Paying for Cosmetic Surgery

sd1638

Hi all,

Planning to (hopefully) book a procedure next year that I've had my heart set on for a few years. I have a decent credit score, no major debts (except student loan) but thing is, I have no savings since I ate through it whilst being out of work this year.

I'm now working and would like to book my surgery within the next 2-3months. It's going to take me longer to save than I hoped, even if I live like a monk and only pay for essentials.

I've estimated I'll need £3,000 for the procedure. What would be the smartest and most efficient way to fund the surgery? I was thinking of getting an overdraft or a loan. I've never had a loan and I'm afraid of not being able to manage it or taking longer than a year to clear it :-/

Has anyone had a similar experience?

Thanks in advance!

moneyistooshorttomention

I admit to wondering how "major" this surgery is.

When you say you have no "major" debts except student loan - then that does rather imply you do have debts as well as student loan.

Add that you don't have any savings and every financial advisor going emphasises strongly that it's necessary to have at least a few months worth of salary in savings.

Put like that - imo it makes sense to clear all debts of your own (ie yep...I know I wouldn't regard student loan as one of "my" debts - as that's something the Government imposes on people). I would also make sure I had 6 months worth of salary in savings.

Then I would start thinking about the cosmetic surgery.

Yep...and this is the voice of a woman that has had a few minor cosmetic procedures herself (if of the NHS did do or should have done it variety - rather than, for instance, not liking the shape of my nose iyswim).

Ilona

Nope, no similar experience, but I look on any expenditure by defining it as a 'want', or a 'need'. You say you have had your heart set on this procedure for a few years, that tells me it is a 'want'. If you had really needed it, you would have saved up for it by now.

You say it would take you a long time to save up for it, even living like a monk. It's going to take you a lot longer to pay it back with interest on top of it.

No savings and already in debt is not a good start. The smartest and most efficient way to fund it? Save up, every time.

Ilona

Bogalot

Save up, you don't get into debt for a cosmetic procedure.

And first make sure you've got sufficient savings to see you through future unemployment.

LadyDee

No savings, you already have a loan to pay off, yet you are looking to borrow money for cosmetic surgery? Good grief.

danielanthony

LadyDee wrote: »

No savings, you already have a loan to pay off, yet you are looking to borrow money for cosmetic surgery? Good grief.

Unfortunately the whole country is £1,254.3 billion in debt, that's £25,000 per person.

So considering the whole country is living beyond its means, how do you expect individuals to make more rational choices than the UK Government?

YorkshireBoy

danielanthony wrote: »

Unfortunately the whole country is £1,254.3 billion in debt, that's £25,000 per person.

So considering the whole country is living beyond its means, how do you expect individuals to make more rational choices than the UK Government?

Your figure includes mortgages does it not? I wouldn't call putting a roof over your head "living beyond your means", especially since in many parts of the country, and for many people, mortgage payments can be considerably less than monthly rental payments.

What's the figure excluding mortgages?

Carrieanne

As of end of October 2016: Total UK personal debt: £1.508 billion. Debt per household (excluding mortgages): £12,000. Debt per household (including mortgages): £55,000.

YorkshireBoy

Carrieanne wrote: »

As of end of October 2016: Total UK personal debt: £1.508 billion. Debt per household (excluding mortgages): £12,000. Debt per household (including mortgages): £55,000.

£1.508 trillion, or £1,508 billion.

I did know the answer (:))...just wanted the poster to understand, via further research, his argument was a little weak.

[Deleted User]

danielanthony wrote: »

Unfortunately the whole country is £1,254.3 billion in debt, that's £25,000 per person.

So considering the whole country is living beyond its means, how do you expect individuals to make more rational choices than the UK Government?

The national debt is £1.7 TRILLION excluding personal debt like mortgages etc, the daily interest is something like £30 million

Dobbibill

Probably not what you want to hear OP but this is another vote for save for it.

Whilst I'm all for lending for affordable 'needs' this sounds like a 'want' that is not yet affordable.......spending money you've not earned yet.

What happens if you become unemployed again?
Your savings were used last time, this time you will have no savings plus a debt you didn't really need.