Content is taken from JustLavishyBroke.wordpress.com . My online blog.
Your 20’s are hard, between trying to figure out this adult thing, you also have to figure out how to deal with your own financials. Whether you’re living off your parents or somewhere between your first and third job, it doesn’t make it any easier. You’re stuck between living the life you want and probably not being able to afford it.
From a very young age we, as young adults are all taught one extremely important financial rule. DO NOT GATHER UP DEBT. I’m here to tell you debt feels as great as a new pair of shoes as long as it’s done right. It’s just a matter of doing it right. In fact one may even say it’s an investment. I’m not suggesting that you go out and get yourself a credit card. What I mean is open an account at a clothing retailer, it makes life so much easier and condenses your credit into one place. Let’s not forget how helpful a good credit record can be when you purchase your first car or house.
The chances are you’re going to wear your new clothes or shoes for longer than a year so why not pay for them over 3-12 months instead of running broke in one month so you spend wisely over several months. Clothes, shoes and make up should be fun and not a matter of “I love this but it’s so expensive”.
How does it work?
Simply put, you go into the store with 3 months of payslips and bank statements. They evaluate these statements and give you a specific amount of credit. Let’s say you’re given R3 000. You can use up to R3 000 in store, it will accumulate as you spend that money. You are then expected to pay that amount with a little bit of interest, 21% usually. Then over the next few months as you pay, the debt will decrease off that initial amount. You will be rewarded more credit and the cycle continues.
Where should I open an account?
It always seems like a good idea to open an account at a retailer like Cotton on or Mr. Price but it really is questionable. They are limited to cool and trendy every day wear, which is great but as we mature so should our style.
You may critique your mother for her Edgars account but it really is the ultimate “plug”. Yes, the 21% interest may seem like a financial hit but Edgars allows you access to multiple retailers such as Legit, Jet, and Topshop. I know right, who knew you could purchase anything at Topshop with your Edgars account? Let us not forget all of the amazing in store offers, whether it’s a formal night out or a casual day at the pool, Edgars has you covered with enough international brands to have you speaking languages you’ve never heard before. Let’s deny ourselves our shallow truths, saying “I got this from Forever New” sounds great slipping off your tongue. Let us not forget the amazing make up brands linked to Edgars? Why spend R400 on MAC foundation once off when you’re going to use it for at least 6 months? For those of you who aren’t big into clothes, they also allow you to binge guilt free at Boardmans’ to turn your house into a home. No this is not an Edgars advert, it’s a naïve girl admitting her mom was right when she said open an Edgars account.
So yes, R80 per month seems like a lot for one item of clothing especially with the interest involved but it will definitely feel better than R800 all gone in one go and the taste of dry toast once you realize you went over budget is a lot worse.
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