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I felt sad every time I saw my engagement ring in the jewelry box. It wasn’t your standard engagement ring– I’ve never been a big fan of diamonds. Instead, I had a small emerald in a simple setting, and I loved it. For a long time after my divorce, I held on to that ring, thinking that someday I might wear it again when seeing it stopped making me feel bad.

That never happened. So I finally sold it and my wedding band. I didn’t get a ton of money for them, but what I got helped jumpstart my savings, which soon turned into a down payment on my first solo house.

How ever you feel when you look at your engagement ring, no matter how well you get along with your ex, or why you got divorced, that ring keeps you tied to the past. Selling it can help you move forward with your life…and it can have a very positive impact on your finances.

Here are 8 smart financial moves you can make with that money:

  1. Use it to pay off your lawyers (divorce can be very expensive!)
  2. Fund your emergency savings
  3. Add it to a down payment for a house or a car
  4. Move a big step closer to being debt-free
  5. Give your budget some breathing room by prepaying bills (like car insurance or tuition)
  6. Put it toward your retirement
  7. Launch your own business
  8. Invest it…and watch it grow

Most important, selling your ring can help you shed your old life and turn toward a more prosperous future.

Be prepared for a big difference between the price paid for your ring and its resale value.

When you’re ready to sell, here’s how

Once you’re ready to sell your diamond ring, you’ll want to do it fast and for the best price possible. To make this process easier on you, I did a lot of research, and decided to partner with WP Diamonds. This highly reputable company invests their own money in buying your jewelry, so you don’t have to wait months for it to be sold before you get paid. One note: This company buys only diamond engagement rings, unless your non-diamond ring is a super high-end brand like Tiffany or Cartier.

I asked them tons of questions – like what happens if a ring gets lost (that’s NEVER happened, and they’ve been around for more than 10 years) – which they very patiently and thoroughly answered. I checked their Better Business Bureau rating – it’s an A+, with ZERO complaints filed. I looked through hundreds of reviews on Trustpilot , and a whopping 89% of them were “excellent.”

And their ultra secure process couldn’t be easier…

All you have to do to get started is go to their website and fill out a simple form. The experts at WP Diamonds will give you a price quote. If you’re happy with the amount, you send them your diamond ring – they even provide free and fully insured overnight shipping labels. Once they get your actual ring, they’ll tell you the final price – and since they don’t charge any fees or commissions, that will be the amount you actually get. You can decide to accept the money – which you’ll receive in as little as 24 hours – or get your ring back (totally free of charge).

With the money you get from selling your ring, you can fund your future while you make a clean break from the past.

Some of the links in this post may generate a commission. I would never recommend any product or service that I don’t truly believe in.