Downsizing and Collectibles: The Art of Prioritization

Downsizing and Collectibles: The Art of PrioritizationMost of us are familiar with the concept of prioritization. For our entire adult lives we have to prioritize tasks at work, responsibilities at home, and so forth. There is simply not enough time in the day to get everything done. Likewise, those same principles of prioritization can come in handy when it’s time to downsize – especially among people who have a lot of collectibles to address.

Having one or two collections is not necessarily difficult to manage. But what if you have more than that? What if you spent a lifetime collecting dolls, teddy bears, tea sets, and Elvis paraphernalia? You might discover there just isn’t enough room in your downsizing scenario to take it all with you. The problem is, you cannot bear to let anything go.

It has been our experience that working through some basic strategies for business prioritizing can be helpful in sorting out collectibles. Below are five common practices courtesy of PlanPlus, adapted to the topic of downsizing.

Dedicated Time

Business professionals may prioritize based on the amount of time they have. They compare the amount of available time to how much time is required to complete a particular task. This works for collectibles in that some collections require a tremendous investment of time to maintain. Some of yours may be so time-consuming that you hardly even address them anymore.

Collection Value

The next principle is to look at each of your collections in terms of their value. This could be financial value, sentimental value, or any other value you attach to what you own. Those higher on the value list are the collections you are most likely to hold on to. One caveat here is to not project your value onto someone else. Others may not see any value at all in your collections.

Consequences of Keeping

The third tip for prioritizing your collectibles is to consider each one in light of the consequences of keeping it. For example, holding on to that tea set collection may mean some extra homeowners or renters insurance along with a relatively safe storage space. Is keeping it really feasible?

Benefits of Keeping

Next are the benefits of keeping each of your collections. Those benefits can be anything from increased financial value to the simple pleasures of enjoying, maintaining, and adding to your collections. This one particular point of prioritization can help you more clearly define which collections you can keep and which ones you let go. If you are limited for space, the collections you derive the fewest benefits from are easier to say goodbye to.

Your Collections and Others

Last but not least is to look at your collections in light of other people, namely family members and friends. For example, you may have one collection that is particularly near and dear to your heart but also equally important to a grandchild. By passing the collection on to that child, you stand a greater chance of seeing it continued for another generation. It would be easier to let that collection go in such a case.

Also bear in mind that your friends and family members may have no interest in your collections at all. Holding on to something in hopes of passing it on to a family member who has no interest is probably not a wise idea.

Collectibles can be difficult to hold on to when it is time to downsize. It’s one of those unpleasantries of life. But by prioritizing, you can make it easier on yourself to decide what goes and what stays. Please don’t hesitate to contact My Divine Concierge if we can help.

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