| Students and Parents, these are the results of a brainstorming session that was done on the Positives |
| and Negatives of both Saving first and then buying vs. Buying on credit and paying off the credit card |
| Please look this list over and see if there are any other suggestions you would have: |
| Saving for items, then buying them for cash: |
| Positives; pros : |
| -Helps develop good habits of restraint |
| -No bills |
| -No late fees |
| -No interest |
| -Not going to be re-poed |
| -No debt |
| -Stops impulse buying |
| -Face wants vs. needs |
| -Use back-up plans |
| -Responsible, more likely to take care of items |
| -Less expensive as no interest is added |
| to the final purchase price |
| -Cheaper |
| Others: (List) |
| Negatives; cons: |
| -Can't get what I want right away |
| -Less room for spontaniousness |
| -Tighter budget |
| -Less freedom |
| -No credit |
| -Might not have the item when needed |
| -A person might not be able to purchase it immediately. |
| -He/she might have to save for it. |
| -Don't have it now |
| -Takes longer |
| Others: (List) |
| Buying on credit and then paying the credit (cards) off: |
| Positives; pros : |
| -Can get it right now |
| -Get it now if you have an emergency |
| -Emergency repairs |
| -Emergency cost |
| -Get it now |
| -Builds credit |
| -Able to book in advance |
| -Immediacy |
| -Instant gratification |
| Others: (List) |
| Negatives; cons: |
| -Have to pay it off |
| -Develop negative money habits |
| -Interest fee |
| -No accountability |
| -Might not pay back |
| -Easy to get behind on bills |
| -Fees for missed due dates / interest accumulated |
| to partial payments |
| -Interest will be added to the final purchase price, |
| even if the item is purchased on sale. |
| -Sale price + interest = more costly |
| -Owe more |
| Others: (List) |
Saving and buying with Cash vs. Buying and paying off a Credit Card
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