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Gold for Cash & Under Budget Again!

July 14th, 2011 at 06:58 pm

We had been meaning to take in my class ring to sell for cash. Finally had the chance to do so today, as I got off an hour early, since I came in early. 

We headed to a not-so well-known gold and silver shop. I believe it was called Idaho Gold & Silver. My class ring was 14k, had two small diamonds in the middle of the 0's for the year (2007), and one larger one right in the middle of a large grey stone that was set on the top of the ring. I cannot remember the name of the stone, but it was - at least at the time - the most expensive stone available from Jostens. 

Unfortunately, the shop did not pay for either the stone or the diamonds, but that was the general consensus around town. They believed the diamonds were too small to salvage, except "maybe" the large one. I am sure that any of the shops would take it and use it or sell it though.

When it was new, my father paid around $850 for the ring. Today, with his permission of course, I got $381 just for the gold. Not too shabby, eh? At the time I sold it, gold was at $1,585/oz. So, of course, they pay a percentage of the gold content. 

For an unaccounted-for income, this is a pretty good chunk of change. I had already planned on having our car's driver-side mirror fixed (~$120) and getting a stereo for the car ($~60). The stereo is already "free," because it was planned for before I received the free alignment for our car. So, really, the mirror will be the only planned purchase that has not been paid for in some other way. If this makes sense...

So, at the end of it all, we come out very much on top! We have a planned trip for Portland coming up, and we will be using some of this money for that as well, and applying the money we will be saving towards debt.

I love FREE money! 

Also, came in under budget on our grocery budget for the third week in a row! We are currently $30 under budget, and will most likely end up $40 under budget by next week! How cool is that?! And we are getting more food each time!

4 Responses to “Gold for Cash & Under Budget Again!”

  1. Joan.of.the.Arch Says:

    Glad you realized the resource right there at your fingertips. I've seen people in desperate straights who would not sell certain pieces of jewelry. I always figured I would do so if needed. It's easy for me to say that casually, but the truth is I've never owned gold jewelry.

  2. uRabbit Says:

    Joan, it's easy to get rid of because I do not like gold. It was, in fact, my dad's idea a while back to sell it. Ha. My wife is now thinking of selling some of hers, as she does not wear yellow gold. I told her we'd better do it soon if she wants to, with prices so high.

    I now wish I'd purchased gold last year when it started raising, when I thought $850 was high! Haha.

    So glad to be de-cluttering and making money from it! Month before last, I sold my XBOX 360 and HDTV. Smile It will most definitely be nice when we move in the next couple of years, as we will not have many items to move.

  3. snafu Says:

    If your car is older, check with auto wreckers in your community to see if they have a driver's side mirror for the make, model, year of your car. It will be much cheaper. Use the difference in cost to paydown the Best Buy CC with 29% interest. Have you talked to Best Buy credit office and asked them to lower their interest rate? That is a very, very high rate of interest.

  4. uRabbit Says:

    snafu - Read my previous blogs.
    - Tried doing it myself, ended up breaking the mirror at the salvage yard...
    - All my cards are paid-off, as you can see...

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