Question : Is it wise to take up a personal loan in order to start saving?
I'm currently thinking of opening a Euro account for savings. Saving from my paycheck every month hasn't been an easy option as it is easily spent on something else. I was thinking if I took up a personal loan to start up a savings account (for future use) I would be obliged to really deduct this from my paycheck.. since I would be paying up the loan monthly. Any thoughts, anyone?
- asked by brytfuture45
All Answers:
Answer #1
nope - bad idea. instead of paying the debtservice (with interest) just be responsible andsave money.
- answered by dk
Answer #2
just have savings taken from paycheck every month,don't get a loanwith thinking like this it is easyto see why you aren't good at saving money
- answered by Jo Blo
Answer #3
Don't do it, but pretend you did. You need tohave the discipline to deduct the savings fromyour paycheck to "pay yourself first." You don'tneed a loan (and its interest) to force yourselfto do this. Just do it.
- answered by Kathryn
Answer #4
A very expensive way of doing it.Self disciplinewould be much better.Perhaps you should see apsychologist so he can help you with avoidspending too much. It would probably cost the sameas a loan.
- answered by Bradock B
Answer #5
Never go in debt in order to save.Very bad idea.
- answered by B D
Answer #6
That's a good way to build up your credit, andstart a savings, but it's risky. If you do that,you have to make sure you resist the temptation totake it out and spend it on something. If youjust let it sit in savings, have the paymentsautomatically withdrawn from there. A few daysbefore the payment is due, take your paycheck tothe bank, and pay that months payment, that way ifyou forget to pay it out of your check, or youcan't afford to, you'll already have the money inthere. You'll get a good amount of points on yourcredit score for never missing a payment, andyou'll have money incase times get rough. It'sdefinitely a good way to get started, but makesure you get a really good interest rate, soyou're not throwing too much money away.
- answered by scottp5657
Answer #7
no
- answered by jan in uae
Answer #8
if you can't save now, why add more debt? Instead,have your bank automatically deduct a set amountfrom your checking and put it into a savingsaccount each month or each payday.
- answered by cbagc2002
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