Asked by Anonymous
Asked on 04 Sep 2019
Bank’s left with 1k till the rest of the year. No time to work part-time due to family. Got bursary but not given out yet. (App 3k/year) The laptop needs to change. Should I sign a credit card loan - to get a new laptop at comex? What should I take note of - instalment and int rate?
Breaking things down from now till the end of the year:
1. Savings - $1k to cover 4 months. More information is required here, do you still take allowance from family? If not, $250 a month to cover all your expenses might not be feasible.
2. No time to work: If this is non-negotiable, then income till the end of the year = $0.
3. Bursary not given out yet: Cashflow issue, but I think it's good practice to inculcate good saving and investing habits from a young age.
4. Laptop - is a new one really required, and how will you finance it?: Is the need to change the laptop really a need, or more of a want? I agree with Gabriel that it does not make sense to get a loan if you are not able to pay it back. Additionally, as an undergrad, I believe you will have access to computer labs etc.
Your question is how to start saving money...
and you ended the question on a credit card loan.
I am not sure why no time to work, perhaps you can try to find work that helps you in flexi hours? Tuition for kids, small part-time creative work you can freelance at upwork or fiverr. Give yourself some motivation, work well for 3 mths and you can have a good laptop, no interests. And then extra money to keep and save.
If you really have to have a laptop, go to carousell and look for 2nd hand refurbished. Extremely cheap and value for money, especially those bought and refurbished by sim lim square shops.
Top Contributor (Jan)
Current laptop still working? If still working, then continue using. If not, can consider a second-hand laptop. If getting a new laptop, try to find a trade-in for the current laptop.
Try not to sign a credit card loan if you have no means to pay back in the subsequent months. The interest rate will snowball out of control. If there are 0% instalment plans, you have to take note of extra fees and charges as well as any hidden increase in the price of the laptop.