Real-life MMD: Should I sell gifts for quick cash?

Augustus_the_Strong

'Why don't you just say to your parents 'I am in need of cash, do you mind if I sell those bracelets?' '

'Or just tell her your overdrawn and struggling to pay it off and this is looking like your best option to help with that problem at the moment.'

Either of these responses (or a combination) would be reasonable. I'd say don't sell the bracelets though - it may reduce your overdraft this time, but if you think like this, you're likely to have more debt crises, and you won't have those nice bracelets any more.

pennypinchUK

A simple test. Imagine you're discussing this dilemma with your best friend, and suggesting you're going to sell the items. If you're embarrassed or ashamed, you're doing wrong. If you're comfortable with your suggestion to sell them, carry on and do it.

This solution works in most situations, and almost all the "dilemmas" on MSE.

alggomas

Well, what a big word MORAL.

Let's give you an example:

You are starving to death,someone offers you £530 and a meal for the bracelets. What do you do? DIE? [!].

Simplex.

Sell your gifts and reduce your overdraft AND control your expenditure.

After a couple of weeks go and tell your parents that you were in such dire straits you had to sell their lovely gifts. Please forgive me. Or are you incapable of being honest to our own parents?

I would also sell your tv, ipad and anything else you morally value more than your parents gifts and stay in for a month.

p0rkpie

emmadragon wrote: »

I am pretty sure if you spoke to your parents they might be willing to 'buy back' the jewellry if they know you are stuck, I know my parents would if I really needed the money

Quite like the reply above for a solution, however i will try to go with a more money related answer.

If the overdraft is adding extra interest to your account and therefore putting you further in debt, then you could think of the bracelets stopping you from clearing your debts quickly and/or as decreasing in value, as you are taking value from them to pay extra interest.

Alternatively, they seem like quite expensive bracelets. Would they go up in value over time and so be a good investment to keep hold of and make more of a profit in future?

Both, of course, not taking into account any sentimental value, or moral value of bad feelings towards not telling them at all.

You could weight it up about how you would feel about selling them when they had past from this world!
If not bothered I'd sell them now to help financial issues, but inform them about it so you don’t feel bad from 'hiding' or lying about anything.

seven-day-weekend

Tell your parents about your overdraft, they might help you with it

Otherwise, sell the jewellery, but don't lie to your parents.

onesixfive

1. Offer your parents first refusal - Maybe ?
2. If they dont want them try pawning them for the best price - Yeah ?
3. BUT - I Guess, this is only going to REDUCE your overdraft not CANCEL it?
What will you sell next ?
What happens when there is nothing left to sell ?
Why not try to get your finances in order NOW without having to upset anybody?
Maybe once you've done that you could maybe trade-in the bracelets for something more to your own taste, a) as a treat for you for your achievments in clearing your debts, & b) with the approval & blessing of your parents, and c) without the guilt of the cost.

alggomas

Although I agree a bit with p0rkpie.The situation seems desperate rather than "shall I or shant I" so would not wait until they grow in value.
I was going to add in original post the following [ I dislike extreemly the bank of mum and dad because it allows you to still enjoy luxuries without doing something youself about it]:

Go to your parents and say you have to sell their lovely presents because you are in debt. 10/1 they will help you out because morally they would feel obliged. [ I hate this answer as you are abusing your parents love for you !!!!]

spursliz

How could you even consider selling something from your family that was given to you by your generous mother? If you are in debt now, you will be in debt again once you've used this money to pay it off. You know perfectly well it's wrong, otherwise you wouldn't be lying to your parents about selling them. I am shocked at the attitude of other MSEs encouraging you to sell them if you don't wear them. If you have no use for them, please, offer them back to your mother and have a long, hard think about what you are proposing to do.

MediaWeasel

Honesty upfront. Best all round.

"Hi mum. Look, I have to talk to you about something. I've got this overdraft I really need to pay off because the interest rates are killing me. I'm flat broke and I need to get back on my feet. Remember those bracelets you gave me when I was 18? Would you mind very much if I sold them to raise some cash so I can clear that overdraft? Be honest. Would you be hurt or would you not mind?"

Then, LISTEN to what she says.

Don't sell them and then lie about them being in the bank. Don't "not tell them." Be honest, open and upfront, the way you want to be about your finances.

:-)

originalkat

skylight wrote: »

I have also sold a gate bracelet that Mum gave me for my 21st. It was broken anyway and has been in the bottom of my jewel box for over 18yrs - it meant little to me as I haven't worn it or even seen it for so long. Now, the gold pen that Dad bought me for my 21st, I lost (or more likely stolen from work). That though was heart-breaking as I used it daily.

I currently have Mums and Dads engagement rings that I am considering selling. I say considering as I have been thinking about it for months and as I havent gotten round to it yet, its unlikely that I will ever sell them as they obviously mean more to me than I think they do! They divorced over 25yrs ago after an unhappy marriage and like the bracelet, the rings are sat in the jewel box and will never be worn again (Mums is damaged slightly anyway with stones missing).

I agree with those who suggested no good comes of lying and it's better to ask if they mind.

However, as a mum I would be upset if my daughter felt the same about a 21st birthday gift from me as skylight felt about her mum's gift "it meant little". Gifts bought for 21st birthdays were meant to be a gift for keeping, a watch, bracelet, ring etc chosen with love and worth far more than the monetary value.

When my daughter reached 21 I bought her something she couldn't sell even if she wanted to - a tattoo, just what she wanted, specially designed for her, discreetly hidden and with her for life!