things to consider before making a big purchase
An aspect of conscientious and careful planning is to be able to use your resources in the most effective ways. Sometimes it is necessary to enter into some debt to secure what you need at the moment.
For example, you might need a snowmobile so that you can hunt for your family. This may require a loan or buying on credit.
Here are some ways to consider your options:
If you need to buy a snowmobile you can save your money until you have enough to buy it or you can take out a loan and buy it on credit. If you take out a loan you will probably be able to get the snowmobile faster than saving, but you will have to make payments on the loan and this could take a long time and cost you more in the end.
You have to decide what is the best way to get the things you need and be careful not to put too much on credit or your bills to pay it off might become too expensive.
Financial Literacy Activities Funded by the Government of Nunavut Department of Family Services. Content and design produced by the Aqqiumavvik Society (Arviat).