Whatever ever happened to saving up for what you want?

[gemfyre]

Yeah that. Tonight was a thing on one of the Current Affairs programs about low income people complaining about how much they end up paying in these "buy now, pay later" schemes. One example was a family who had their gas and water cut off because they couldn't pay off a home entertainment system.

Fuck, if you can't afford it, WHY DID YOU BUY IT?!! No-one NEEDS a home entertainment system. Right now we're managing on a TV that must be at least 20 years old. And if we can't afford something that's not an absolute neccessity - we don't buy it!

There are loads of nice things I want, I have a long list, but you know what? I do that old fashioned thing called SAVING UP. Then when I've saved enough money, I get the thing I want and start saving for the next thing. It makes it a lot more rewarding AND I don't have to worry about paying it back at a later date and interest and all that crap.

I am so glad that BankWest just came out with their debit card - so I can purchase online and book things and do all that stuff that requires a credit card, without actually spending any money I don't have.

If you're on a low income, don't go buying luxury items you can't afford. Or if you do don't cry about it when you can't pay it off.

Comments

[bleedingwillow.livejournal.com]

Amen. I don't understand the obsession with expensive things. Myself, I'm a function girl. If it works (and it's cheap), then I'm all over it.


I do understand payments versus buying though. Like right now my fiancee has crappy credit, so she's doing payments on a TV (pays it off next month actually ^-^) rather than saving up to buy it partly to improve her credit, and partly because it stays under waranty longer that way and she has a 6 year old son...heh.


But seriously...people who can barely afford food buying expensive shit they can't afford boggles me. My ex's parents did that and then (surprise surprise!) things started getting reposessed and they had to move back to Idaho. *eyeroll*

[firvulag.livejournal.com]

well, buying though payments CAN be a good thing, so long as you are paying off just the principle amount and interest isn't a factor. the problem with things like rent to own and "no payments for x months" is that you end up paying more for it from the interest. even the no interest for x months ones can get you if you just pay the amount they say, as that doesn't actually pay it off in the time that the no interest period happens, and some of them have early closure fees so they get the interest either way (or at least some of it)

having said that, if you are careful, it's a great thing. I've done it before and will probably do it again, provided i can afford it.