Will you buy things with money borrowed or wait until you have enough money?

@ajithlal (14716)
India
January 26, 2013 12:02am CST
I have lots of things that I wanted. Sometimes I desire to buy them quickly. I ask myself should I use the credit card or wait until I get enough money and then buy them? I ask myself should I buy all the things with credit card or just start to save money by cutting unnecessary expenses and save money and then go buy one by one may be after six months and then after one year and so on. What would you have done? Would you buy the things with the credit card or borrowed or wait for the things? Is it good to save money and wait for the things we want to buy?
3 people like this
20 responses
@vandana7 (98677)
• India
26 Jan 13
My experience in life is ...if you have monies, you will have friends or relatives or acquaintances who will think you dont need to be happy but they do. Moreover, as Vegan has already discussed in the first box, cash loses its value due to inflation. Meaning..what you are saving up for may become a tad expensive by the time you think you have saved enough for it. Buying things on credit is better. It fulfils your desires. It fits in your budget. It makes it easier to tell no to friends or relatives or acquaintances since they cant expect you to skip the installment. Just ensure that what you are buying has some resale value for your emergencies..lol. Ideally keep buying small things on installments, or take a home loan or car loan, and chances are you wont have such shrewd guys around. As to you, keep away from borrowing from individuals...borrow only from finance companies, or banks. Ok? In the long run it keeps friendships and relationships free of politics, and less stress if for some reason you cant pay the installment. You also retain your respect. :)
2 people like this
@veganbliss (3895)
• Adelaide, Australia
26 Jan 13
Only two ways? Why not go out & earn more money on top of what you already have coming in? Then you will be forced to reason, do I really need these material possessions that much? You can get it on credit if you want, but you still need the means to pay it off or you will need to pay interest. The problem with cutting other expenses in some cases is that we sometimes deprive ourselves of an abundance that helps make us feel content & happy, which can lead to problems which can cost us even more money to fix than the little we have saved. Another problem with saving is that by the time we have saved enough money for what we want, it may be worth more or less than "today's money". That's the risk we take. Of course, if any expense is unnecessary or harmful to us, we should cut it out as soon as possible.
1 person likes this
@ajithlal (14716)
• India
26 Jan 13
I also think that it is good to earn more money and to buy the things when we have enough money. Most of the credit card have one month interest free and then have to pay the interest after that.
• Adelaide, Australia
26 Jan 13
It's normally 55 days interest free down here, but there are some that have an even longer time frame. Either way, it's a bit of a gamble between "will things get better for me" & "or will they get worse" by the end of the allocated timeframe. Sometimes we are successful in making a beneficial decision & sometimes not.
1 person likes this
26 Jan 13
well it depends on the importance of the goods. if you thinks that is relly important to you you may use credits but if it isn't really not so important it is just a way to increasse you interest.... :)
@youless (112103)
• Guangzhou, China
26 Jan 13
I like to use the credit card and then return the money before it charges me fees. Besides it, I never want to have debts from others. I will not borrow money from others to buy something that I can't afford right now. I can wait and then buy what I want.
1 person likes this
@ajithlal (14716)
• India
4 Feb 13
I also think if possible it is always good not to borrow money and also not use credit card or use credit card wisely and without any interest.
@maezee (41997)
• United States
26 Jan 13
I wouldn't spend money that didn't belong to me, simple as that, unless it was an absolute emergency. I've had to use borrowed money (such as a credit card) buy emergency repairs for my car for example, things that I could not go without. Otherwise...It's all straight out of my checking account!
1 person likes this
@ajithlal (14716)
• India
4 Feb 13
I also think it is good to spend money that we have in our hand.
@else22 (4317)
• India
26 Jan 13
Fortunately I am blessed with fewness of wishes.My wishlist is too short.And one of my priciples is that I don't borrow beyond my capacity,beyond my means.I don't borrow even necessary things.I buy them so that I don't have any burden on my head.And yes,I don't have any credit card.Nor will I ever try to have one.I don't need it.I am from a middle class family,but for some reasons I would now put now in the lower middle class.If a particular thing is necessary and I have no money to buy it,I would like to wait for it until I have mony to buy it.
1 person likes this
@ajithlal (14716)
• India
27 Mar 13
I have a long list of things that I wanted to buy.
@else22 (4317)
• India
27 Mar 13
May God bless you with money enough to buy everything that you want to buy.Everything in your wishlist.
1 person likes this
• India
27 Jan 13
I will do both depending upon the urgency of the situation.
1 person likes this
@ajithlal (14716)
• India
29 Jan 13
I also think it is good to have the balance of the situation.
@cher913 (25782)
• Canada
28 Jan 13
well, it really comes down to needs vs wants and you need to ask yourself if you really need it. as for me, i don't have a credit card so i save up for things that i need and generally don't impulse shop.
1 person likes this
@dandan07 (1906)
• China
27 Jan 13
If the thing is education, I think I will choose buying it with money borrowed, for I think the earlier one can get more from that. To normal things, especially luxury things, I will wait until I have enough money to buy them. Though they have the potential to fight against inflation, it is not the essential things for daily life.
