Would You Rather Save Or Borrow A Loan?

Discussion in Savings & Investments Plans started by mildredtabitha • Sep 16, 2017.

  1. mildredtabitha

    mildredtabithaActive Member

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    The rate at which interest is fluctuating and prices are increasing in my country, I would rather save than borrow a loan.

    A loan is good since you will immediately spend on what you wanted with no stress and even pay back the debt slowly until you finish.

    I would choose to save because I really wouldn't want to be limited in spending because of debts. Would you choose to save for what you want or borrow a loan?
     
  2. Heatman

    HeatmanActive Member

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    I think saving would afford you more peace of mind in terms of being debt free but it would definitely constrict your the rate at which your business expand. Saving takes time, before one could be able to save up a reasonable amount to money that would be able to completely execute a big project, it might take up to one year if not more than depending on the amount you earn either daily, weekly or monthly.

    But a loan would make the availability of such cash more possible and you would have your task completed in no distant time. But what I would consider before getting a loan is the possibility of anything that I would invest it into to be able to yield an output fast enough to repay the loan borrowed so that increasing interest won't make me a perpetual debtor. If such project can yield the output to pay back on time, I would go for the loan than wait a long time saving but if the cases is otherwise, then it's probably better to cool down and save.
     
  3. ACEP

    ACEPMember

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    I prefer saving than borrowing. There's an interest when you borrow while saving don't have.
     
  4. akshaychouhan785

    akshaychouhan785Member

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    I rather choose to save than depending on some bank to give me a loan. The reason is that saving for your future plans is always a pro when interest rates are so high and fluctuating. So I will always try to keep my saving part larger than the loan money in an investment.

    Also if you are saving money it can always be useful in case of any emergecy.
     
  5. mildredtabitha

    mildredtabithaActive Member

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    You are right. And also, saving in a bank can also earn you interest especially when the amount you save keeps on growing.


    Very true. We can't borrow loans in cases of emergency because it takes long to process loans. Savings come in handy. :D
     
  6. Liezeliezel

    LiezeliezelNew Member

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    Honestly, I'm doing freelance jobs to save money, knowing that you have money in your bank will definitely give you a piece of mind. I prefer saving money because loans will add to your long list of things to worry. I might consider having a loan if I want to buy a property or if I really need a large amount of money.
     
  7. kamai

    kamaiActive Member

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    If I was able to I would rather save than take a loan as interests are high. I would owe almost doble of what I borrowed which means more depts to have. I will save even if it will take longer to prevent anymore stress on paying a loan. That will only make me want to borrow more to pay the loan.
     
  8. Jamille

    JamilleActive Member

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    It actually depends on your goal for either saving or borrowing a loan. If you simply wanted to buy a cellphone, TV, and other gadgets, those are are stuff that you can easily save up for. But if you're looking towards buying a house and lot, there's a lot of sense in taking out a low interest mortgage instead of saving for years, even decades, to buy a home. The prices of real estate is consistently going up in most places and if you wait till you have saved enough to buy yours, you'll likely find out that the price of the house might have doubled over the years that you were saving.
     
  9. Shine_Spirit

    Shine_SpiritActive Member

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    Saving is always the best option (and for my luck, I do it naturally... haha). Loan is an idea that I never considered and I hope I never have to consider it. I mean, it's like a snowball. :(
     
  10. Vinicius Souza

    Vinicius SouzaMember

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    I have been saving my money since since last year to use in an emergency, but if my money amount is not enough, I will borrow a loan to increase the necessary money.
     
  11. LesY

    LesYMember

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    I'll go with saving, but also you can invest a small amount of your money in a not so risky fund or something. In my case my bank has an investment option that returns little amount per year, but with little risk as well so that can help you. Although depending for what do you want or need the money a loan can be a good option if the project you have can return you quickly the money invested.
     
  12. overcast

    overcastActive Member

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    I am in route of saving the money. And that seems to be helping me a lot. And it seems to be helping on many counts. You can see that some of the time borrowing the stuff does not happen in many ways. It just gets into more of debt. And that's not something you should do. And on that point I'd say saving money is rather better approach. I can't tell you easier or better that would be. But yeah for what it's worth worth trying.
     
  13. TheOtherSide

    TheOtherSideActive Member

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    Saving is the better option among the two. Actually when you apply for a loan, you have the option to pay it bi-monthly or just about every pay day which is almost like saving a portion of your income but without the heavy interest rate. And you even get penalties if you don't pay on time.
     
  14. annitha

    annithaActive Member

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    I think that saving and having your own money is the best way to go because then you don't sell out yourself, your future and possibly a future of your family to the bank or some company.
    Deals with those people are like the deal with the devil.
     
  15. NinetyEighty1

    NinetyEighty1Active Member

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    I think saving money is much better than getting a loan. When you save money, you usually put in actually effort to get enough and at the end of the say you can say that it is yours. When you borrow money, you will have to pay it back and will sometimes find yourself in a hole.