Recently I was talking to my husband about credit cards. We have been focused on trying to help and teach others about finances… Recommending not to charge credit cards, try and get debt free, etc… but the thought crossed my mind, why not just charge it?? We have been wanting a trailer for awhile now, and I could not help but think, why not just take out a loan and get one?? Live it up, right?? These thoughts really did cross my mind, even after all we have been through. But then I was reminded… Living it up should not involve being indebted to someone.
We do not want to live a life where we are constantly in debt to other people. A common verse that many have probably heard before is Romans 13:8, “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.”
It is common to desire instant gratification. We want to see results, and we want to see them now. Yes, our family still has a little bit of debt to pay-off, like I have mentioned before, we are still on our financial learning journey… But, I have no doubt that we would have instant regret if we took out a loan to purchase our dream trailer.
I just went on to a travel trailer website, and it said we could purchase a $20,000 travel trailer with a 12 year loan at a 4.24% interest rate, monthly payment at $177.45… Then you can click, “Apply Now.” Twelve years to pay off the loan! In the end, we would be paying a total of $25,553… $5,000 more than what we purchased the trailer for. So, we would be indebted to someone for 12 years, paying almost $200 a month, and they would be profiting from us.
No matter how much we desire that travel trailer, we do not want this weighing on our shoulders, and we do not want to teach our little ones that it is okay to be indebted to someone. You have to work for what you want, be diligent in saving, and in the end, when you go to purchase that dream item you have been desiring with cash, you will appreciate it that much more. I’m talking to myself as I write this… We need to be patient too!
Our plan… start setting money aside, purchase a used travel trailer at a much less expensive price, and have just as fun traveling the backroads as we would in a brand new $20,000 travel trailer!
So, start that “Dream” envelope, and work towards it!