Every girl loves a new piece of jewelry, right? But, in this economy who can afford to buy a nice necklace or ring just because they want it? I know I certainly can’t, especially on a journalist’s salary.

I decided to take a look at some of my old pieces that I don’t wear anymore and see if I could get some cash for them. The most obvious thing I was never going to wear again was my high school class ring.

At the time, more than 11 years ago, the ring was a big deal. It showed off what activities you were in, there was a ring turning ceremony, and of course some big deal about who was going to “lock your ring.” Honestly, I forgot all about those traditions until I started writing this post.

But, now my class ring was a somewhat expensive piece of jewelry with a beautiful sapphire, also my birthstone, that had been sitting in a box for years. What a waste of good money!

A few weeks ago I went to Neves Jewelers, a New Jersey jewelry store that my family has frequented for years, handed them the ring, picked out a new setting and paid the small difference between the class ring’s worth and the cost of the new one.

Today, I picked up a brand new piece of jewelry for a fraction of its cost, and one that I couldn’t wait to wear! It’s still my class ring, but in a different form.

Just a note if you decide to do this — the price of gold seems to be at an all-time high, so you will get the best price for it, but if you are buying a new piece, you will also be paying a premium.