Personal saving

Published on October 12th, 2011 | by Pete

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Buy Now, Pay Later?

I’m going to say something controversial now. I think its okay to get some things on credit. I don’t necessarily mean credit cards, or applying for loans with upsetting rates of interest. I just mean I am comfortable with having the item now, and paying for it a bit later. There are a number of items in our home that we have collected before we have paid for them. These items include blinds in our bedroom, a cabinet in our bathroom, and our wardrobe (this is the flat pack wardrobe that I literally nearly lost my head assembling, as it got stuck in a doorway – my wife continues to find this hilarious, but it’s a whole different story).

How have we managed this then? We haven’t stolen anything, been looting in London, or been finding things in a skip. It’s not a secret, catalogues such as Littlewoods will often offer ‘buy now, pay later’ schemes. This is only ever going to be a good option however, if you have the money to pay when the time comes. It’s not rocket science, you just need to save a set amount every month to make sure that you have the total you need for when they come knocking.

If you are rubbish at saving, due to a lack of discipline, don’t try this approach. If you can’t afford top put the right amount aside every month, then don’t order the item. We were able to afford this item as we were able to spare the required amount every month, but perhaps not the whole amount up front. For example, the bathroom cabinet cost £39, but we had a year to save for it. We decided we could afford to put aside the £3.25 a month we needed to. A year later, we had the money to pay Littlewoods, and had already had the cabinet for a year. Lovely jubbly! So there you go, its not always bad to have things before you’ve paid for them, just make sure you are disciplined enough to save what you need to.

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