As part of your way to bridge the gap between the pandemic and our new normal, you may have rounded up all your old, unused gold or silver jewelry to sell for cash.
Or maybe, like many of our customers, you’re taking advantage of the huge spike in precious metal prices to move your gold and silver bullion.
Either way, you’ve got a pocket full of cash, and plenty of places for it to go. But what’s the best use of that extra cash?
If you’ve been laid off from work, have reduced hours, or you’re experiencing another loss of income due to COVID-19, you likely have plenty of urgent financial priorities. But, if you’re still employed, this extra cash could help you invest in your future.
Ultimately, it depends on those unique financial needs. But here are 5 smart ideas for using your extra cash from selling gold, silver, platinum, or diamonds.
Get Your Essentials & Cover Your Bills
Extra cash is a great way to patch a hole in your paycheck. Depending on how much you were able to get, you can divide up your earnings to make up a paycheck for a week, month, or a few months.
For example, if your income has decreased by $500 a month, and you got $800 in cash for your items, you could cover the expenses that usually fall under that $500 a month, and have an extra $300 to go towards the following month.
To be strategic about your cash, consider the essentials you need and bills you have to cover. For example:
- Groceries
- Mortgage or rent
- Utilities (electricity, water, phone bills, internet, cable)
- School supplies
- Auto or life insurance payments
- Child support
- Hospital and medical bills
It can be tempting to put that $800 towards a mini-vacation, new iPhone, or shopping. But this money can help you buy some time with your essential needs and housing while you search for more work.
Pay Down (or off) Any Debt
Let’s say your essentials are covered, or you want to take any remaining cash from covering essentials and put it towards something else. Paying off your debt is a great place to start.
While many lenders and credit card issuers are offering relief and forbearance to borrowers, paying off debt is never a bad financial move. And it can put you ahead of your financial goals.
Most financial advisors recommend you pay off your highest-interest debt first. So, take a look at your credit cards, student loan debts, and other debts to see which one takes the cake.
If you aren’t in a hurry to pay off debt, talk to your bank about your relief options as a borrower. And then check out the next idea for another smart way to use your money.
Start an Emergency Savings Account
There’s nothing like a national emergency (COVID-19) to put into perspective the importance of having an emergency savings account.
If your essential needs are met, and debt is paid or manageable, but your bank account is looking a little empty, put some or all of your extra cash into an emergency savings account.
This chunk of change can be used if you’re out of work for longer than anticipated, you experience an unexpected illness or, you guessed it, an emergency hits your family.
Remember, it’s for emergencies only – so don’t get tempted later on to use it on a shopping spree!
Donate to a Worthy Cause (here are a few to consider)
You’re financially secure, bills are paid, and work is stable.
If so, charities around the world are seeking financial support in light of COVID-19! So, why not donate some or all of your extra cash to a worthy cause? Plus, it’s tax-exempt and makes you feel good too!
In light of the Black Lives Matter Movement, we want to share with you a few charities you can donate to support the movement and black community. Click this link to review a list of 137 Ways to Support Communities of Color.
Treat Yourself – Within Reason
If you’ve picked one, two, or all of these ideas, you’ve done some good financial work. And deserve to set aside a small amount to splurge on yourself.
In addition to financial struggles, the pandemic has also brought along grief, stress, and anxiety. Something fun and good for yourself can bring joy and happiness in such a time as this.
But, remember to be smart about your spending. You’ve worked hard and have made solid decisions, so don’t spend it all in one place! Dinner with family at a Mom and Pop restaurant, a manicure at your favorite salon, or a new shirt from a local boutique is a wonderful treat that also supports small businesses.
Want to sell your jewelry or bullion? Give us a call at 901-324-4009 for a free estimate or visit us at 3173 Poplar Avenue. No appointment, no wait, always the highest prices in the Mid-South.