The Financial Rewards You Could Be Reaping From Buying Second Hand

More people are realizing the benefits of buying second hand, and with good reason. In the next five years, the market for resale items is predicted to double. Thrift stores are no longer a novelty, but a noticeable part of the retail market in America. In 2017, 44 million women bought preloved items, signifying a 25 percent increase from 2016. While you may not automatically think of opting for secondhand when making purchasing decisions, choosing preloved items can provide many other benefits, including environmental and financial perks. Making the decision to buy a second-hand item can also improve your family's financial life. Whether as a supplementary tool to your budgeting apps when saving more money or a way to boost your debt repayments, here are three great monetary benefits you can reap by choosing preloved in some of your purchases.

Reduce Your Household Spending - Thanks To Reduced Sticker Price

One huge benefit to buying second-hand items is that you can cut your spending. Preloved items are often offered with a heavy discount, which means you pay a small percentage of what you would pay if you had gotten it brand new. This is particularly applicable to large families. With the cost of raising kids topping $233,610 each, a cut in household spending will be a welcome boost. This figure does not incorporate college tuition either; some parents that opt to fund their child's college education will find their monthly household spending to be dramatically higher. Simple swaps such as buying second-hand clothing will reduce the $1,803 American households spend on apparel annually, and in turn, boost the $6,863 in disposable income they have left over.

Reduced Spending Can Equate To Better Savings

Reduced spending helps to leave you with more money at the end of the month. Having more cash left over means you are able to save more, something that is on the minds of many Americans currently. According to Bankrate.com, 65 percent of consumers save little or nothing of their paychecks every month. In fact, only 16 percent saved the recommended 15 percent of their income in 2018. Opting for used furniture, vehicles or in some cases, clothing can present sizeable savings off the original price. Anyone that is considering purchasing a vehicle with the use of their savings will see a much more muted impact on their savings account as well.

It can also result in better debt management for many. Currently, the average person is carrying close to $40,000 in debt stemming from the use of credit cards, student loans, and other credit facilities. Having more money left over can help in repaying your debt faster, and also reduce your reliance on credit, presently and in the future.

Being Better Prepared For The Future - Yours And Your Family's

Finally, opting for the second-hand can mean you are securing your future. More people are worried about running out of money in retirement, or simply heading into retirement saddled with debt. The lower price tag that is attached to buying second-hand allows you to put more away for retirement, future medical bills or for your family's future. On a more practical note, the savings can be put towards securing a life insurance or health policy and the premium. In the end, not only are you saving money, but you are making smart financial decisions to ensure success in the future.

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