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Downsizing Your Possessions
Treasured collections, mementos, family heirlooms and antiques…most of us have deep attachments to certain possessions and the memories they stir.
But living in less space usually means living with less "stuff." And cleaning out can be difficult and sometimes painful. Here are some tips that may help:
- Make sure the items are actually yours. You may have forgotten you're storing something for a friend or family member.
- Decide which items you'd like to give to family and friends.
- Think hard about how your things will fit into your new home. Keep just your favourites.
- Remember the "one-year test." If you haven't used or worn it in a year or more, you probably don't need it.
- Think about what you may be able to sell-you can use the money to buy things for your new home. (If you're really daring, consider selling all your existing furniture and buying new.)
- Ask your financial advisor if you can get a tax break for donating any of your possessions to charity.
- It's a big job-do it in stages and take your time. Sort through your possessions a room at a time.
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