Dear Basu Sir,
Although you emphasize on savings before buying,my doubt is in contrast of your opinion. We do face some situations where we cannot postpone that financial buying or at the same time call it as urgent. Example is I want to buy a TV set for my Brother and Sister in Law. Its for the first time I wish to give them a gift after securing job. Also since I wish to gift them on their marriage anniversary which is next month, I don’t have enough time to save and then buy. I was against using credit cards all my life. But this particular situation is compelling me to buy one. Hence I need your kind guidance on the best possible ways or any alternative to credit cards.
First understand your need and want. Whether their marriage anniversary is one time affair or yearly affair for you? If it is one time, then you may go for impulsive spending. However, it is yearly affair. Also, gifting with your hard earned money with saving and then buying is more pleasure than gifting them on credit.
It is more of how you treat this expenditure. I am not aware of the relation and emotion involved in your decision. In my view, I still stick to basics of not to use credit cards. Use it if you are capable of repaying it within free interest period. Don’t be trapped into the so-called debt trap.
To me gifting TV is secondary. Create an emergency fund is priority. Because with such emergency funds, you can sustain such expenses at ease in future. Think and decide.