How to prepare for payments

iVillage Member
Registered: 11-14-2008
How to prepare for payments
6
Mon, 10-05-2009 - 2:57pm

I heard this on the radio this morning and thought it sounded like a good idea. I also think it might be helpful for some of those ladies out there who have husbands that buy big ticket items oh a whim. I'm not saying ladies don't do that.......I'm just saying.

There was a lady from a non profit credit counseling office talking about how to prepare and see if you can afford to add a big ticket payment to your budget. You are supposed to calculate all the costs of say buying a car or a house including gas, cost of insurance, monthly payment, maintenance and divide by a month or two weeks or however your budget is set up and see if you can keep the zero balance going.(not run out of money before the end of the month). Take that money and put it in a savings account and see if you don't touch it. If you need the money....you cannot afford the item and you need to keep saving.

I thought it was a wonder idea. It is like proving it to your spouse or yourself. Makes you think anyway.


iVillage Member
Registered: 07-02-2008
Mon, 10-05-2009 - 3:38pm

I've heard of this theory too and its a smart idea.

If you want a new car and assume payments will be $300/month they say you should put that $300 aside for at least 6 months as a "test run" to see if you can really afford that or not. It is a great theory.

My DH is prone when we come into a larger chunk of money (tax time / retro backpay he once got) using it to make a "big purchase." We need a new computer bad. I have to use the library computer for some stuff (like sending emails) but I told him I refuse to use large chunks of money which we ended up using to pay off credit cards on something we needed to learn to SAVE for. Welp, proud to say - we saved up $1,000 and will be going computer shopping at the end of this month. It's nice to know we can save for stuff if we stay determined!!!

iVillage Member
Registered: 10-01-2009
Mon, 10-05-2009 - 4:58pm

This is an awesome idea BUT you need so much willpower LOL


iVillage Member
Registered: 07-10-2003
Tue, 10-06-2009 - 7:09pm

I am lucky being a single person so I am the only one I have to answer to when buying big ticket items. I also have quite a

iVillage Member
Registered: 04-10-2003
Wed, 10-07-2009 - 8:40am

I think this is a great idea!


I know on Till Debt Do Us Part, Gail often makes couples live on Maternity benefit income for the months leading up to the baby. This lets them see what it will be like AND gives them a lot of extra funds that can be saved or sent towards debt to reduce payments.


Like many others, I am in need of a new computer badly! Mine is a 4 year old laptop that won't turn on, lol. The battery is toast and the charger keeps dying. I can't complain. It only cost me $500 when I


Bex -

iVillage Member
Registered: 07-02-2008
Wed, 10-07-2009 - 9:22am

Thank you - we have heard the same about vista and are waiting until after Oct 22 when Windows 7 launches to buy a computer.

We do need a printer - don't have one now. We are very excited - we have waited a long time for a new computer and its nice to know we will be getting one soon!!! We are pricing around now.

iVillage Member
Registered: 07-10-2003
Wed, 10-07-2009 - 7:13pm

What I was told by a person familiar with computers is that Vista is a Ram hog, so if you use that you almost really need 4 gig of ram.