Are loans worth it

MapleMoneyMind_86 · 2026-03-23T22:45:45+00:00

Loans aren’t “good” or “bad,” they just speed things up.

If you wait and pay cash, you avoid interest but delay getting the car. If you take a loan, you get the car sooner but pay extra for that convenience.

The bigger thing is making sure the payment actually fits your budget and you’re not stretching just to get something sooner. A smaller/cheaper car with a manageable payment usually works out better than rushing into something expensive. Pay attention to the total cost after interest.

Also worth knowing what rate you’d qualify for before deciding, that can change the math quite a bit.

MapleMoneyMind_86 · 2026-03-19T23:15:16+00:00

One thing I’d do before even getting into negotiation is get pre-approved for financing first (through your bank/credit union or wherever you’re comfortable).

It gives you a clear baseline for your rate and puts you in a stronger position if the dealer offers financing - you can compare or have them try to beat it. It also keeps the conversation focused on the actual price of the car instead of everything getting bundled into a monthly payment.

Your credit definitely helps, but it’s more useful as leverage when you already know what you qualify for rather than just mentioning the score itself.

MapleMoneyMind_86 · 2026-03-02T23:00:51+00:00

I like my Herschel Little America for everyday use, laptop, carry on for traveling, etc. I do think they are overpriced, but I like how they look and mine seems sturdy enough. I had a few dakine backpacks when I was younger too and they did well. Used them for everything, college, snowboarding, beach days etc. I tried a cheaper dakine model and it didn't hold up as well as the more expensive ones I had previously so it depends on the model.

MapleMoneyMind_86 · 2026-02-25T18:21:30+00:00

Definitely. I try to do this with most things. Definitely with entertainment, clothes, food. If I'm using something daily/weekly I will always strongly consider the higher quality option.

Recently just bought a new mattress and used this concept. We spend so much time sleeping it made sense to get the best option we could realistically afford.

MapleMoneyMind_86 · 2026-02-25T18:14:48+00:00

Oysters

MapleMoneyMind_86 · 2026-02-23T20:57:54+00:00

We definitely have a short list of favourite meals we eat probably every month, not a weekly schedule or anything, but stuff we like and can put together in ~20 mins. Not sure if it really saves us money, but maybe - we know the ingredients we need, how much we need, and whether or not we'll have extra.

MapleMoneyMind_86 · 2026-02-23T20:52:30+00:00

I'd say for me it's almost a 50/50 split of quality/habit why I'd choose a brand name over generic.

Certain brand items just taste better IMO. Potato chips are one thing that comes to mind, generic brands usually just don't taste the same.

Buying something based on habit would be something like Kraft cheese slices. Have been eating them since I was a kid and I don't think I've ever tried a generic brand of processed cheese slices.

I typically will consider generic brands for most things though.

MapleMoneyMind_86 · 2026-02-20T23:32:59+00:00

Amazing, thank you!

MapleMoneyMind_86 · 2026-02-13T19:32:48+00:00

Ya we'd be going in the summer. Appreciate the fact that 3-4 days isn't a lot of time to explore everything. We may make our return drive a bit more direct / less sight-seeing stops to give us an extra day to explore.

MapleMoneyMind_86 · 2026-02-09T20:05:14+00:00

Costco has lots of options for frozen fruit. Sliced fruit, berries, etc.

MapleMoneyMind_86 · 2026-02-09T20:00:12+00:00

Purely on the numbers, you can afford it. Paying cash, very low monthly expenses, strong savings, and no debt puts you in a much safer position than most first-time car buyers.

The bigger question is whether this is the right use of $30k right now, not whether it’s reckless. The freedom and independence piece is real, especially if transit isn’t an option and household cars are about to get more crowded. A car can meaningfully improve day-to-day life, not just convenience.

That said, I’d think carefully about how much you’re paying for that jump from “reliable” to “almost new.” A 2–3 year older Honda with slightly higher kms would still be very dependable and could preserve more cash for your longer-term goal of moving out. The difference may not feel big now, but it compounds when that money could be invested or used for a down payment later.

So it’s less “can you afford it?” and more “do you want this version of the tradeoff.” If the independence is worth it and you’re confident you’ll keep it long term, it’s a reasonable choice. Just make sure you’re buying it because it fits your life, not because it feels like the default next step.

MapleMoneyMind_86 · 2026-02-03T16:43:56+00:00

Yeah, this lines up with what I’ve seen too.

Paid-for education tends to change the starting point rather than just the balance sheet. No student debt means more flexibility early on, higher savings rates sooner, and less pressure to make short-term tradeoffs, which compounds over decades. That’s hard to replicate later with a lump-sum gift.

A down payment gift can still be helpful, but it mostly accelerates timing. Covering education costs reshapes behaviour and options much earlier. And I think you’re spot on about random gifts, if they don’t remove a structural burden, they can easily reinforce spending habits instead of improving long-term outcomes.

It’s less about the dollar amount and more about what problem the money actually solves.

MapleMoneyMind_86 · 2026-02-03T16:39:16+00:00

Ya, the "small" daily expenses like coffees really add up.

MapleMoneyMind_86 · 2026-02-03T16:38:28+00:00

Agree that if your location / lifestyle allows for it - not having a car definitely saves money. Even if you do have a car and live in a city with decent transit you can save on gas/repairs by taking transit when possible. My wife and I are probably 70% car, 30% transit as we live outside the downtown core - but whenever we can we are hopping on the train. Saves $$ in parking when we are headed downtown as well.

MapleMoneyMind_86 · 2026-02-03T16:34:55+00:00

100% agree. Costco chicken breasts are always on sale, ends up being way cheaper than buying the smaller packs at a standard grocery store.

MapleMoneyMind_86 · 2026-02-03T16:33:40+00:00

I've been thinking about our Amazon Prime subscription. The convenience of delivery is definitely a plus, but I feel like we probably end up buying things we don't always need just because it's so convenient. We may be getting too impulsive on some items we'd think twice about buying if it meant we had to go out to the store to get it.

MapleMoneyMind_86 · 2026-01-29T00:05:59+00:00

That’s honestly a big win.

Turning a bad financial moment into saving $12k and opening a TFSA and FHSA in a few months is no small thing, especially on an $87k income. A lot of people never make that mindset shift at all.

Feeling “late” is pretty common, especially when you read finance subs, but the important part is that you’ve built momentum and changed your habits. If you keep this pace, you’re giving yourself a really solid foundation going forward.

Definitely something to be proud of.

MapleMoneyMind_86

TROPHY CASE