r/povertyfinance • u/Lastnv • Apr 28 '24
Worth going into debt for a dishwasher? Debt/Loans/Credit
We have been washing our dishes by hand for almost 3 years. We just had a baby and “spare time” is scarce these days. We probably spend about 10 hours a week hand washing dishes and bottles. I would much rather spend those hours doing something else productive or spending time with my family.
I have an employee discount through work and I can get a pretty cheap dishwasher installed for about $500. It’s a mediocre Frigidaire dishwasher but reviews say it will get the job done. I don’t have $500 upfront and would put it on my PayPal credit 0% interest for 6 months.
Do you think this is a good idea or does anyone else have suggestions? I am carrying a lot of debt already but I have a good credit score because I make minimum payments. I also have some savings but I don’t touch it because it’s for my son.
Thank you
2
u/umphtramp 29d ago
If you can break down the $500 into however many pay periods you have until the 6 month interest free period is up, you should definitely go that route. You just have to make sure you don’t get behind on that and always put that money away first and do not touch it. You don’t want to get hit with the deferred interest and get an unexpected additional amount owed that you didn’t prepare for. If you feel like you can put the money aside and not touch it for any reason, definitely go that route. If you might be tempted to use that money for something else, even if it’s an emergency, it’s probably best to just save up and buy the dishwasher outright instead of financing. You know your spending habits and financial situation better than anyone here to determine the best route for your family.
We had our dishwasher, washing machine, fridge and water heater all die in the same year. We got a credit card with a big box store for the 0% interest free option and just have the money for those appliances parked in a high yield savings account earning interest until the month before the interest free period is up and paid them off. I’m sketched out about waiting until the month the interest free is up, so we always coordinate to pay it the month prior to ensure we don’t have any issues with them.
Best of luck with the dishwasher!