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As a general rule of thumb, you need at least three to six months’ worth of living expenses in an emergency fund. However, building an emergency fund fast may be challenging.
Cutting back on expenses may not make sense, so selling some of your luxury items could help you raise money.Luxury goods, especially limited edition items, have higher resale value.
Here are seven items to sell to build an emergency fund when you need it most.
Designer Handbags
Vintage designer handbags have been resurgent since 2020 and are, therefore, one of the best luxury items to sell if you want to build your emergency fund fast. A good example is the Louis Vuitton Pochette, which increased in value from $165 in the early 2000s to about $790 in 2021.
According to Vogue, Hermés, Louis Vuitton, and Chanel are the top three best-performing brands in average resale value. If you have a designer handbag, The RealReal, Fashionphile, and Vestiaire Collective are the best places to turn it into cash.
Shoes
Do you have a collection of heels that would make Carrie Bradshaw envious? Or perhaps your obsession with David Beckham has inspired a collection of brand-name sneakers over the years? Whichever the case, this might be the best time to cash in on your shoes and raise your emergency fund.
Luxury footwear brands like Christian Louboutin, Prada, Manolo Blahnik, and Miu Miu have always been sought after. If you own a few, you can quickly sell them for hundreds and even thousands of dollars if they’re in good condition. Some of the best places to sell your high-end footwear include StockX, Grailed and GOAT.
Fragrance
Arabic perfumes have gained popularity, not only in the Middle East but also globally, because of their rich scent and quality. Whether you own an Arabic fragrance or a Western classic like Yves Saint Laurent, Chanel, or Creed, you can quickly declutter your perfume closet and build your emergency fund.
The best part is that buyers are ready to purchase even slightly used perfumes and colognes. Consider selling them on platforms like eBay or niche fragrance marketplaces.
Clothing
Designer clothes are among the most common and fast-moving luxury goods you can sell to raise your emergency fund. Whether you own statement pieces like Versace or more elegant looks by Prada or Gucci, you can earn top dollar from your high-end wardrobe.
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The RealReal, Vestiaire Collective and Poshmark are the best marketplaces to list brand-name clothing. Alternatively, you can find an audience that appreciates the value of your items on the Facebook Marketplace.
Eyewear
Statement sunglasses have been on the rise, making this an excellent opportunity to profit from your collection. Whether vintage, bold, or minimalist, you can sell a single piece for hundreds of dollars, provided it’s authentic and limited-edition.
Amazon, eBay, and Depop are excellent places to sell your designer eyewear collection. You can also sell your sunnies or frames on Instagram or TikTok if you have a huge social following.
Jewelry
Rings, necklaces, bracelets, and earrings from Cartier, Tiffany & Co., and Bulgari are in high demand. Jewelry made with precious metals or gemstones is aesthetically pleasing, and many people are willing to buy it at relatively high prices.
The pieces usually increase in value for some timeless pieces, so you may make even more than you paid. Some buyers may require a certificate of authenticity, so ensure you have it.
Watches
If you own a designer watch like Rolex, Cartier, Breitling, or Patek Philippe, collectors are ready to buy them for top dollar. Limited-edition models or those with unique features can often sell for much more than their retail value, making them ideal items to liquidate quickly.
Even well-maintained pre-owned watches hold considerable resale value due to high demand in the luxury market.
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