The Virtues of Thrift

I had hoped to get something else up before the end of the work week, but deadlines took precedence. And it wasn't exactly a hectic weekend, so there wasn't any good reason for me not to post then. Mea culpa.

With all sorts of horrible financial news assaulting us pretty much daily, I thought I would share a few tips on how I lead what I consider a comfortable lifestyle without overspending. I decided to break up the post into daily (sort of) bite-size pieces, and I'll post one every day this week.

Sell some stuff. I recently sold a couple of items on eBay, one of which was a vintage watch that brought in nearly $200. I then used that money, in the form of a PayPal balance, to buy other things. Some of it was stuff I needed, some was stuff I just wanted. Among other things, I got the DVD set of the first season of Mad Men, and a couple of new cashmere sweaters for $20 each.

One caveat about buying sweaters on eBay: a lot of people seem to have a tendency to put their sweaters on hangers, which is terrible, because it causes a sweater to stretch out of shape. A sweater should never be stored on a hanger. Sometimes they do this just to take the pictures, but you can bet sometimes it gets left on the hanger for weeks or months. If it's an extreme case, you may be able to tell just by looking at the photos, but if you think you might want to wear something to work or on any occasion when you want to look good, it might be worth your time to ask the seller how the sweater has been treated. Now, some people might say, "If you're only spending $20 what's the difference?" but it's your money, and a bargain isn't really a bargain if it's all stretched out and fits poorly and you end up not wearing it or having to give it away.

If you use PayPal to make a purchase there is no fee or service charge, but if you are the seller then PayPal does take a cut. Some people bristle at this, but it's a cost of doing business, just like stores and catalogs and online retailers have to pay a credit card processing fee. But the nice thing about having a PayPal balance is that you don't have to use it only on eBay. Many sites now accept PayPal as a form of payment, so if you've been a lucky seller you have some flexibility. I was able to use part of my PayPal balance to add an auxiliary hard drive to my TiVo, which roughly quadrupled its recording capacity. Just what he needs, you're thinking, and you're probably right, but it's too late.

One other thing about selling on eBay: be very specific about who can, or cannot, make a purchase from you. I learned this the hard way during my most recent couple of auction sales. The high bidder for the watch I sold had a perfect feedback rating, but after the auction ended and I didn't receive payment for a couple of days, I went and checked the buyer information and found that the person had shut down his/her eBay account and disappeared. Nice.

I was able to make a second-chance offer to the next-highest bidder, who happened to be in Spain. I had specified in the auction listing that I would only ship the item to a US address, but now, thanks to an unsavory bidder, I was no longer in control of the outcome. I could deal with sending the watch overseas, or start over with a relisted item. Fortunately, the second-chance bidder was very conscientious about answering my emails, and agreed to pay a higher shipping fee to cover the added costs and the extra time I would need to invest in completing the transaction.

It happened to be during my holiday break, so I had the time to go to the post office and wade through the confusing forms required to send a package overseas. If you're attempting to make a living selling stuff on eBay, you kind of have to be willing to deal with stuff like this, but if you're just trying to sell one or two items, it can be a hassle. You can always specify in your auction listing that potential buyers from outside the US have to contact you first to discuss whether or not you are willing to sell to them, and any additional shipping costs required to do so. Of course this is no guarantee, but chances are if someone is willing to take the time to email you, he or she is serious about purchasing your item.

This is something I found out during my next auction, which was for a pair of insulated boots that didn't bring in nearly as much as I expected. On the last day of the auction, I was contacted by a guy from Canada who was interested in bidding on them, but this time I had set up the auction so that people from outside the US could not even place a bid. I told him to go ahead and bid and we would work out the additional fees afterward if he won, but I forgot about the restriction I had set, plus the auction ended while I was on my way home from work that day, so I couldn't have changed it in time even if I had remembered.

Would he have been the winner? No way to know, but he almost certainly would have outbid the eventual winner at least once. Then, the person who did place the winning bid contacted me a week or so after I sent off the package to inform me that the postal service mishandled the package after I sent it, and it was at a dead mail recovery center (which was eerily similar to my own experience a few months back with a package sent to me that was mislabeled by the postal service with a zip code that was off by one digit, and spent the better part of two weeks ping-ponging between Albany and Springfield before finally making its way to me). I just checked the status of the package I sent, and it did finally reach its destination, a mere FOUR WEEKS after I sent it. Crap, I could have walked it there faster. I may have to think about getting a FedEx account or something...