By Pauline Paquin
I don’t watch a lot of TV shows, but one of the last ones who had an impact on me showed a husband going to his wife for money because he had financial troubles. The wife, who is of Vietnamese descent, eventually confesses she has a secret money stash, like her mother and grandmother advised her, to remain independent should they ever get divorced. She is a stay at home mom, so she had been rounding up the cost of groceries and other household expenditures for months, which I think was pretty dishonest, but I strongly approve of her wanting to remain financially independent from her husband.
Divorces are really tough for your finances, especially if you were not working previously. I know divorced women who had to go to for in their mid 40s for the very first time, and it was extremely hard, not only to find someone who is willing to hire you, but also to get used to working when your routine was made of carpooling and parents associations.
As a woman, not having your own money means you have to rely on your husband for all your needs. It means should you get divorced, you won’t have anything to put a deposit on an apartment, or eat while you job hunt.
So how do you find cash when you’re in the middle of a tough breakup? One idea I came across recently was by selling your diamond ring. Since you are not together anymore, there is no harm in doing it, and that is actually easier than you might think. A site called Worthy has created an online marketplace for buyers and sellers to try and get a fair price from the sale. It is likely that you don’t know what your ex paid for the ring. And too many jewellers try to take advantage of it by offering very low purchase prices. To avoid having to deal with these kind of people, Worthy has set up a hassle-free process.
Selling your engagement ring is pretty straightforward. You register on Worthy and get an instant market value estimate of your ring, with a picture you can take from your phone. Then, if you are happy to proceed, you ship it and Worthy will find you a buyer within 7 days. If you are not convinced about the price and find a better deal locally, they will even give you $100. Shipping is free and they have insurance for up to $1,000,000.
Is it bad to sell an engagement ring? Personally, I don’t think so. That is something you won’t be wearing again, that may not have been your taste in the first place, and that will remind you of memories you are trying to get over.
Your diamond engagement ring can be the key to newfound financial independence. It could finance a deposit and a first month rent on a new place to call home, help you go back to class or buy smarter clothes to go job hunting. If you have done that already, selling your engagement ring can be a way of letting go of the past, and with the money you could treat yourself to something that will make moving on a little easier. A spa day, a memorable night out with your girlfriends or a last minute weekend under the sun. Life is all yours to enjoy!
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Pauline Paquin writes about money, travel, simple and deliberate living, freedom and choices. Her articles have been featured in The Huffington Post, Forbes, Business Insider, and more. You can read her posts at Make Money Your Way and Reach Financial Independence.