Every time you make a charge on your credit card or use a payday loan to pay for an item, you’re paying twice. You are paying for the actual cost of the item and you are paying to borrow money to buy the item now. Most of us don’t think of this when we use credit cards or unsecured loans to pay for something, but often considering a purchase this way makes the most sense. Before you charge another item, ask yourself:
-How many years or months will I spend paying off this item? If you were to pay the minimum amount on your credit card, how long would it take you to repay the item. Compare this to the amount of time you will spend using the purchase. Are you willing to pay for this purchase that long?
-How much of my time will I need to dedicate to my work to pay off this item? Add up the total cost of that item (purchase price plus interest) and determine how many hours it would take at your current job to pay for the item. Is it worth that many hours of your life?…
Weddings – even fairly modest ones – can cost ten thousand dollars or more quite easily. Many couples and families find that they rely heavily on savings, credits and credit cards to pay for a wedding, but the trouble with this approach is that after the wedding signature loans and other debts must be repaid, leaving the couple with less cash to get started with. Here are some ways to keep wedding costs low:
Do it yourself – Many creative brides are making their own flowers, centerpieces, decorations, and more – with a little help from guests, family, and friends. This creates a very personalized touch while also saving on costs.
Rent or borrow the dress – Wedding dresses cost thousands of dollars, but many families keep heirloom dresses that can be altered and worn again. Some formal wear companies also rent wedding dresses – including new designer dresses – for very reasonable rates.
Keep it simpler – The simpler the wedding, the less expensive it is. For example, many brides are choosing local in-season flowers instead of exotic blooms for their wedding. This not only ensures a fresher flower arrangement, but also is better for the environment and the budget.…