Wants, Needs and Debt
Find a Conversation
| Thu, 03-23-2006 - 1:52pm |
First off, thanks in advance for reading -- I'm trying to make a decision and would like some opinions. Right now I am agressively working to pay off my debt. The biggest bill I have right now is for an old tuition bill that I need to repay so I can start taking classes to finish my degree. So I've been working a part time job to get that money. But I also will have a large tax bill because I didn't withhold quite enough from the second job to cover the tax. Classes start in the beginning of September and at my current rate, I can pay both the tax and the old tuition by the end of August. The rest of my bills are current.
I don't have an emergency fund, but I have all the money saved up for the tuition bill (i was going to pay it in one lump in September, just in case of an emergency where I needed the money.) So all I have at hand is the cash for school, plus the upcoming income from the two jobs.
So here is my dilemma. I would really like to buy a computer. I was given one several years ago and it's failing. Not totally dead yet, but _very_ unreliable. I'd use the computer in my pre-return to college studies and also for my writing (full disclosure -- this is a hobby). I'll definitely need access to one when I go back to school. Right now, I use my computer at work for all of these things, but I really don't have access to my work computer as much as I'd like to/would need to and I don't feel comfortable using it for personal use. I don't work well in the libraries = too distracting (I have ADHD, and really get distracted by other people.) I don't have credit cards, so that's not an option (and because I have debt, I'm not likely to get credit extended.)
If I buy a computer (I found one in my price range of 500.00), I will be a month off of my target date and will be really cutting it fine to get everything paid in time. I can't really take more hours at my second job because I need the time to study (there are summer exams I want to take to test out of a few subjects.) But I could work weekends there during school to pay off what I need (but this would be after September.) My budget has been scrutinized to the hilt. Is it a bad idea to buy the computer now/at all? I know it sounds silly, but I am totally stressed about this decision. I was going to buy a Mac from a reliable source I know, so there is a warrantee (no anticipated additional costs of ownership/repair).
I hate this feeling of indecision, and it's occupying so much space in my mind. All I do is crunch the numbers, and try to think of efficient ways to organize my thoughts/studies when I know the computer is really going to make that job easier. But then I think of the feeling of not paying my tax on time or maybe not having enough money for school and I get a really queasy feeling.
Thanks so much for even reading this.

Any student loan money to pay for a computer?
I would avoid buying the computer right now. If your computer stops working before you go back to school, you could always use the computers at the library or at a friend or family member's house, and once you're back at school, you could use the computers there.
Let us know what you decide :-D
Pat :-D
Hello.
I think your original plan is better. I don't think you should buy the new computer.
Have you given any thought of putting an ad in the paper for a used one?
It's just a thought.
Best of luck.
Hello,
You may also want to check freecycle to see if any computers are being given away. We have an older one (2 years, with working monitor) that I formatted. I'm considering donating it to a good cause. =)
My DH loves to play the latest computer games, so we upgrade when the latest game has requirements his computer can't handle. That means every 2 years (sometimes 3) we upgrade for a more robust gaming oriented machine.
I usually get the one he's upgraded from, then donate the one I was previously using.
If you just need a computer for typing papers and using the internet (but nothing very fancy) you can probably find a laptop on www.pricewatch.com that will meet your needs without spending a huge amount.
Personally, I would wait until you have paid your tax bill and school tuition before spending any more money.
Sincerely,
Lindsey Schocke
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
I appreciate all the advice. I talked it out with a buddy here, and I think I'm going to have to spend the money in accordance with my goals -- so school first, then the computer (what will help me do well in school) and part of the taxes second, then the rest of the taxes last.
My school for next term will be paid for by an outside source, so I don't want to sit out and lose that option (the scholarship isn't transferrable). But I can't take classes at all until every penny of that old bill is paid. So I won't spend anything until September, when I pay off school. Right now I have a payment arrangement with the school to pay a little each month. But I've been stashing away extra money in an account (not paying outright, just in case of an emergency where I need money.) I'm waiting to empty out the accounts until right when classes start. I've made a promise that the accounts for school are deposit only until that time. I'm not even allowed to look at the accounts (they are online, direct deposit income from my second job) until September. I have to tell myself that every single day, lately. :)
The remainder of the money in September will be enough for taxes or a computer, but not both. As the tax will already be late in September, I think I'll take about 1/4 of the remaining money and buy a computer, the rest for Federal taxes, which will pay it off. The money made in September/October, will pay off the local/state tax, and whatever penalty you get for paying taxes late. There's a form you have to fill out to make payment arrangements if you don't pay your tax on time, so I'll have to do that. After that, I'll replenish my emergency fund, which will have been completey emptied. This should take a few months. I have freedom accounts, but that money is already committed, so it stays untouched, but I have budgeted for it already.
Thanks for the link to the computer site -- they have some really good deals there. I wouldn't get a new computer in any case (I can't justify the expense at all) but I'm pretty confident I can get a decent used one for my price range on eBay. I hadn't thought about Craigslist -- thank you for that idea.
I have to admit though, I'm so dazzled by the new computer ads that I had to stop looking at them. I call them computer porn, they're so seductive. :P
Thank you again for your help. I've been trying to be so good about the money for school, but I really do want a computer. It's hard when I "I wanna's" start clamoring for attention. I just have to remember my goals and stay focussed. My education is the most important thing right now, and I have to remember that goal. I keep telling myself that Einstein didn't need a laptop, so I shouldn't be too stressed about it. :)