Unlock a few “treasures”

So that bangle in your jewellery box was left to you by Great-Aunt Alison — but you’ve never worn it. Instead of sitting on it, Lim says, selling unused valuables may help you find the money you need without getting into additional debt.

“Look at things you are willing to part with, that don’t have too much sentimental value for you,” she recommends.

Community classifieds or online resources, such as Craigslist (craigslist.org), can put you in contact with buyers for household items like the second fridge in your basement or furniture you’ve had in storage. But Lim recommends you contact a reputable dealer to appraise and help you sell items involving precious gems or metals.

“Gold is the main thing that has cash value, and every household will have some little piece of gold somewhere — I guarantee you,” says Toronto dealer Russell Oliver, who’s been buying and selling jewellery for more than 38 years.

To determine what’s worth having appraised, he says, “you want to look for the stamp on the item. Sterling silver will say 925,” he notes, and its value is generally “infinitesimal.”

On the other hand, unloved jewellery stamped with 10K, 14K, 18K or, best of all, 24K is made of gold and a rich source of what Oliver calls “dead money — because it’s just sitting there.”

And if you’re worried about what Great-Aunt Alison would think, just imagine how happy she’d be to have contributed to the joy you feel every time you use a new kitchen faucet that actually works.

Don't forget to save!

Building a “rainy day fund” can feel impossible when you’re dealing with all the expenses that come with raising a family. But Vancouver financial planner Sylvia Lim says if you have change in your pocket, you can save $1,000 a year. Scrape together $2.75 a day between you and your spouse, and drop it into a clear container so you can watch the money grow. Once you’ve accumulated $20 or $50, deposit it into a high-interest savings account for even faster gains.

Originally published in Today's Parent, August 2008