I placed more online orders than I can count in 2020. And I justified all of them.
My front porch was filled with boxes containing all sorts of things: furniture (I needed to redecorate), paper towels (I needed to stock up), crafts (I needed activities), board games (more activities) and a treadmill (I needed exercise).
But if I’m being honest, I bought a little too much.
Take a look around your place. If your quarantine habits were even a tiny bit like mine, you could turn that clutter into money. Here’s how.
Too much stuff? Sell it
Perhaps you purchased more than you ended up using, like board games or video games. Or maybe you bought new products to replace old items and were left with a drawer of discarded technology.
Whatever the case, you have more than you need. And there are lots of places to sell your stuff online.
Chelsea Lipford Wolf, co-host of the Today's Homeowner TV show and host of the Checking In With Chelsea web series, says she made more than $1,000 selling things online during the last six months of 2020 through Facebook Marketplace, an outlet for buying and selling locally.
You can, too. Look online for this or another marketplace that suits your needs. For example, Facebook Marketplace caters to local transactions, while other sites focus on product categories such as technology or apparel. Read the directions to see how the site works and check for customer reviews before committing. Make an account, then get to work.
You can sell almost anything online – technology, furniture, clothing, video games and toys, to name a few.
Here are Wolf’s keys to making things sell:
- Presentation: "You want the item you're selling to be the focal point of your photo," Wolf says. Clean it first, then take flattering photos in natural sunlight, preferably near a window. Get multiple angles.
- Price: Consider what someone might pay for the item, then price it slightly lower to make it move. You can also check listings posted by other users to determine the going rate.
Too much work? Consign
Depending on which site you use, you’ll have to write listings, package your items and send them either directly to the buyer or to the platform you used to make the sale. In some cases, you can deliver in person.
To save time and effort, take your stuff to a local consignment store instead. You’ll likely make less, but the store does the selling for you. Expect to pocket half of the selling price, Wolf says.
Other options? Give things away to family and friends. Donate to a local charity. And throw away items that have absolutely no use.
Too many temptations? Scale back
Once you’ve sold and donated what you can, fight the urge to impulse shop again. Keeping up your current habits could get you right back to where you started. One way to avoid that? Save first and buy later.
If you don't have money in the general spending account, then you can't buy stuff
This approach is the exact opposite of putting something on a credit card and paying it off after the fact, says Pam Horack, a certified financial planner and the owner of Pathfinder Planning, based in South Carolina.
Save money and wait to place an order until you can afford it in full. Ms Horack says her family has a designated clothing account. When someone needs a new pair of shoes, the money comes from what they’ve set aside.
You can do the same with a general spending account. “If you don’t have money in that account, then you can’t buy it,” Ms Horack says. “That needs to be your rule.”
There are also ways to stay busy without spending much, if any, money. Here are some of Ms Horack’s ideas: Redecorate your house by moving around your furniture. Spend time outdoors. Finish up projects around the house. You’ll spend less and accumulate less stuff.
Too expensive? Buy used
But you can’t stop shopping altogether. For things you absolutely need, consider buying on the same websites you used to make extra money.
When you list products, you won’t sell them for as much as you originally paid for them. That means you can purchase things at a significant discount, too.
Consumers have been buying and selling used during the pandemic, according to Sara Beane, media relations specialist at technology marketplace Swappa. “Everybody is kind of strapped during this unprecedented time,” Ms Beane says.
For example, the site saw a rush on laptops around back-to-school season.
Search used marketplaces by model and condition of the item. You’ll find many price points to fit your budget.
But before you hit the “buy” button, do some organising, Wolf says.
“If you have so much stuff that you can’t see what you have, then you’re going to buy more than you need.”
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Read more about the coronavirus
Killing of Qassem Suleimani
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
The%20specs
%3Cp%3E%3Cstrong%3EPowertrain%3A%20%3C%2Fstrong%3ESingle%20electric%20motor%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E201hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E310Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20auto%0D%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E53kWh%20lithium-ion%20battery%20pack%20(GS%20base%20model)%3B%2070kWh%20battery%20pack%20(GF)%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E350km%20(GS)%3B%20480km%20(GF)%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C900%20(GS)%3B%20Dh149%2C000%20(GF)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
AIDA%20RETURNS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAida%20Abboud%2C%20Carol%20Mansour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5.%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 2.0-litre four-cylinder turbo
Transmission: eight-speed automatic
Power: 258hp at 5,000-6,500rpm
Torque: 400Nm from 1,550-4,400rpm
Fuel economy, combined: 6.4L/100km
Price, base: from D215,000 (Dh230,000 as tested)
On sale: now
Our Time Has Come
Alyssa Ayres, Oxford University Press
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
