I have never had a loan or a credit card. I have always saved and paid for things I want or need.
However I would really like to purchase a pop-up camper trailer for family holidays as my children grow up.
I know I can do this cheaply with a tent, and we have been. But I want a bit of luxury over work for more of a get away and out of the elements more for all year round.
I have researched intently the camper I have in mind and feel I havr weighed up the Pro's and Cons....only con being the initial cost. Resale value is still good.
I'm a single mum of 2, working casually up to 15hrs a week. Next year I will have an additional cost of another child in daycare while I continue study and do prac. Budget would be tight.
Is borrowing $6000 over 5yrs a really unwise idea? It would take me years to be able to save that much.
I'm hesitant as I was always taught never to borrow money.
Please don't judge me for being greedy in considering borrowing for something unnecessary!
Thank you!
Taking out a loan for holidays?
Taking out a loan for holidays?
Posted in:
Money
8 Replies
I don't think it's a bad thing.
If you can afford the repayments without difficulty then go for it, it's an investment in your kids memories and something ongoing not like a one of holiday, you'll be able to use it a lot and do a lot of different adventures with it.
Good on you mum for being brave enough to go camping lol I love the bush and bush walks but hate porta toilets lol. I need a campervan too
Sorry I just Re read. I thought you were working full time.
I would say hold off if your only working casually and doing study. Wait until you've finished study and have more work and earnings.
Just be careful who you borrow from. Most larger lenders probably won't lend to you if you are only working 15 hrs a week and relying on Centrelink, and smaller lenders will charge you outrageous interest. Good luck
My initial thought was yes. Borrowing for a holiday is a bad idea! I have done it and coming back to a debt is awful. Spending and enjoying yourself is awful its hard when you know you shouldnt be.
A long term investment though, that you can reuse, i think yes better idea.
But youre not working and dnt plan on it and have bigger expenses in the future i say no dont do it. Keep camping while you save the $6000. Youll save it much quicker than you'll pay it back.(youll pay back probably closer to $10000)
Also, what about next year when times are tougher and then something comes up - a breakdown, unexpected bills, it will be so much easier to cover those and find emergency momey if youre not already in debt.
I wouldn't do it. Getting into debt over this, only working 15 hours is bad news. It will take you far too long to pay off and leave you vulnerable if you need a loan for a necessity like a car.
I dont think you should. What if you or the kids get sick and you can't work? What if you have to leave your job or you lose it? What if one of the kids needs additional help like with schooling etc. Fair enough wanting something special and nice but just wait. Wait until your youngest is out of daycare and into school, or your studies are finished and you can work more and are financially in a better place.
As you said you still camp now so you are still getting the same memorable experiences. My opinion is that single mums of young kids need to be on the side of caution at all times.
Genuinely curious? How do you survive on 15 hours a week? As a newly single mum I'd love to know
She gets ftb + wage + single parent payment, she would receive about $1500 a fortnight guaranteed minimum probably more when she works more. Rent and childcare deducted leaves about $600 + for living.