facebookWhat to do if you have put too many things on instalment and your monthly repayment is so high it eats into your savings and at the end of each month you don't have savings at all? - Seedly
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Anonymous

Posted on 12 Jun 2018

What to do if you have put too many things on instalment and your monthly repayment is so high it eats into your savings and at the end of each month you don't have savings at all?

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16 answers

Discussion (16)

Rave Ong Ci De

Rave Ong Ci De

Level 9. Genius

Posted on 12 Jun 2018

Look at what you are buying. Can they be ”scrapped” away or leased/rented to others?

Relook at what you bought and why did you buy them? Is it the environment? Is it the persuasiveness of the salesperson? Is it because you can’t reject a friend? Could you have chosen installment payments as they are 0% installment plans?

Are these valid reasons or excuses? If reason, it is debateable. If it is excuses, how to do you avoid them?

Lastly, I can’t remember who said this,but it goes something like this.

If you can’t buy it twice, you most likely can’t afford it.

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Post

First, stop anymore purchasing on instalment.

Finish off all instalments. Then start saving up for your next purchase.

Having too many instalments affects your credit score and your credit card limit too. It might affect you if you are buying house or car next time.​​​

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Frankie Rappaport

Frankie Rappaport

Level 16. Sage

Posted on 08 Mar 2020

Downgrade to 'frugal' for 1 year and see, whether You're missing something.

Surely currently not su...

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