In today’s rough economy many people are selling their gold for money. 

Additionally, gold prices have set new records lately selling for $1,143 an ounce last December.

There are many companies capitalizing off people selling their gold jewelry which includes gold-party companies, jewelry stores and mail-in companies.  So how do you know what your gold jewelry is really worth?

Below are the steps you can use to determine how much your gold jewelry is worth:

1. Weigh your gold on a scale in grams.
2. Multiply the weight by the current price of gold to determine $/ounce.  Find price of gold at cnnmoney.com/data/commodities
3. Divide by one of the following
4. If gold is 10k divide by 74.8
5. If gold is 14k divide by 73.2
6. If gold is 18k divide by 41.5
7. If gold is 24k divide by 31.1
8. Multiply the above result by 0.50 and 0.80 to determine the fair price range

So let’s say you have several 14k pieces of gold jewelry weighing 50 grams.  The value can be calculated as follows:

50 grams X $1,119.50 per ounce / 53.2 X 0.5 = $526
and
50 grams X $1,119.50 per ounce / 53.2 X 0.8 = $842

Per the above calculation your gold jewelry is worth between $526 and $842.

However, keep in mind that if your jewelry as an antique it may have more value than just its gold content.

If you are interested in selling your gold, check out Empire Gold.

As expected the Senate approved a $626 billion bill to fund the Defense Department for the fiscal year that began almost three months ago.  The bill was approved via an 88—10 vote.  The bill next stop is the White House where President Barack Obama is expected to quickly sign the bill into law.

The bill includes $128 billion for wars in Iraq and Afghanistan, $13.3 billion to extend unemployment and COBRA benefits for the long-term unemployed whose benefits would otherwise expire.

Good news for those of you unemployed.  The House of Representatives today passed a temporary extension of unemployment benefits and subsidized COBRA health insurance for laid-off workers as part of a $636 billion spending defense bill.  The measure was approved on 395-34 vote.

The Bill extends the COBRA subsidy by 6 months to a total of 15 months where 65% of the premium is paid by the government.  This is for people who lost their jobs through February 28, 2010.  People who lose their jobs after December 31, 2009 are not eligible for the subsidy. The legislation requires employers to notify current COBRA and future beneficiaries of the new 15 month premium subsidy.

Additionally, the new legislation will give beneficiaries whose subsidy expired and who didn’t pay the full premium a second chance to get coverage. For example, a beneficiary whose nine months of subsidized coverage ran out November 30 and who didn’t pay the regular unsubsidized December premium could pay the 35% premium share in January and receive coverage for December.

The Senate should pass its defense bill with the same extensions this Friday.

Bank of America is offering their customers a 1 year free trial of McAfree Internet Security software to protect your computer against viruses, spyware, adware, phishing, spam and hackers. (See demo)

Most free trials are for 30 days so this is a great deal.  A credit card is required to get the free trial.  You have to remember to cancel if you don’t want to purchase the software after 1 year.

Your trial will automatically renew at the end of the 12 month free period for another 12 months at 50% off (a $34.98 value).  To cancel this automatic renewal, you can contact McAfee Customer Support at 1.866.622.3911 prior to the expiration of the free offer.

To get your McAfree free trial visit BankOfAmerica.com/promos/mcafee

Related Article: Save Money with Free Anti Virus Software

College is getting more expensive every year. The earlier you start to plan, the easier it should be to pay for it. Below is a worksheet that will help you determine how to finance your child’s or your college education.

Today the Senate voted overwhelmingly to provide the unemployed with up to 20 additional weeks of unemployment benefits and expand the first-time homebuyer tax credit to include a much larger pool of people entering the weak housing market.  

The bill will help over 1 million unemployed people who will run out of unemployment benefits by the end of this year.  The unemployed will get 14 additional weeks of benefits, while states with unemployment rates of 8.5% and above will get an additional 6 weeks.  It’s estimated that 7,000 people run out of unemployment benefits every day.

In the hardest hit states the unemployment could get up to 99 weeks of benefits with an average payment of about $300.  This exceeds the previous record of 65 weeks in the 1970s.

The bill passed 98 to 0 at a cost of $24 billion also provides tax relief for struggling businesses. The bill extends to all businesses that have losses in 2008 and 2009 to request refunds for taxes paid on profits over the past five years.

Additionally, as part of the bill, the $8,000 tax credit for first-time homebuyers, set to expire this month, will be extended and expanded to include a $6,500 tax credit for people who have lived in their current residences at least 5 years. The $8,000 tax credit is extended through June 2010  as long as buyers enter into a binding contract before April 30, 2010. The income ceiling for qualification has been doubled to $125,000 for individuals and is available for homes purchased at or under $800,000.

Related Article: 13 Things to Know About Unemployment Insurance

With the Internet you can really save money on certain services like your telephone by using Skype and Magic Jack.

You can also get rid of your satellite or cable service for a one time fee of $49.95 with Satellite Direct TV. All you need is to download software to your computer.  You don’t need a satellite dish, receiver or any additional equipment.  All you need is Internet connection and the software.   With some additional equipment you can record and watch the service on your television.

The service features:

• No subscriptions or monthly fees
• No hardware to install
• No bandwidth limits
• Access to over 3,500 high definition (HD channels
• 24/7 unlimited access
• Auto Channel Updates
• Available on Mac and PC

For more information visit Satellitedirect.tv.