Student Life October 2019
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DELAYED SATISFACTION<br />
BY JOSHUA HODGKIN<br />
Trends are a dangerous thing. Whilst it’s<br />
really fun to get your hands on the latest tech<br />
or fashion as soon as they drop, the impact<br />
of this on your wallet is certainly less fun.<br />
Especially when you borrow money to get the<br />
things you want now.<br />
Let’s be honest, you probably don’t need<br />
these things. Even if it will help your studies,<br />
you don’t need them right this moment! I<br />
speak from experience, I bought an iPad and<br />
keyboard for my university work by using a<br />
credit card. Whilst it can be useful to see it as<br />
an investment, it’s so much more satisfying<br />
to save up and buy these things using cash!<br />
This is called ‘delayed satisfaction’ – putting<br />
off a purchase so you enjoy it better at a<br />
later date in the knowledge you’ve paid in<br />
cash for it!<br />
I can, however, see the point when you take<br />
out an interest free deal from an electrical<br />
retailer. These tend to be pretty good as they<br />
allow you to spread the cash price of an item<br />
over time, rather than paying more by paying<br />
monthly. That’s the only way I would take out<br />
a finance deal again, and it’s really important<br />
to check you can afford to pay back the<br />
monthly payments!<br />
If you are planning to buy<br />
something by monthly payments,<br />
here’s how to make sure it won’t<br />
cause you trouble in the long term.<br />
Check your budget! Can you afford<br />
to pay the payments every month?<br />
Where is your income coming from<br />
and how could that change?<br />
Do you really need the item? If<br />
it’s something like a computer or<br />
another piece of tech that will help<br />
you with your studies, then I would<br />
say go for it. If it’s something like<br />
a new phone, a smart watch or a<br />
games console, how necessary is it to<br />
buy it right now? Could you save up?<br />
Is the credit only for this item or<br />
is it a product like a credit card? I<br />
wouldn’t recommend getting a credit<br />
card for a big purchase. Instead,<br />
explore finance deals offered by<br />
shops as they tend to be limited<br />
to the item you’re buying. This<br />
stops you being tempted to get into<br />
unnecessary debt!<br />
94 • OCTOBER <strong>2019</strong> • STUDENT LIFE
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