24% of Americans Recently Made This Move to Scrounge Up Cash. Is It Worth Trying?

It's a move that could really pay off.

A lot of people are having a hard time paying their bills due to the fact that living costs are up. We can thank inflation for that.

If your normal monthly grocery bills come to $800, but you're now spending $900 because everything your family eats has gotten more expensive, that could easily take a toll on your finances. And that's just one example.

Over the past year, many Americans have taken to raiding their savings accounts just to stay afloat. But some people don't have savings to tap -- namely, because they depleted their cash reserves early on in the pandemic or never had cash reserves to begin with.

In a recent FinanceBuzz survey, 14% of Americans had to take out a loan over the past six months to cover necessary expenses. And 12% had to open a new credit card account.

But 24% of Americans made one savvy move to scrounge up cash. And it may be worth following in their footsteps.

A little effort could go a long way

In the aforementioned survey, almost one-quarter of Americans said they've sold personal items for extra money over the past six months. And if you're feeling squeezed financially, that's a road worth going down.

Chances are, there are items sitting in your home that you either don't use, don't need, or don't really care about giving up. And finding a series of buyers could put a fair amount of money in your pocket at a time when you might really need it.

What sort of items can you sell? If you're sitting on apparel that's no longer your style, try selling it online or at a local consignment store. If you have a basement full of toys your kids have outgrown, hold a yard sale and unload them. And if you can't remember the last time you busted out your gaming system, list it online and see what offers you get. (For an item that's likely to command a decent price tag, it could be worth using eBay, despite the fee.)

Any money you're able to scrounge up is money that can go toward bills like food and utilities. Or, that extra money can go into your savings account to give you a little more breathing room.

An easier way to cope with higher living costs

A lot of people are cutting back on the things they love these days because they can't afford luxuries like takeout and streaming services. But denying yourself those small luxuries can be a crummy way to live.

Similarly, a lot of people are taking on second jobs to manage their expenses. But when you work full-time, the idea of having to carve out extra hours for a side hustle may seem daunting.

The beauty of selling items you already own is that you don't have to deprive yourself of the things you enjoy, and you don't have to plug away at a side job consistently. And so it's worth taking inventory and seeing what options you have.