When I was a kid, I would sometimes go without lunch for days. No, it’s not because my parents were poor or cruel. It’s because I bought video games, and I used to spend a big portion of my monthly allowance on that expensive hobby, leaving me with very little to buy food. I didn’t have the self-discipline to set money aside and save up regularly in order to buy the game. These days, you don’t need to be self-disciplined when spending on big ticket items. You just need to charge it to a 0% interest instalment payment plan. Here are the best 5 items you should buy.
The world of home entertainment has entered the future, and if you don’t have an LED TV that’s at least 40 inches wide, then you’re lagging behind. However, though they’re much more affordable now than they were 10 years ago, they’re still not cheap. Expect a good branded TV to set you back by at least $800. That’s probably not the kind of money that you just have lying around.
While you might want to tap into your emergency fund to pay for the TV, it kinda defeats the purpose of calling it an “emergency fund” if you’re going to be using it to spend on big ticket items. Instead, consider using a 0% interest instalment payment plan.
Shops like Challenger, Best Denki and Harvey Norman offer 0% interest instalment payment plans for 6 and 12 months for most credit card purchases over $500. Dividing the $800 cost of an LED TV over 12 monthly instalments means paying only $67 a month. That’s a lot easier to deal with.
A laptop is no longer the luxury item it once was. Whether for work or for school, it provides convenience on the go that allows you to be go online regardless of where you are. If you’re short on cash, you may consider purchasing a ridiculously basic laptop that will only cost you no more than $400. But if you’re planning to use your laptop for more than playing Candy Crush, you’ll probably be better off with a MacBook. Think of it as a long-term investment.
MacBooks don’t come cheap, however. Even the cheapest 11-inch MacBook Air will set you back by around $1,200. And that’s just for the MacBook alone, not including any other accessories you might need. It’s definitely possible you won’t have enough liquid cash to pay for it now. What do you do? On the one hand, you could wait for your end-of-year bonus to pay for it. But if you can’t wait that long, then you can consider charging it to your credit card with a 0% interest instalment payment plan.
EpiCentre, the Apple Premium Reseller in Singapore offers 0% interest instalment payment plans for most banks’ credit cards. If you want to buy directly from Apple, then you can opt for a 12-month interest-free instalment payment plan, but only if you have a Citibank credit card.
Once your young children discover the joy of jumping on a mattress, it won’t be long till you’re on the hunt for a new one. Or maybe you’ve got a bad back and you’re looking to get a new mattress that won’t cause your body aches to worsen. Then you take a look at the prices offered by brands like Sealy and you faint.
$3,000 for a mattress? What is it made of, gold?
Don’t start making plans to rob a bank just yet. Neither should you compromise and buy a cheap $500 mattress. The chiropractor and surgeon you’ll probably end up seeing after a year is going to cost you much more than $3,000. With a brand like Sealy, you can get a 0% interest instalment payment plan for your mattress for 6 or 12 months. Of course, this only applies to POSB and DBS credit card holders, so if you don’t have one, it wouldn’t hurt to apply for one before going mattress shopping.
4. Gym/Yoga/Spa memberships
Looking your physical best is a long-term commitment. You can’t just go for one or two sessions at a gym and expect to look like a fitness cover model overnight. Fortunately (or unfortunately), gyms, yoga studios and spas know that all too well. When you sign up at one of these locations, you’re probably not just going to pay for one or two sessions. You often pay for a year-long membership that includes a whole package of sessions. If it costs $50 per session, like what I’m paying for at Bodytec Singapore, then I had to pay $3,600 for their package of 72 sessions.
Considering that was more than my monthly salary, there was no way I was going to be able to afford it. Fortunately, because I had a POSB and DBS credit card, I could charge it to a 0% interest free instalment payment plan, and only end up paying $300 per month over 12 months. That amount was a lot easier to deal with.
5. Travel Packages
In the past, we used to save up for a whole year (sometimes even longer!) before we had enough money on hand to travel overseas. Those trips to Europe and the US would cost us thousands of dollars and we’d spend the rest of the year feeling guilty about spending so much.
These days, we can go for the trip first, spend what we like, and not have a single worry about it after. That’s because with 0% interest instalment payment plans, you can charge an entire travel package to your credit card and only worry about the monthly payments.
Spending $5,000 for a family trip down under? That converts to less than $420 per month on a 12 month 0% interest instalment payment plan.
But just before your sign on the dotted line…
Of course, 0% interest instalment payment plans aren’t God’s gift to humankind. It wouldn’t be right if we didn’t warn you that they do come with terms and conditions. Always be aware of what you’re getting yourself into and don’t commit financially to something beyond your means.
What other products have you bought using a 0% interest instalment payment plan? Let us know.