Since January I’ve been saving for a bedroom set, in June or July I took half the money, about $800 and paid my student loans.
Now I have about $950 saved and I want to take this money and pay down my student loans. If I do this my lowest loan will be about $4,100.
I need a bedroom set desperately, things are falling apart but I want this loan gone. I’m torn.
Feeling Torn
September 11th, 2020 at 07:09 pm
September 11th, 2020 at 08:45 pm 1599857139
Are you snowballs your debts or just paying them off by picking one.
if you your student loan 1 then you have come a long away with it.
September 11th, 2020 at 09:02 pm 1599858131
A bed and dresser? Two dressers? A nightstand?
Can you get a really nice one that will last for thirty years for the money you have?
Or do you have to buy something cheap that won’t last?
Prices in Boston are high, but it would be hard to get a good mattress and box springs for $1000.
I think the mattress is the most important part of what you buy, even though no one ‘sees’ it.
I also think if you aren't Going to get 30 years out of a new set, you really should look at used except for the mattress.
Maybe give yourself permission to look at used furniture stores - be willing to go outside your area to an upscale area that might have ‘nice’ stuff if you don’t live in one. Also look at online local sites.
Don’t tell yourself ‘I am buying a bedroom set.’ Think ‘I am looking at all the options as I estimate what it will cost me to get a bedroom set.’ Leave your cash/credit cards at home to reinforce this. Bring a notebook and write down the options...
The good thing about ‘no interest’ on student loans is that you aren’t losing a penny bu taking your time to think about this.
September 11th, 2020 at 09:48 pm 1599860931
September 11th, 2020 at 10:24 pm 1599863079
I Googled a repairs and may try my had at repairing.
I do owe a ton on my loans, I used the snowball method to pay down debt. I have a total of for. The first one I’m paying I got the balance down from $8k to $5k. I’m trying to pay off as much as I can while the interest is at 0.
September 12th, 2020 at 12:39 am 1599871182
September 12th, 2020 at 02:17 am 1599877047
When you do buy a dresser, I would recommend a solid wood one that doesn't have cardboard bottoms on the drawers. We invested in a Mission style bedroom set twenty years ago and it is still going strong, no problems, but we bought it by piece, not as a set, so we could pay cash. First we bought the bed frame, then we bought the dresser several months later, and then the mirror that fits onto the dresser a few months after that. We never bought end tables because we don't really use them.
You could try the methods above or you could just let yourself have the dresser set and use it as motivation to double down on debt repayment. Honestly, I would do that if you stuff is actually falling apart. I understand what you are feeling, it is hard to spend when you want to pay the loans so desperately, but sometimes you need to override that.
I have a feeling you are just going to pay the debt, but that is okay, too. You are the one who has to live with your decisions.
September 12th, 2020 at 03:29 am 1599881380
There are also other ways to do this. Years ago, my "nightstand" was a milk crate that had a table cloth over it. The milk crate was solid and could hold some weight. I have picked them up at thrift stores for around $2. You could buy a plastic drawer unit that looks like a dresser for around $40 to $50 at Walmart. No, it's not beautiful furniture that you will keep forever, but if you buy less expensive stuff now, you can to use more of your money to pay off your student loans soon. And I know that paying off your student loans soon would relieve a great deal of stress off of you.
Best wishes with whatever decision you make.
September 12th, 2020 at 02:36 pm 1599921378
With a cash mindset, I don't know how often I wanted to replace something but just didn't care by the time I had the cash. So is one reason I recommend to just wait. If it's still bothering you when you pay off this loan, snowball that money to buy what you want before you tackle the next loan. If it was me, I'd probably just make do without until all of the loans were gone. I really dislike debt. I don't care at all that my house is a random hodge podge of used and hand-me-down furniture. I mean, none of it is broken. But I would rather use some cardboard boxes, cheapie bookshelves, plastic bins whatever, if something were broken. Financial peace means too much to me.
September 12th, 2020 at 05:37 pm 1599932238
September 12th, 2020 at 06:25 pm 1599935130
I’m paying down the student loan, I’ve gone this long, it won’t hurt to wait until next year
September 12th, 2020 at 11:20 pm 1599952806