Credit: fxquadro via Freepik
As the cost of living rises across Ontario, families are feeling financial pressure, and they’re looking for ways to get the most out of their budgets. New homeowners who got variable-rate mortgages are seeing eye-popping increases in their monthly payments as the Bank of Canada aggressively raises rates to fight inflation. Groceries and gas continue to take deep bites out of household budgets, and daycare costs are still high for young families.
Many families are leaning on their credit cards as a way to face all of these new expenses. That’s troubling news, especially for families that are using debt to pay for everyday expenses. It’s hard to find that money back in your budget, and interest payments can eat even further into your funds. It’s tough to carry credit card debt, and turning to credit to cover essentials can start a slippery slope.
The average consumer debt in Ontario is already over $20,000, not including mortgages. Unfortunately, prices aren’t likely to come down any time soon, and it will only get harder to pay off that debt.
If you’re looking to make a dent in your debt before interest rates keep eating into your finances, you may want to look to old silver in your home as a way to meet rising costs.
One way you can make a dent in your debt or avoid it in the first place is by selling silver you find your home, including jewellery, coin collections, flatware, or other heirlooms.
5 Reasons to Sell Your Silver
Why should you turn to silver of all things? If you own silver, you’re sitting on an investment asset, and now may very well be the time to cash in.
1) Silver Is Easy to Sell
It’s remarkably easy to sell old silver in Ontario, as the province has a robust market of bullion dealers who will buy silver of all kinds. You can either choose to sell silver in person or get a mail-in evaluation. Find a dealer who will offer great rates for your silver.
2) No More Polishing and Maintenance
Are you sick of polishing and cleaning a silver tea set or flatware? Silver can be more of a commitment than many busy households want to deal with. It may make a lot of sense to sell before it becomes tarnished or damaged if you don’t have somewhere proper to store it.
3) Avoid Debt
Avoiding debt will put you in a stronger financial situation long-term, even if you’re breaking even on a monthly basis. Debt can be a real challenge to pay off, and the interest can become costly.
4) Pay Down Debt
If you’re already dealing with debt, use the extra funds to pay down a credit card or other debt. It makes a lot of sense to pay down the debt with the highest interest rate.
5) Add to Your Emergency Savings
Too many Canadian households don’t have any emergency savings. They’re getting by paycheck to paycheck, but with the help of an emergency fund, they could add security and peace of mind to their lives. If you have silver jewellery lying around that you no longer want, sell it to start your emergency fund.
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