Hog_ Posted February 7, 2008 Posted February 7, 2008 R7500 isn't THAT much to save. I've been in the situation before where I arranged a loan from the bank to buy crap that shouldn't be financed, with the idea to pay it off quickly. Almost 2 years later I'm finally able to pay in the extra to kill it off. Funny how there was always extra money for other crap though. If I saved the cash, I would've been able to buy the stuff about 9 months later, cash. My advice: Save up, be patient. Train harder on the MTB, and do more offroad riding for now. Think about this: A few months from now when you do buy the bike cash (and get a nice discount) you'll be MUCH stronger because of training on the MTB. Hog_2008-02-07 05:53:19
Poenster Posted February 7, 2008 Author Posted February 7, 2008 Eish... And all I wanted was a new bicycle! lol... I have decided to hang ten for a few months - I have a few more important things to do than pay off a bicycle. (I have other debt that needs attention too... ) You know how tempting it is to buy on credit... Thanks guys!!!
slowpoke Posted February 7, 2008 Posted February 7, 2008 poenster, just remember, NO new bike stuff until you have a new bike...
Poenster Posted February 7, 2008 Author Posted February 7, 2008 poenster' date=' just remember, NO new bike stuff until you have a new bike... [/quote'] That statement will stay true until I get my new bicycle. Until then all my money goes into my other 2 wheel obsession...
Hog_ Posted February 7, 2008 Posted February 7, 2008 Good choice! I'm a big culprit when it comes to my credit card - I love online shopping! These days I make sure the cash is on the card before I spend it though. Also, I'm down from 2 cards to 1 - which also makes a massive difference. Next step: The cars!
slowpoke Posted February 7, 2008 Posted February 7, 2008 good poenster, seems like you're getting your priorities sorted out (spend on each alternately... cbr, then mongoose, then nxr, then sigma lights, then top box... hmmm what's my next cycling aquisition.... )
Poenster Posted February 7, 2008 Author Posted February 7, 2008 good poenster' date=' seems like you're getting your priorities sorted out (spend on each alternately... cbr, then mongoose, then nxr, then sigma lights, then top box... hmmm what's my next cycling aquisition.... )[/quote'] I dont understand terminology : "CBR"??? "Mongoose"???? No thanks!
butafly Posted February 7, 2008 Posted February 7, 2008 avoid your cr card if you don't have a credit balance - you pay max interest. if you have only a portion of the purchase price , take out a loan and offer to invest your cash (iow your cash portion of the purchase price) in a fixed deposit, cede the FD to the bank as security and ask them to reinvest the earned interest. when the outstanding balance is equal to the FD, cash in the FD and settle the loan.
bak2basiks Posted February 7, 2008 Posted February 7, 2008 avoid your cr card if you don't have a credit balance - you pay max interest. if you have only a portion of the purchase price ' date=' take out a loan and offer to invest your cash (iow your cash portion of the purchase price) in a fixed deposit, cede the FD to the bank as security and ask them to reinvest the earned interest. when the outstanding balance is equal to the FD, cash in the FD and settle the loan. [/quote']Walk the idea by me SLOWLY again.... I want to buy R18k Mongoose....I've saved R6000.... I go to the bank, invest the R6000, take out a loan for R18k, pay the monthly installment...R1000 - R1500 p/m for 24 months....; however, after paying for (let's say) 18 months, my invested money will have earned...hhmmm....say...hmmm...with such interest R200 - R400 (R6500 max) over that period...I cash in my investment and settle the outstanding amount... how is that saving me money...??
butafly Posted February 7, 2008 Posted February 7, 2008 avoid your cr card if you don't have a credit balance - you pay max interest. if you have only a portion of the purchase price ' date=' take out a loan and offer to invest your cash (iow your cash portion of the purchase price) in a fixed deposit, cede the FD to the bank as security and ask them to reinvest the earned interest. when the outstanding balance is equal to the FD, cash in the FD and settle the loan. [/quote']Walk the idea by me SLOWLY again....I want to buy R18k Mongoose....I've saved R6000....I go to the bank, invest the R6000, take out a loan for R18k, pay the monthly installment...R1000 - R1500 p/m for 24 months....; however, after paying for (let's say) 18 months, my invested money will have earned...hhmmm....say...hmmm...with such interest R200 - R400 (R6500 max) over that period...I cash in my investment and settle the outstanding amount...how is that saving me money...?? i didn't say it was going to save you money!!!!!!!!!!but it is lesser of the two evils (now read slowly) credit card interest is the highest interest (unless u go to a oan shark) you are going to pay as opposed to a loan which you can negotiate with your banker (having liquid security like a fixed deposit will make your case stronger for a good interest rate)btw by the time you have saved enough to buy the R18k bike your friendly distributor/bike shop would have upped the price to R24K
bak2basiks Posted February 8, 2008 Posted February 8, 2008 avoid your cr card if you don't have a credit balance - you pay max interest. if you have only a portion of the purchase price ' date=' take out a loan and offer to invest your cash (iow your cash portion of the purchase price) in a fixed deposit, cede the FD to the bank as security and ask them to reinvest the earned interest. when the outstanding balance is equal to the FD, cash in the FD and settle the loan. [/quote']Walk the idea by me SLOWLY again.... I want to buy R18k Mongoose....I've saved R6000.... I go to the bank, invest the R6000, take out a loan for R18k, pay the monthly installment...R1000 - R1500 p/m for 24 months....; however, after paying for (let's say) 18 months, my invested money will have earned...hhmmm....say...hmmm...with such interest R200 - R400 (R6500 max) over that period...I cash in my investment and settle the outstanding amount... how is that saving me money...?? i didn't say it was going to save you money!!!!!!!!!!but it is lesser of the two evils (now read slowly) credit card interest is the highest interest (unless u go to a oan shark) you are going to pay as opposed to a loan which you can negotiate with your banker (having liquid security like a fixed deposit will make your case stronger for a good interest rate)btw by the time you have saved enough to buy the R18k bike your friendly distributor/bike shop would have upped the price to R24KOk....now it makes sense. Thanks...
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