Our savings for a home loan received an unexpected windfall this week. Consistent with our attempts to declutter our lives over the past 18 months, I finally decided to get rid of all my unwanted jewellery. These are items I mostly wore in my early 20s, when it was all about wearing thick chains and half a dozen dress rings to be popular. In retrospect, I wish I could have been more mature at the time, and realised I didn’t need all of these ‘style items’ to meet interesting people and have a good time. I shudder thinking at the money I blew just trying to be popular. Oh well, hindsight is a lovely thing…
…but unfortunately I was still left with all the bling bling, long after it reached its expiry date in my life. I hadn’t worn any of it in approximately 10 years, possibly even longer. So I simply collected it all (nine items), took it to a dealer and sold it all for $850. I probably could have gotten more if I sold it myself, but in all honesty, I just couldn’t be bothered advertising, and haggling with people to make a few extra dollars. The way I saw it, I was in possession of something that no longer had value in my life, that was possibly even weighing me down. So I made the most rational decision and exchanged it for cash, which has far more value in my life right now. To be honest, I feel an overwhelming sense of freedom knowing that my life became a little bit lighter.
What this means is that our savings for a home loan deposit got a big boost of $850, taking our total for the past two months to $4,200. We are really rocking now, at 7% of our way there, inching ever so closer to our $60,000 target.
Some valuable lessons:
Buying retail gold is like purchasing a new car, in the sense that it depreciates very quickly. Those who enjoy wearing gold but think frugally could find themselves unlimited bargains on the second hand market. Generally speaking, a jeweller will purchase your gold for approximately 25% of the original purchase price, and sell it on for 50%, or melt it into a new item and sell it for its full value or even more. I have nothing against wearing jewellery, but that’s just an expensive phase I grew out of long ago. If my tastes change in the future, I can always buy myself an item of gold I really like, but for now my mind if fully focused on that saving for something far more valuable.
Onwards to savings milestone #4