Have I had my LBM or am I just kidding myself

Gladioli

Right, as of the 9th May 2016 my husband and I will have paid off £17,158.78 since Feb 2015, as of June we will have no payments for debt coming out of our account. What should I feel, well I certainly feel relieved. However I also now want to save for a few months and then get a loan for a new kitchen as saving for it just seem to take too long. I know I shouldn't feel like this, however to be honest, I really do feel like it. I am really disappointed with myself for this.


Ii am going to have some stern words with myself, however I thought my debt journey was over, but it appears that my thought process hasn't quite got on board yet.

greensalad

I think it's a difficult adjustment to make in a world of credit agreements and loans.

But no, you shouldn't get the loan. You should save.

nearlyrich

You have done really well to clear so much debt in what is a relatively short space of time..do you really want to get back into paying interest ?
Can you save the money you were throwing at the debt if so it won't take long to save for a lovely new kitchen..

Catslovelycats

OP, yes, you HAVE had your LBM. That's why you're asking this question. So don;t feel glum. These are the kinds of decisions we need to make all the time.
I agree with the others. Don't get a loan. Enjoy not owing money and also the sense of achievement you'll get by starting to save. I promise it will change how you feel about money, once you're in a position to see savings grow and the sense of control it will give you. It won't take you long to save for a kitchen and it won't do you any harm to need to wait until you do.
Well done on paying of all that money. That's a huge accomplishment and puts you in a strong position for the future.
Good luck with saving for your kitchen. It will be worth waiting for.

lynz68

You have paid off an incredible amount in a fairly short period of time. The fact you are actually questioning getting a loan shows you have indeed had your lightbulb moment. It is hard to change a mindset I still have all my wants but I usually talk myself out of it.

Do you know how much the kitchen is going to cost? Now think about the amount you have been paying off your debt each month could you save the same amount or at least the majority of it each month? Then work out how long it will take to save up. Your new kitchen will seem all the sweeter when you have paid for it yourself.

nearlyrich

You can start to plan your new kitchen take your time do your research and by the time you have saved for it you will have it all in your plan..

Gladioli

Thank you everyone, I guess I was just questioning my logic and "wants", which as many of you have pointed means I am looking at credit differently.


The kitchen will be between 10-12k with building works and a complete re-wire as it is not a straight swap of units etc.


We can save between £800 & £1k a month so in 12-18 months we could pay outright and have money left over.


I have lived with my kitchen for the last 5 years 18 month wont kill me.

Willowpop

Definitely save for it. ..think how AMAZING it will feel to be able to pay cash for it. It'll be all yours from day one!

greensalad

Maybe to help with saving you could make some sort of "new kitchen fund" poster and stick it on your fridge.

Instead of just putting in the values, write down how much money you have and what it will buy. E.g £50 is the new microwave and kettle. £100 will have the sink and taps paid for. £200 you'll have the countertop, £750 all of the above plus a fridge! Etc...

Once you know you've saved up for that whole countertop without touching a credit card you'll feel so happy.

nearlyrich

Glad you agree OP paying from savings is better than giving some credit company interest although I bet it's not just me that doesn't like spending savings!

Therese1

Yes, you have had your LBM just by virtue of even "thinking" whether to get a loan or not - you probably will have done it before without much (or any) thought?


Also, based on my experience, a kitchen is a big plan and you don't always get it right first time. It didn't take long after I had my kitchen designed and fitted (no loan) before I could see how it might have worked better, or should've, could've been better. I stopped myself on some things because it seemed extravagant but now realise that in the big scheme of things it would've been worth it. I have made none of these changes, including a window to bring some light into the darkest corner of the house, mainly because its more disruptive to do it retrospectively - and significantly more expense.


So, what my waffle really means is - save up for your kitchen and use this time wisely to consider, reconsider and reconsider again EVERYTHING that you want your kitchen to have. The longer you think about it the bigger your savings pot will be and by the time you get to the final plan you will be ready to go with your IDEAL, all done at once, kitchen! AND STILL NO DEBT


end of waffle! : ))