The Fallacy of Sunk Costs

Posted on March 14, 2017 by Sue Ann Muller | 0 Comments

Sunk costs are basically money that has been spent on something and is now lost and cannot be recovered. This is a worthwhile idea to consider when you are decluttering -things we have bought in the past and have kept, thinking that the items are worth money and that it would be wasteful not to hold onto them. For example do you find yourself saying things like "I spent a lot of money on that dress and even though I never wear it I better keep it" or "this camera was expensive and even though I take all my photos with my phone now I should keep it."

Keep this in mind when you are next looking at a box of clothes or shoes you don't wear or superseded electronics. Try not to think of the items as cash you could have because it isn't cash, it's clutter! Assess the true and present value of your clutter and then make a decision about whether to keep it, donate it, give it away, sell it, recycle it or just throw it away.

If you're still not sure about whether to keep the item/s put them in a box. Seal the box, label it with the date and put it away for a year. If you haven’t opened the box in the year it's time to let it go.

If you're experiencing guilt throughout any of this process read my blog post about ditching the guilt.

Let me know your thoughts! Have you been letting sunk costs prevent you from letting go of things you no longer need?

 

 

Posted in declutter, sunk costs


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