Aug 18 2014, 11:36 PM
QUOTE(kripton888 @ Aug 18 2014, 11:19 PM)
Dear Sifuz
Need ya'll advise
Age: 24
Salary 5k, Nett Pay arnd 4.4k
Savings in ASB 30k
Home Loan: 2k will commence payment in early 2017 (undercon)
Fixed Expenses
Rent:400
Bills: 100
Parents:500
Property(Undercon) progressive payment:210 (will increase to 500 early next year)
Savings :500
LRT: 100
Total Fixed Expense 1.8k
Balance 2.6k
Right now im thinking of upgrading my lifestyle starting by redesigning my bedroom, i want to splurge and make it cozy lavish.current conditions of my room is just like college students room
planning to get a :
queen size bed,mattress with good sheets and quilts,
tv cabinet
48" Smart TV
Aircon
some lighting and deco
Im getting most of my stuff from IKEA and estimated the cost of all the above to be around 7k
1. firstly my question is how do i measure if i can afford this upgrade from financial mgmt POV?
2. 2nd, if i can afford it should i do a zero interest (0%) easy installment plan instead of paying it off cash because i could earn 8% dividends from asb in 1 year as i plan to do the easy installments also for 12 months only while not paying any interest on credit card (as its zero interest).
I welcome all opinions, appreciate your views sifuz
Thanks
1) I'm no financial guru but for me its simple, put aside a percentage of your salary that you would like to save, and how much you have emergency fund, if what you need to pay does not eat up into it I'll go ahead. You need to pamper yourselves once in a while, but not to the extent in hurting your bank balance.Need ya'll advise
Age: 24
Salary 5k, Nett Pay arnd 4.4k
Savings in ASB 30k
Home Loan: 2k will commence payment in early 2017 (undercon)
Fixed Expenses
Rent:400
Bills: 100
Parents:500
Property(Undercon) progressive payment:210 (will increase to 500 early next year)
Savings :500
LRT: 100
Total Fixed Expense 1.8k
Balance 2.6k
Right now im thinking of upgrading my lifestyle starting by redesigning my bedroom, i want to splurge and make it cozy lavish.current conditions of my room is just like college students room
planning to get a :
queen size bed,mattress with good sheets and quilts,
tv cabinet
48" Smart TV
Aircon
some lighting and deco
Im getting most of my stuff from IKEA and estimated the cost of all the above to be around 7k
1. firstly my question is how do i measure if i can afford this upgrade from financial mgmt POV?
2. 2nd, if i can afford it should i do a zero interest (0%) easy installment plan instead of paying it off cash because i could earn 8% dividends from asb in 1 year as i plan to do the easy installments also for 12 months only while not paying any interest on credit card (as its zero interest).
I welcome all opinions, appreciate your views sifuz
Thanks
2) I'm a firm believer in keeping cash in hand whenever possible, if its zero interest by all means go ahead with installment. Not all debts are bad.
This post has been edited by db07mufan: Aug 18 2014, 11:37 PM
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