Quote:
Originally Posted by DayByDay
Maybe he's a visual learner.  Find one of the interest calculators online and show him the actual amount the motorcycle will cost him if he did it his way (cost of motorcyle + interest) vs. your way (cash price of motorcycle - interest earned in savings account). |
This is exactly what I was going to suggest. Many people think, "If I can afford the monthly payment I can afford the purchase" but they don't look at the big picture. They don't look at the cost of financing.
Show him the numbers. Let him see that financing will result in a higher actual cost than saving and then paying in cash.
And leave open the possibility that if things are going well with the debt repayment that there could be a compromise along the way. Maybe you'll save the $175/month for 18 months and then buy at that point but only have to finance $80/month (or whatever the numbers work out to be).
Bottom line, as others have said, is that you BOTH need to agree to make debt repayment a priority over spending on luxury items.
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Steve
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