If you have old silver lying around, it can be a lot like leaving money to collect dust under the mattress. It might give you some peace of mind to fall back on something in a pinch, but there’s a lot more your money can do be doing for you.
Whether you have silver coins, jewellery, silverware, or other types of silver to sell, those funds can be put to much better use.
How to Sell Silver
The first thing to do is make sure you get a fair price for the silver that you’re selling. Silver comes in many shapes and forms, and you might not even know if it’s in a silver tea set, old broken jewellery, or junk silver coins. Other forms are more apparent, such as anything with a hallmark or bullion coins and bars.
Much of the silver out there is valuable because it can be melted down and then sold for bullion, but that’s not always the case. Sometimes, collectibles may prove to be more valuable than just their metal content, and it helps to find a buyer who recognizes that. If you want to sell silver coins for cash, you should check to see if they are bullion coins, meaning they don’t need to be melted down.
What to Do with Extra Cash from Silver?
#1 Start an Emergency Fund
An emergency fund is one of the most important early financial investments you can make. Even if you don’t own stocks or bonds, if you have an emergency fund, you have some protection against unexpected financial setbacks.
An emergency fund is what you rely on when you have an emergency home or car repair, an illness, or a sudden period of unemployment.
#2 Pay High-Interest Debt
High-interest debt holds you back. Every month, you have to set more of your money aside just to carry it.Instead of investing and generating interest, you can free yourself from interest payments when you sell your silver.
#3 Invest in Your Savings Goals
It doesn’t matter what your savings goals are. You could be:
- Preparing for retirement
- Aiming to buy a house
- Preparing to reinvest in your education
The important thing is that you match your investments to your timelines. High-risk investments should have a longer time horizon to give you more time to recover if there’s a loss, while short-term goals should be more conservative.
#4 Donate to Charity
Do you have a cause you’ve wanted to contribute to for years? Donating to charity is an excellent way to use extra cash. Good financial decisions aren’t always about the bottom line; it can also be about knowing you’re supporting what you care about the most.
#5 Take a Vacation
Not every financial goal needs to be about building toward something in the future. Life can be a challenge, and the last couple of years have been no exception .
Spending extra cash on a vacation can also be essential for your mental well-being. If you’re feeling burned out, a vacation can help put you back on track.