Are you at the point in your life where you are ready to do those things that you have, to-date, never had time for? Maybe it’s a motorcycle, or a caravan for that caravanning trip around Australia, a brand new red convertible, a jet ski or that long dreamed of boat.
No matter the toy, you need to plan for and budget carefully to afford these items without impacting your future retirement nest egg.
Budgeting for New Toys
You might be able to afford the car, caravan, boat, motorcycle or other toy you want on your present income, but maybe you would be better served to take out a personal loan so that you can still grow your retirement nest egg while paying off the loan over the rest of your working life.
If this is the case, your first step to buying that toy is to determine how much you need to borrow. Holiday Coast’s loan calculators can show you exactly how much you can afford to borrow and also for the new toys we have very competitive personal loan rates.
You can even learn how long it will take to repay the loan with our loan repayment calculator. This will help you determine which loan is right for your plans. .
Contact us and we will help you with the right loan for you and once we have assisted you with your Budget we will have the loan proposal for you and have you enjoying that new toy in no time.
What Do Your Toys Really Cost?
When it comes to expensive toys, there are always plenty of additional costs. For example, buying a new boat comes with a whole range of added costs, including insurance, fuel, maintenance, repairs, possible storage or mooring fees, licensing and transportation costs to name just a few.
The yearly total cost of maintenance for the average boat adds up to 10% of the craft’s total cost it is estimated. In other words, it would cost around $1,000 a year to own a $10,000 boat.
The key point is - understanding the true cost of your toys is critical to staying within your budget. A good way to discover the real costs of toys is to ask people who own them how much they pay to maintain them.
In fact, another excellent question to ask is how much they actually use the toy. You might be far better off renting a boat or caravan than buying one. Making payments on something that gathers dust in your driveway is a complete and total waste of money.
Caravanning Can Be Costly
Many families that hope to save on holidays by caravanning end up losing money. This occurs because the loan payments, insurance and other expenses exceeded what the family would have spent on hotel rooms.
To avoid being surprised by these expenses, make sure that you learn the monthly cost of owning a caravan by calculating the loan payment and insurance costs.
To start, get a quote for the caravan loan via our loan calculators insurance from Holiday Coast’s alliance partners at Allianz. You can get comprehensive mobile cover for your caravan, as well as on-site insurance when it is stationary at a nominated site.
Do Your Research
It is also important for you to make sure that you do your research before setting off on your caravanning adventure. Read blogs, information, and guides that you will find on the web or in caravan magazines. Examples of the information available are:
- Caravan buying tips
- Guides on travelling around Australia
- Essential campers guide
By doing your research, you can save hundreds if not thousands of dollars by avoiding unforeseen expenses.
It is possible to enjoy the toys you love without spending all your money on them. All you need is a little careful budgeting and planning.
If you would like to know more about how you can afford the toys of your dreams, simply call Holiday Coast at 1300 364 7 24, or drop by one of our branches. We will be happy to answer any questions that you have about the process.
This article provides general information only and should not be relied upon as financial product advice.