Scrimp and save OR loan??

moneysavingwannabe

Hi,

I have been receiving email updates for a while - but this is the first time I have taken the plunge in the forums, so please be gentle!!:eek:

We are having an extension built in 3 months time - it is going to cost quite a bit of money!!

We are very close to having saved enough - BUT paying for it will involve wiping out all savings and probably not being able to buy new furniture for quite a while! Or a new kitchen!!! (We are also planning to get married soon too!) :beer:

Is it a good idea to try and do it without a loan? What about emergency money, we are a bit concerned about any problems that could occur!!Or would people just advise getting the loan.... and new kitchen .... and new furniture?????

Any opinions gratefully received

beanielou

Scrimp & save!!
my advice would be dont get a loan unless you really really need to.
You can always get furniture at a later date.
Just do one thing at a time.
Well done on saving so much.
Welcome to MSE by the way.

moneysavingwannabe

Hi Lou,

Thanks for replying. It's all a bit scary trying to manage things at the moment!

We are used to having some savings so using everything we have saved up is a bit daunting. Do people think emergency money is important?

As for the whole wedding thing, I don't suppose another couple of years will matter! (Been together 13 years now). LOL:rotfl:

Bit fed up of scrimping now tho!!

Xbigman

Don't take a loan if you don't need it. Do get as solid a quote for the work as you can.
As for emergencies, line up a 0% on purchases credit card and stick £100 under the mattress and don't worry about it. If you have saved up for an extension you cash flow will soon give you some money in hand again if you don't have a loan to pay off.
Regards


X

moneysavingwannabe

Thanks xbigman,

That sounds like a very good idea!

Do you know anywhere that is offering o% at the moment before I start searching?

Thanks again

robin58

Look at the left hand main panel, go to Credit Cards and get ideas on how it all works.

Once you have had alook at that page follow the link at the bottom of the page to the chat forums of credit cards and look in the stickys.

Lots of info in there on who does 0% plus some of the pit falls eg BT (balance transfers) charges. You should be able to find one that gives you 0% and free BT.

Be careful if you use referal sites. They are out for there referal fee and do not always show the best deals available. I know, been where you are in the past.


And do not forget to tell us how your extension is getting on, we are nosey around here. :rotfl:

But in a good way, the collective maybe able to help you out if you come up against any problem.

Be it legal, construction or you just want somebody to talk to as the workmen cancel the start for the 25th time!! :mad:

moneysavingwannabe

Hi,

Thanks Robin.

What is a referral site?

robin58

Gives you all the credit card deals in one place.

It's a site like http://www.moneysupermarket.com/

This one is actually not too bad. I believe it's an offshot of the Daily Mail.

But they only get the deals that the credit card people allow them, plus they get a fee from the credit card supplier, for passing you onto them. Thats what I mean about refferal sites

Look at the above site , get some ideas. But do look at the forums. If there is a good or better deal avalabile, somebody will have found it.

moneysavingwannabe

Thankyou for your help!!:D