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No one likes to dip into their savings, especially when you’ve worked so diligently to keep it at a respectable level.
But life happens, things go bad, repairs need made and braces need, well, fitted on teeth. The point is often times money is necessary at the spur of the moment, and you can’t always defer the cost of something as far as not doing it, but rather need a service, repair or product immediately, often something that can’t wait.
And with that, you are faced with a dilemma that hardly is a difficult one in the least.
Do you use the money you’ve saved or do you run to the bank to fix your roof, transmission on your car or that long standing medical bill related to your deductible that you weren’t expecting?
The truth is your savings account is there for a reason, as you’ll hear parents and friends often tell you when you’re in the midst of contemplation as to whether to borrow or spend. There are some situations that you absolutely have to use your savings account and borrowing just isn’t an option. In reality, borrowing money should be avoided at all costs as you’re just adding to your debt.
But for instance if you lose your job, your savings account can and should be your best friend. It allows you peace of mind that you’re unemployment money coming in won’t be a shell of your entire expenses and leave you well short. Granted, losing your job means you can cut back on certain things, but the savings account truly is the fell safe as it relates to losing your job.
The same mentality pertains to illness and medical bills, provided they stay reasonable. Absurdly large medical bills related to serious disease or illness can be deferred if they’re in the neighborhood of 30 or 40 thousand dollars. The others that are a hundred or thousand can and should be paid out of your savings account.
Major home repairs and vehicle ones as well should also be part of your savings account plan. Granted, less than half of the American population truly has enough money saved or is financially ready to handle said repairs, but your savings account ten times out of ten will beat the notion that borrowing money is a much better route. Yes, you aren’t spending your own money but sooner or later that gets paid back. Plus interest.
If you’re interested in adding additional debt and you’ve been prudent as far as putting aside 5 to 7 percent of every pay check, then don’t worry. You have an emergency fund that is well on its way to being peace of mind in some respect but in others a means to pay when something can, and most of the times eventually will, go wrong.
Plenty of studious and smart money savers have opted to start putting money aside for a variety of reasons, most of which have to do with the continuation of saving money or building more wealth and net worth.
Very rarely do you see that same group of people saving money for something that is short term or has little to no return on their investment. And that even more rarely get emotionally involved in the decision making and instead turn to being as cerebral and honest as possible.
You’ll never hear talk of a loan, either. These diligent, hard working individuals use their money and save accordingly.
The one event that combines all things wrong with money, saving and borrowing is the coveted and much anticipated wedding day. The wedding itself is money and spending personified. The average wedding costs nearly $30,000, and most people don’t have that kind of money lying around, and the even the longest engagement period is hardly going to net that kind of cash on hand.
So then, talk turns of borrowing that kind of money, which has become more of the norm as it relates to weddings. But is that really such a smart idea?
This question money wise is tougher than it looks on paper since the event has to happen, and because of its unforgettable nature, you have to assume you don’t want to skimp when going all out is paramount for that memory so many long to feel.
But the idea of assuming debt for a wedding realistically doesn’t make any sense for a number of reasons, notably the fact that you’ll be heading into a new relationship as a couple already in some serious debt. The real money saving needs to begin with saving cash in a matter that goes back to old fashioned budgeting, cutting expenses such as cable television and not eating out at restaurants and starting to figure out a way to afford this wedding with blood, sweat and eventually tears of joy.
That being said, you can figure on saving or needing to save at least 50 percent of the wedding costs with your own willpower and money. If you need to borrow, make sure it’s a fraction of what your total cost is going to be.
Personal, signature loans tend to have lower to moderately low rates of less than 10 percent interest and even lower if you go through an employer.
While it is never advisable to borrow money for something that isn’t home improvement, buying a vehicle or house or something other that is tangible and necessary, you wedding is priceless as far as memories go but that doesn’t mean it has to be so pricey.