Valentines day is this weekend and you are not able to purchase a gift for your husband or wife because money is a little tight. With a struggling economy many people are looking for creative ways to come up with extra cash for occasions such as valentines day.  Just because you are broke doesn’t mean that you are not able to buy that special someone a gift. One creative way to raise a little extra money is to sell your scrap gold.

As you probably already know, the price of gold has been unusually high lately for several reasons. With such high prices, right now is the time to cash in on all of that old or broken gold jewelry that you have laying around the house.  Selling your scrap gold is easier than ever with so many scrap gold buyers out there. Before you sell your precious metals be sure to follow a few general rules:

1.   Know the weight and purity of your gold. Scrap gold buyers will pay you according to the amount of pure gold that you have.

2.   Always check with several buyers before giving away your gold. You may find that one buyer will offer you several hundred dollars more than another buyer. Be sure to ask them how they calculate your gold value.

3.   Understand Healthy Financial Habits scrap gold equation which is gold value = ((Karats/24) * weight in grams) (Current price per gram) (.80)

4.   Understand that you will not receive what you originally paid for your jewelry. Scrap gold prices do not take into account craftsmanship of your piece.

5.   Another factor to consider is the fact that your gold has to be processed or melted down. This cost money and will be considered when pricing your gold.

Selling scrap gold can be a fun and easy way to raise a little extra cash for special occasions such as Valentines Day.  You can convert your old scrap gold jewelry into something special such as a diamond pendent or a romantic dinner for two. For more information on selling your scrap gold visit Healthy Financial Habits guide to selling your scrap gold.

Check back with Healthy Financial Habits this tax season for tips on filing your federal income taxes. We will show you which forms to fill out and make you aware of tax deductions that you may now know about.

Author: John Zinsky