1 person likes this
@Archie0 (5636)
26 Jan 13
It is very hard to hold on the temptation when you are getting money easily through borrowing it. Most of the time we always think that borrowing money for the time being is okay after all they are your friends so you can return them back the money anytime and then you take the money and go buy what you needed to. But i think that is wrong, after sometime it gets piled on you to return the money, and what if you get addicted and after that you always get habitual to ask for money or borrow it for satisfying your needs.
@ajithlal (14716)
• India
28 Jan 13
I also think that temptation makes us more and more wanted for things and make us to borrow money to buy things that we really do not need in life.
• United States
28 Jan 13
I usually don't borrow money, I usually only borrow money if I'm going to get paid soon and I can pay it back, other than that, I don't borrow money because I don't want to go into debt.
1 person likes this
@tshihmin2 (186)
• Malaysia
27 Jan 13
For me, I rather save enough money then only I buy the things. That's the safest option that I can think of. Using credit card and borrow money are not for me and it's too risky. Credit card is for people who can manage the money very well. Credit card, every month end had to pay the interests. Yes, it's so nice to use it because it is cashless and can use it to buy things without limit. But, once you go out of hand, you'll be in the danger zone. Borrow money is for people who is very sure that they can return back the money. If you are late to pay back, there'll be consequences. I seen many people out there are in serious debt because of credit card and borrow money. So, it's better not to start using credit card or even borrow money. Once you start doing it, there's no turning back.
1 person likes this
• India
27 Jan 13
Interesting question.For me, it all depends on the things and circumstances.My first rule is buy things which are affordable and necessary for living.I use a mobile application for helping me cut down expenses.And i think i will be better financially in 2013.Now i have bought things on borrowed money,which is mostly from my credit card.However, i have never defaulted on any of my payments or never did i go for EMI.Its just i would be adjusting things based on my next month's salary or other monetary things.But then there are certain things i am aspiring to buy.But then i would like to buy them when atleast i reach 50-60 per cent of the amount needed.Its sometimes tough but then we also need to forecast certain things like inflation and cost of living etc.It is also necessary to cut down monthly expenses to bare minimum and have investments to ensure you have a passive income to help in many things.Some plunges or losses are bound to happen.It should be bothered and ensure it does not impact bigger things.So when buying things it should based on whats affordable and whats needed.Thanks!
1 person likes this
@Nursefrai06 (2498)
• Penrith, Australia
27 Jan 13
I think the only Thing you could borrow money for is for travel. If you are Not going I travel, then noe, you need not borrow money. Shoes, bags, these are all superficially but the experience you will learn when you travel, it's going to be priceless, heck if you don't seize the chance now, you'll never know when you can do it again
1 person likes this
• Indonesia
3 Feb 13
i think is depend to our urgency but i would like to choose i'll buy something with my own money if i had enough money but when the situation is very urgent and i don't have enough money so borrowing money is the solution as we still can to pay it back.
1 person likes this
@cripfemme (7698)
• United States
27 Jan 13
It depends on whether I really need the item in question or if I just want it. If it's actually necessary for work, school, health, or something similar I will probably go ahead and bite the bullet and just purchase it. If it's not a necessity I will wait until I have the money or it becomes a necessity.
1 person likes this
@obe212003 (2299)
• Philippines
27 Jan 13
A wise advice would be to keep it a habit of saving money for the rainy days. If you want to buy something, it's best that you buy it from your savings and not to borrow money. Thinks twice, even thrice or better ten times, try to think about the pros and cons, and have if you really is a value for your money and necessity.
1 person likes this
@Angelpink (4035)
• Philippines
27 Jan 13
One said , know your needs and limit your wants ! If i am to be asked , it is never wise and practical to buy something out from a borrowed money especially if it is just for whims because you are just creating another future problem. I will try to save money even if it would take several months , i will bear the pain of not having it than bearing the pain of having plenty of debts that won't make you sleep . Like me i wish to have that touch screen laptop for if i will travel still i can do my online works but i guess it will take many months for it is quite expensive , so so best thing to do is cost cutting like in eating out .
1 person likes this
@neelia27 (896)
• Philippines
27 Jan 13
Well I'm the type of person that really saves for something I wanted to buy.., I don't like borrowing money just to buy something.. I am trying to be patient and not to be an impulsive buyer.. and if I really wanted to buy something a gudget for example I will think first a lot and research for it if it is worth buying...
1 person likes this
• India
27 Jan 13
Its always good to save money for the uncertain future. But that doesn't mean you keep on saving and avoid all other things. So it depends on your need and if you really think that you should buy a particular thing then definitely go for it. But don't go for unnecessary shopping as it will badly affect your budget thing. And people tend to do overshopping with these credit cards so care should be taken while using them. Only purchase when there is a need for that thing otherwise you can wait.
• India
28 Mar 13
well, I do not mind if I buy things by credit card, it is ok but it is better to buy things when we have all money for buy the thing we want. it make us happier and our mind is cool at least. my husband buy things when has money and even when has money for all of his desire but still is some extra there. I do not like his way but we can buy things that we really need them with credit card and pay later.
@ajithlal (14716)
• India
28 Mar 13
I also think it is good to use credit card wisely and to buy things when have money.
@ajithlal (14716)
• India
29 Mar 13
I think when we earn hard for the things we wanted most probably the value of the things will also will be high.
• India
28 Mar 13
it speed up the process of what we want to have in our life.