Budget Dilemma

On my facebook page, I sometimes share the questions that I often have to face. The answers from the people who follow this page are interesting to say the least ….

Budget Dilemma: Mum & Dad loaned me $2000 for a new fridge. I also have a buy-now-pay-later loan for my TV. Which do I repay first?

L. C. –  TV; if mum and dad can wait.

H. R. –  Get rid of that buy-now-pay-later, possibly paying small regular amounts to Mum & Dad. When done, keep banking the repayments to build an emergency fund for replacing big appliances in the future.

K. B. – The fridge…. that’s what the money is for….

B. J. – $2000 for a fridge? Whatever happened to starting off with second-hand?

W.F. – If you still haven’t cleared the loan for your TV then you shouldn’t be spending $2000 on a fridge !!

M.B. –  Learn to live within a budget.

M. S. – Fridge. U need a fridge,  u don’t need a TV. Need vs Want

F.L. – You can pick up a new decent fridge for less than $1000, so talk to your parents. Maybe the other $1000 they are willing to loan will pay out the TV, then you will be left with 1 interest free loan

C.C. –  Pay the TV off first while making nominal payments to your parents. The TV sounds like it is on a card and once the “interest free” period is over, some of these cards have interest rates at like 30+% and some backdate to the day you bought it. The interest is phenomenal. These cards are handy as long as you pay it off on time.

 

Of course, some of these responses have been slightly edited and the defamatory & inflammatory ones have been deliberately left out.  (because none of us need a law-suit)

Variety is certainly the spice of life!

 

©   Carmel McCartin – Budget Bitch

 

And don’t forget – (The views expressed in this blog are the personal opinions of the author. Don’t rely on them to make financial decisions, you have to make up your own mind. If you don’t like the content – then either stop reading or send me an email)

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