It’s closing in on a year since T bought his motorbike.
There were vague plans that once he got his restricted licence and was legally allowed to ride something bigger than a 250cc, he would eventually look to scale up to something with more grunt. Loud as his CBR is, and powerful for its size, he’s still a 120kg dude.
But I think a bit of that shine, that novelty, has finally worn off. The weather is easing into another cold, wet winter. The bike is starting to require some work. That desire for an upgrade to a bigger bike is fading – and that’s patently obvious in the fact that he’s been eligible to sit his next licence for months but hasn’t got around to it.
Now he’s got another plan in the crosshairs: another car. (You might recall we’re a one-car household.) Kind of a project car – not in the sense that it will sit in rusty pieces on the lawn for years – but it will be an older, restored vehicle that’s not for everyday errands.
Bike, car, whatever. I would have obviously preferred his next big purchase to be paid for in cash. I wasn’t diametrically opposed to a loan – I was open to the idea – but saving for something major is my MO.
He’s been frustrated with his savings progress, though, because at heart, he’s a spender. And so the other day he brought this up. He thinks going the loan route will encourage him to pay it down quickly – that he’ll set up big automatic repayments that won’t leave him with much to fritter away after also accounting for living expenses.
This seems, on the face, absolutely ridiculous to me. Particularly as it pertains to T, as he has never shown any particular hurry to pay down debt before.
But I also recognise that personal finance is individual and there’s a huge psychological factor.
So what do you think? Have you ever found yourself more motivated to pay down debt than to save? Have you struggled with either?