5 things you shouldn’t borrow to buy
However, there are times when it doesn’t make sense to borrow money to make certain purchases.
So if you ever have a reason to take out a loan, make sure you don’t spend it on any of the things below to avoid going into unnecessary debt.
Getting married is one of the exciting life goals that many young people look forward to. For many of them, the ceremony must be loud while many others want it to be low-key. However you want it, you don’t need to borrow money to accomplish a life choice like marriage.
Starting a trip with your partner with a loan and high interest hanging around your neck could make the trip difficult. At the start of your marriage, you should talk about saving and meeting certain life goals with your partner, not paying off debts. Remember that the foundation on which your wedding is built is more important than the wedding party.
Jewelry like engagement ring, bracelets, diamond necklaces and so on are very expensive. It may sound like good news that a store will give you a discount on that expensive ring that you really love to buy, it still doesn’t make financial sense to take out a loan to buy such an item.
Most vacations are short or shorter and if you borrow money to purchase this experience you will not only have fond memories, you will also have a constant reminder that you owe someone a substantial amount of money. .
You will feel and enjoy your vacation better if you can just wait a bit and save to buy the experience rather than putting yourself in preventable financial trouble.
4. Furniture and electronics
We understand that you want your apartment to look good with great furniture and electronics. There is nothing wrong with it, but how do you plan to acquire these good things? If you plan to buy your TV, sofa, and other furniture with a loan, you will be making a huge financial mistake. Don’t try.
Everyone loves the idea of using the latest smartphone, but borrowing money to buy an expensive phone that won’t earn any returns is a financial mistake. The worst part is that even if you use the phone for a few days and sell it to pay off your debt, you can’t sell it for the same amount you bought it and again you will still have to pay interest. on the loan.