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OT Update

April 24th, 2017 at 01:09 pm

**Work has been totally crazy and will be for a while. On the plus side, I did get my annual OT payout.

I do have $3,000 to throw at the mortgage, which is my minimum annual OT goal.

**I did also pay off the TV with my OT check.

My husband was so aggravated with the store he bought the TV from. He had negotiated at several stores, trying to see how much wiggle room he could get on price. & settled on one store that we buy most our electronics from. Since he was haggling, they told him to just buy it on an installment plan. Not the right thing to say to my husband. He was PISSED. He told me about that later. He said, "Who on earth buys a TV on credit?!" Um, just about everyone?? He just has no clue. He's a "debt = hair on fire emergency" type, so he was just completely dumbfounded by the suggestion, and aggravated that they were trying to sell him a payment plan to "save money." Rolleyes

{In case I wasn't clear, their whole sales pitch was, "Who cares how much it cost? Just throw it on credit!" We chose to *care* and to negotiate the price down.}

Even though I am well aware that most people put this kind of stuff on credit, I suppose it often doesn't register. I wondered aloud in a recent blog post why people would pay full retail price for these type things. When wondering that, I Was presuming everyone pays cash. It's not always front of mind how "weird" we are. I guess it makes a little more sense if I step back and realize that most these sales are made on credit.

9 Responses to “OT Update”

  1. LivingAlmostLarge Says:

    Great work on OT

  2. creditcardfree Says:

    I was in an electronics store sometime in the last year inquiring about price and sales on something that was around $400. I was offered a payment plan too! I was shocked at the suggestion, as though this was a big purchase like a car! I really think people don't think through all their options and alternatives before making larger purchases.

  3. Laura S. Says:

    I have a small budget, but I cannot imagine financing anything other than an education, home or car.

  4. Kaycee Fisher Says:

    It's a win/win to take the payment plan. IF/when you do it right. You don't tie up all your cash and it is an interest free loan. Who wouldn't take that kind of offer??

  5. lirpalynn Says:

    I remember being 19 years old and I had a boyfriend that worked at Rent a Center. Boggled my mind when he rented a couch, loveseat and HUGE tv. But it was "such a great deal" at $X a week. We got into a huge argument because I wouldn't agree that it makes sense in any world to rent (sort of what I would consider a payment plan here 19 years later) things and end up paying MORE because of finance charges. But it boggled his mind that anyone would/could ever save up to buy something like a couch. Oh my. I just wasn't raised that way. I'm glad that relationship didn't last long. Wink

  6. VS_ozgirl Says:

    Payment plans are simply another type of debt, even if it is interest-free. Simply because you now have to allow for that payment to come out of your account weekly, monthly, whatever. I agree with your husband; why on earth would you put a tv on credit? But the salespeople simply want to make a sale so they will use whatever angle they have. Here in Australia there is a payment plan called "Afterpay" which is being promoted throughout various stores and online stores. What a crock. The rules of Afterpay is that the item must be paid off in four weekly instalments; so when there is an $80 tshirt next to it they put "only $20 per week in Afterpay". I couldn't be bothered with the headache but I guess some people find it appealing.

  7. LuckyRobin Says:

    I will do the 18 months same as cash deals, but only after I have saved up the money for the item, and then that money sits in the account collecting interest as I make the monthly installments. If I can, I cash flow it out of the monthly budget, and then whatever money is left in that fund can be transferred to another fund or the EF. If I can't cash flow it, then I pay it out of the fund.

    My reasons for this are two fold. It can be an easy way to put a big chunk of money into the EF or another fund later on and two, it builds my personal credit. Most of my credit is joint with my husband. I need to have my own separate credit and doing this occasionally without him anywhere on it, gives me my own history, so that if something ever happens to him, I have a history of paying things on time on my own. I would never do it where I have to pay interest, though.

  8. MonkeyMama Says:

    Lord knows if they gave us a discount, we would have taken store credit, in exchange. *shrugs*

  9. creditcardfree Says:

    I have to add that I've learned I really despise monthly payments. I want our finances as simple as possible. I just don't want to deal with one more payment, so where we are in life puts me in pay it in full at the time of purchase. And yes, if give a discount to take credit I might consider it. But if I have to open a store card to do so, that is a real toss up. I guess it would depend on the amount of the discount.

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