear it after experiencing something traumatic or unpleasant in that outfit. For instance if someone broke your heart and the red dress was their favourite, you’re not likely going to want to wear it again because it will remind you. I have had a few items that have been tainted by experience so I need to remove them from my closet.

Don’t get me wrong I do donate a lot of items, but many items are still in great condition and worthy of generating extra cash. In working at a consignment store I know exactly what to look for and what will sell to our clientele. Each store has its own processes and requirements, so I can only speak to our way of doing things. Let me tell you a little bit about how consignment works.

Lightly worn items are brought into the store clean, pressed and ready to go on hangers. These are items that are in style, in season and purchased within the last two years. My job is to analyze each item that is brought in to decide if it is suitable for resale, quality and if we would potentially have a buyer for it. Once I decide to keep an item I change it over to our hangers and double check that there are no stains, rips or flaws. Once I have processed all the items I return the hangers along with any “no thank yous”. Continue Reading

Monthly Consignment Update

Thrift Spending:

Value Village on February 8th – $34
Value Village on February 10th – $18
Value Village on February 14th – $14

Total spending: $66

Consignment Income:

February 1 through 7th – $39
January 8 through 14th – $125
January 15th through 21st – $25
January 22nd through 29th – $135

Total income: $324

Number of items consigned: 54

Consignment Income $324 – Spending $66 = Month End Balance $258


I announced last month I would have a new goal of $70 per month for thrifting purchases and I managed to come in this month just under the wire! I’m quite proud of my spending, I have definitely curbed it for the better. Being very particular about my purchases and increasing the rate I consign to generate more income. I have also noticed a sizable increase in the prices at Value Village once again this month so that is also a buzz kill.

Monthly Consignment Update

I thought this year I would try tracking my purchases and consignment income a little more closely based on the success of my first year of the “Thrift Challenge“.

Thrift Spending:

Value Village half price sale purchases total:
January 10th – $160 Belleville ($100 in consignment-worthy goods)
January 11th – $38 Kingston
January 20th – $56

Total purchases: $254

Consignment Income:

January 4 through 10th – $105
January 11 through 17th – $37
January 18th through 24th – $70
January 25th through 31st – $137

Total income: $349

Number of items consigned: 55

Consignment Income $349 – Spending $254 = Month End Balance $95


This year I will be lowering my monthly spending goal to $70 per month with the exception of months where a half price sale is applicable as I take this as an opportunity to collect items for resale and therefore income! Sadly to start out the new year I painfully failed my goal, damn you half price days!

A Year of Thrift

thriftlovetrip3 Just to refresh ourselves on my goal: Every month I would track my additional income through consignment as well as my spending in thrift. I gave myself a budget of $80 per month to shop with.

Some months I notice I was able to stick to my goal easily, others when I had felt more work stress, I would not. At least my stress is dealt with in thrift rather than ice cream! I also allowed my budget to be more lax when it was a 50% off sale day at Value Village OR it was a seriously impressive item I am not likely to find again.
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