We've all been there. We've all taken a look at a toy, article of clothing or another item that we bought for our children and realize that they barely played with it, wore it or used it. What should you do with it?

One option is to consign it. Most consignment stores are looking for specific items in good condition or better. Before you load up your car with items to try and consign, call or visit the store and ask what types of things they're looking for.

Here are a few pros and cons about consigning those items and a few alternatives that might work if consigning isn't for you.

PROS:

  • Make money — The most obvious benefit of consigning an item is that you can make some extra cash. It may not be anywhere near what you paid retail for the item but it will help recoup some of your costs.
     
  • Get rid of unused stuff — Just as important as getting some much-needed money is the opportunity to clear away some of the clutter in your home.
     
  • Give it a second home — You can take comfort in knowing that the items you are consigning will likely end up in the home of someone who might be in need of a bargain.
     
  • Ease of sale — If you have an item to sell the only thing that you have to do it is drive it to the consignment store, drop it off and wait for a phone call telling you that it's sold.

CONS:

  • Small take — Consignment stores sometimes take a cut of 50 percent or higher of the item's value. That quickly cuts into any profits you could make if you sell it yourself.
     
  • Have to wait — If you hand over your item to a consignment store, you cede control over selling the item and put the entire process in someone else's hands. If you do it yourself, you might sell the item more quickly and you won't have to wait as long to get your money.
     
  • Different policies — Different consignment stores may have different policies on what happens to your items after the items don't sell over a period of time. Let's face it, a consignment store isn't going to want to display items that no one wants to buy. If the item doesn't sell within a designated amount of time, the item might be given away or you might have to go back and get it.

There are options to consigning, such as selling an item on Craigslist or eBay, or simply giving it away. If you have a lot of items to sell, consider having a yard sale or combining with other parents to host a sale of a large number of items that might draw a decent crowd.