I did this once, they're really not as scary as you may have in your mind. I know I had a really dreary image of them in my head, but to my surprise, the pawn shop was very much like a store. The people were very friendly and upfront about how their loaning program worked, and assured me that they would not sell my item as long as I came back and claimed it in time (with the borrowed money, of course - and the slip.) Have you ever done this?
Not yet, I haven't left something at a pawn shop for money. I went to pawn shops to sell, for after I watch Pawn Stars I got brave and made some money selling things. I did decline selling because I thought it was to low so I brought my ring back home and didn't sell it. I saw on TV in movies some musicians leaving their prized instruments for money. You know what a pawn shop I went to once had a woman behind the counter too.
I have to admit that I was doing that when I had no job. And since I had no jewelry, I would borrow the ring or necklace of my girlfriend to pawn it. But in fairness to me, I never neglect my obligation to redeem the pawned object and return it to the owner. Things just didn't work well with my finances since I didn't have a job. That's why when I started earning, I tried to make ends meet all the time so I wouldn't visit the pawnshop anymore. The interest is high not to mention the excessive service charge.
Yes I have actually about five times because things got critical. I also thought it would be scary but to my surprise when I moved here pawn shops are actually very popular. Pawn shops are found almost everywhere I go evn in big malls. Most people don't even go back for their items and many are resold in a good price. I got to admit I didn't go back for three of my things but of course it was all worth it as I needed the money for my daughter.
Yes, I would have to say that I've been in that situation where I needed to pawn a necklace to tide us over a financial crisis I wasn't able to work for 5+ months and I didn't want to deplete my emergency fund because I had a baby who might need the money anytime. I didn't want to exhaust my credit card either so I had to be brave enough to go to the pawn shop. It was also a good time to prove that gold jewelries are good investments. I was able to pawn a necklace for about 40% more than its purchase cost that I was tempted not to redeem it. What I don't like about pawning gold jewels is that they scrape off a tiny part of the item to appraise it. But there's another aspect of pawnshops that I had discovered then. Pawnshops offer unredeemed items at low, low prices in auction so if you're looking to buy a gadget, camera, or jewelry pieces, perhaps you can try to consider buying them from pawnhops.
I have never attempted to pawn anything to raise cash at any time before. I am weary of these places, mostly out of gut feeling rather than experienced interaction. It seems that they mostly offer very low value for pawned stuff, therefore, the cash that is offered as loan may be at a low rate compared to the actual value of the item that is held as a guarantee for the loan and this may be a reason for the low prices at auctions for the unredeemed items.
I think our local pawn shop is like yours, Natasha; very nice and ethical people. The trouble is, they wouldn't be able to get much out of anything I'd have to pawn! So I've not tried pawning stuff. The store is actually "Pawn, Gold & Guns"...my husband sold his own guns and "good" gold jewelry while bankrupt, and didn't buy more, but I sold them some hunting accessories, 14K gold jewelry, and coins that he left. If you're ever in my part of the world, it's worth going in Gilbert's, even if you don't want to pawn anything, or buy some poor desperate person's radio or engagement ring. (They won't try to "sell" you guns--they actively market jewelry and electronics.) Old Mr. Gilbert is quite an inspirational person to watch at work...one of those people who can be classified as disabled, and for a few years he'll admit he even believed it before learning to work around disabilities.
If I am terminally low on cash, I don't buy anything but an absolute necessity. That's how I avoid being absolutely broke for months to come. I put a big lock on my spending habits for a month or two, and after that I am free to continue with my life. Otherwise it would be a catastrophe.
No I've never done that. In fact I don't even know if there is a pawn shop where I live. The only time I have seen this happen is on the TV but never in real life. I think it's a good idea though if you are really short of cash but I wouldn't have a clue how to go about it.
I like that. That's EXACTLY what I need to start doing. I really don't know what my problem is, I know how to budget my money, it's as simple as taking out a piece of paper and doing the math. Yet, I always end up short. Because I don't follow my own budgeting rules. But not next month. Next month, no mistakes. No excuses. And yep, I've already taken into account that next month is Christmas present month.
