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Respected Social Butterfly
Posts: 1,975
Registered: ‎02-01-2008

Re: How Do You Handle Big $$ Purchases/Projects?

Message 1 of 26 (1,828 Views)

Nice to have the feisty Drawpoker back.   Keeps things interesting.

vita umbratilis
Trusted Social Butterfly
Posts: 7,094
Registered: ‎02-14-2008

Re: How Do You Handle Big $$ Purchases/Projects?

Message 2 of 26 (1,840 Views)

"...NEVER?   Wait a minute here,  ret traveler.

With all the zero APR offers floating around now -  why wouldn't you take advantage of an interest-free loan?...".

 

   Have to agree with you in that it's a good idea under those circumstances. I've never thought to do that. Just too much of a habit of paying cc, entirely for every billing cycle,  for last 40 years.


Just think. The world was built by the lowest bidder.
Valued Social Butterfly
Posts: 1,700
Registered: ‎06-25-2013

Re: How Do You Handle Big $$ Purchases/Projects?

Message 3 of 26 (1,855 Views)

NEVER?   Wait a minute here,  ret traveler.

With all the zero APR offers floating around now -  why wouldn't you take advantage of an interest-free loan?  Especially the ones for a full 12 months

Right now I am carrying balances on a Chase card and also a Citicard,  both with zero APR on all purchases well into 2017,  and thereby enjoying the use of their Money,   not mine.   

Of course I will pay them off before the promo offer ends.  Most importantly,   and what makes these a good deal,  is that I will be repaying the money with future (CHEAPER) dollars and not Today's dollars.  

That's basic economics. 

I think what you are implying is that for undisciplined people  =  translation  -  fiscally irresponsible **bleep**s  =  Yes,  these fools can easily get in over their heads and not be able to easily pay off the balances when the zero promotion ends. 

But don't paint all of us with the same brush,  eh.  Cat Wink

 

Trusted Social Butterfly
Posts: 7,094
Registered: ‎02-14-2008

Re: How Do You Handle Big $$ Purchases/Projects?

Message 4 of 26 (2,106 Views)

"...Becareful that you do not over spend your credit card and also make as large of a monthly payment as you can, but keep the balance as low as possible....".

 

NEVER carry a balance on credit card. You will never dig yourself out of the hole by spending what you don't have. You have to pay the entire balance every month, without fail.


Just think. The world was built by the lowest bidder.
Info Seeker
Posts: 1
Registered: ‎05-05-2014

Re: How Do You Handle Big $$ Purchases/Projects?

Message 5 of 26 (2,212 Views)

i look at it thisway. Do you want it or do you need it.  When I decide I buy it. I am fortunate enough that if I do buy I pay cash.  But if you are working and have to be very caqreful with your money, you will have to put more emphasisee on need. Becareful that you do not over spend your credit card and also make as large of a monthly payment as you can, but keep the balance as low as possible.  You must be able to put aside enough for emergencies and other needs .

 

 

 

 

Info Seeker
Posts: 1
Registered: ‎02-26-2015

Re: How Do You Handle Big $$ Purchases/Projects?

Message 6 of 26 (2,245 Views)

About ten years ago, I stopped using credit cards to finance any purchases. About the same time I started putting money into stocks instead of savings accounts (0%). So, while I still have my 401K/IRA I also have my own cash account for stocks. I make a wish list and just keep saving. I don't buy or finance anything until I have its worth in holdings.

 

I still use 0% intro credit cards and low interest credit union loans but I always make sure I've got everything covered. Over the years the wish list has included Car, various tech toys, vacation, Christmas spending and even down payment on a Beach condo. My plan has not only allowed me to get on the good side of the compounding interest equation, but the patience has also allowed me to wait for better deals and use the falling cost of technology to get my toys a year later at half the cost of when the impulse put it on my list. Now it's become my ROTH incubator and an emergency fund, although I'm still saving for the mortgage payoffs.

Treasured Social Butterfly
Posts: 19,478
Registered: ‎12-25-2011

Re: How Do You Handle Big $$ Purchases/Projects?

Message 7 of 26 (2,250 Views)

REFRESHER (ORIGINAL POST). This discussion was supposed to be about how you decide how much to spend on things, and how you finance large expenses after deciding you want them done .. not just the "decide whether you really want to do it" first step.

 

"Sometimes we have an unanticipated emergency, but what do you do when you have the time to plan ahead .. new car, major vacation, home remodeling? Do you begin saving up specifically for the next big projected expense, take out a home equity line of credit, or take the money out of savings/investments when you need it?

 

Do you have any rules of thumb, as to how much you'll spend on something like a vacation or car, based on income and/or assets? What about remodeling; some people find it not only expensive, but overwhelming, once they're past a certain age?"


Registered on Online Community since 2007!
Info Seeker
Posts: 1
Registered: ‎06-02-2014

Re: How Do You Handle Big $$ Purchases/Projects?

Message 8 of 26 (2,263 Views)

I think you really have to look at whether ypu really need the purchase or do you just want it. How will the purchase affect your budget not only now but in the future. Will this purchase possibbly save you money in another area that would should also weigh into your decision.

Super Social Butterfly
Posts: 701
Registered: ‎05-25-2016

Re: How Do You Handle Big $$ Purchases/Projects?

Message 9 of 26 (2,737 Views)

Before I decide to take on a purchase/project, I go thru a "check list" in my head. How important is it? Will this expense put undue hardship on my budget? Can I pay cash, or have to borrow? Does the warranty last longer than the payments? Will the company stay in buisness longer than the waranty? What kind of maintainance is required to keep this "thing" functional? Will I really benefit from it? Etc.

Treasured Social Butterfly
Posts: 19,478
Registered: ‎12-25-2011

Re: How Do You Handle Big $$ Purchases/Projects?

Message 10 of 26 (3,170 Views)

@nctarheel - Finding the quartzite or granite I wanted in a light blue was driving the whole project this summer .. until I gave up! I even went up to the stone wholesalers, to see who had it & who they'd sold it to .. looking for a remnant! I couldn't believe that after going to close to 2 dozen wholesalers & fabricators, only 1 slab of Azul Macaubas quartzite was sold this year in central NJ, and the remnant they had left after a big kitchen job, had also be sold. This is Sequoia Gold:

 

Sequoia Gold 1 - Cropped.jpg

 

 


Registered on Online Community since 2007!