Sunk Costs

If you are anything like me, you probably have some supplies you purchased with the intention of using in a new and exciting project. And then you got busy, it got pushed to the side, went to the bottom of a pile and eventually forgotten.

We hold on to that stuff once we rediscover it. Perhaps you remember why you bought it or that idea is a distant and faded memory. Either way, you have this stuff - paint, tools, canvases, fabric, clay or whatever it is taking up room in your creative space.

This applies to some of the things in your closet. The dress you thought you’d get a lot of use out of, the pants that are just a little bit uncomfortable or the sweater that was a gift and you don’t want to hurt their feelings by giving it away. It’s taking up space in the closet and eventually it is likely to get moved to the bottom shelf, back of the rack or the hard to reach place in there. And if you are never going to wear it, it is taking up valuable open space.

These are known as sunk costs. Sunk costs are expenses that have already been spent and cannot be recovered. They are things like past investments of money or time that are no longer recoverable. Yet we hold on to them. This set of pastels, paints, fabric from past projects are all too good to throw out. So, we hold on to them and they become heavy. That project you started and then lost interest in is lurking in the dark back corner of the closet or drawer. You think it’s no big deal. But, I’m here to remind you that the weight of it is weighing you down. Perhaps it’s even keeping you stuck.

Why are you keeping it? Was it a gift? Regift it. Obviously, tell the new recipient that it is a regift. This avoids feeling guilty for giving it away and under the guise that it was purchased specifically for the new owner. Is it no longer of interest to you? Woefully out of style? Hanging around because you might wear it or use it some day? Guess what. You won’t. If you have projects that you have completely lost interest in and have no intention of finishing, recognize this as sunk cost of time and stop bumping into it and reminding yourself of the time investment. It wasn’t wasted time if you enjoyed it. But, the creative party is over. Let it go.

These are all sunk costs. The price? Our headspace, physical space, wallet impact and emotional baggage. The money you spent is gone. The time you spent is gone. What’s left is a feeling that you need to keep it for reasons like, she gave it to me, it was expensive, I might use it someday or it’s not in the way so just leave it in the back of the closet.

Trust me, these seem like good reasons and if you are one to kick the can down the road instead of dealing with it, it seems easier to just shut the door and ignore the stuff you don’t need, want or use.

However, making it a creative project to lighten your load is a great way to jumpstart your creativity. Think of the stuff as a problem to solve. Where can I take it? Who do I know who might appreciate having it? Where could it be donated to benefit a teacher, student, charitable thrift shop or even an animal or rehab center.

I used to have a closet of fabric that had a lot of leftover scraps from projects I had completed. Why did I keep these oddly shaped and basically useless pieces of cloth? Honestly, I have no idea. Perhaps it’s the fear that I wouldn’t have enough and at least I had this stash of scraps. When I looked them over, I found a lot of stuff that was taking up space but, had no real usefulness. Clearing out the closet has left me with mostly empty shelves. Which allowed me to reorganize what I was keeping and arrange it neatly and with plenty of open space so that I can use it and return it without having to play a game of Jenga to make everything fit back in the small closet.

So, instead of telling yourself Aunt so and so would be upset if you gave away the itchy sweater, take a moment to realize that she probably doesn’t even remember she gave it to you. There was an occasion. She wanted to give you a gift. You received it with gratitude. If it’s something you love great. If it is feeling like an obligation, then it’s not a gift. Holding on to it is investing in sunk costs.

The lesson in clearing out a closet or tossing out artwork that you don’t want anymore is not only about creating the space for clarity. It’s about using the clearing as a reminder that when making future decisions, it's important to disregard sunk costs and focus on the potential benefits of future investments of time and money.

Let go of what you cleared away. Focus on what you want to create next. Do you want a really great wardrobe? Get rid of everything you don’t wear for all the reasons you don’t wear them. Invest in things you love and want to wear. You can actually own fewer things and be happier with them. If you consider what you wear now and really pare it down to your favorites and go to pieces, you could actually have a lot fewer things to store.

Perhaps you started with watercolor so long ago and you’ve moved on to a bunch of stuff. Now you mostly work in clay and have no interest in painting. The creative act of painting led you to something else. Holding on to what got you here tethers you to the past. It doesn’t leave a lot of opportunity or freedom to move into a creative endeavor you really want to try. The mindset that you might go back wards in time some day (as if we could reverse the clocks) is ridiculous. You created, you grew, you learned and you aren’t supposed to keep being the same person. Thank goodness we change. Otherwise we’d all be stunted in the mindset of our younger years. Yikes!

I encourage you to invest some time in defining what you have purchased that was a great investment. The quality sewing machine you always use or the easel that you paint on all the time. Those are investments. The supplies that haven’t seen the light of day in years, those are sunk costs. Don’t lament the money spent. Just use the lesson to help you distill down what you really want to buy because you genuinely want to use it. It takes practice and sometimes it takes a pause of a day or two or a week or a month. If you still want it in a month, you know the item has some staying power. If you forgot about it the day after you left the store or the website then you have avoided sunk costs.

I wish you the time to get clear of what needs to go in order to create renewed energy to your life. And then I wish you great enjoyment of the things that you choose to keep. May they make a meaningful impact of your life.