Bought a couch I really can't afford ...

[No-stache]

Please let me know if this should be in a different category.

On Black Friday weekend, I bought a couch (with a warranty 😯) to the tune of $1,235. Technically I have the money in savings, but I also still have a lot of debt. I will lose 20% of my money if I back out now. I am really regretting this purchase.

Should I tell them to keep the couch and lose 20% but still get to keep 80% or should I just follow through and learn an expensive lesson? Thanks for your thoughts.

[researcher1]

Please let me know if this should be in a different category.

On Black Friday weekend, I bought a couch (with a warranty 😯) to the tune of $1,235. Technically I have the money in savings, but I also still have a lot of debt. I will lose 20% of my money if I back out now. I am really regretting this purchase.

Should I tell them to keep the couch and lose 20% but still get to keep 80% or should I just follow through and learn an expensive lesson? Thanks for your thoughts.

Will you be sitting on the floor if you don't have this couch?

How much other debt do you have?

[wellactually]

Is this a rent to own agreement? I don’t know of any other situation where you could return a couch after three weeks of using it but also not get your money back.

[No-stache]

Please let me know if this should be in a different category.

On Black Friday weekend, I bought a couch (with a warranty 😯) to the tune of $1,235. Technically I have the money in savings, but I also still have a lot of debt. I will lose 20% of my money if I back out now. I am really regretting this purchase.

Should I tell them to keep the couch and lose 20% but still get to keep 80% or should I just follow through and learn an expensive lesson? Thanks for your thoughts.

Will you be sitting on the floor if you don't have this couch?

How much other debt do you have?

I have a perfectly fine loveseat and chair and a half.

Debts:

$13kish car loan
$11k private student loan
$50k federal student loan (eligible for Public Service Loan Forgiveness in 2023)

It's significant debt.

[No-stache]

Is this a rent to own agreement? I don’t know of any other situation where you could return a couch after three weeks of using it but also not get your money back.

Hi! I bought it from Rooms To Go and they have a significant backup in their factory due to covid. My couch won't be delivered until January 30th.

[Metalcat]

Why did you buy it?

[Tigerpine]

Taking what you said at face value, 80% in your pocket is better than 0%.  That's still an expensive lesson, especially when carrying significant debt.

[No-stache]

Why did you buy it?

That's a good question. The furniture I have is in ok shape, has some stains and wear on it. It's big for the space it's in. I have to turn the chair at an angle to get it all to fit in my living room. By the time you add the ottoman, 3/4 of the living room is gone. I wanted something smaller that would take up less space.

I also had FOMO. My Dad got a new couch awhile ago with power footrests and headrests and I wanted one too. I got caught up and made a bad decision.

[No-stache]

Taking what you said at face value, 80% in your pocket is better than 0%.  That's still an expensive lesson, especially when carrying significant debt.

Yeah, that's what I was thinking. 80% is better than nothing. And yes, expensive mistake.

[Metalcat]

Why did you buy it?

That's a good question. The furniture I have is in ok shape, has some stains and wear on it. It's big for the space it's in. I have to turn the chair at an angle to get it all to fit in my living room. By the time you add the ottoman, 3/4 of the living room is gone. I wanted something smaller that would take up less space.

I also had FOMO. My Dad got a new couch awhile ago with power footrests and headrests and I wanted one too. I got caught up and made a bad decision.

Well, it's not like you aren't allowed to buy a nice comfortable couch just because you have debt.

It all comes down to how much it matters to you and how much stress the spending will cause you. Only you can decide for yourself which factor is more important to you.

Personally, in the middle of covid where I'm stuck in my apartment pretty much 24/7, I need my home to be a comfortable and happy place, and would probably be willing to spend to get that.

I don't know what you should do, and really, none of us can tell you what you should do. All anyone here can do is give you an opinion of how they would feel about it, but you will find a much more appropriate option by really examining your own needs, making the best decision *for you*, and then owning that decision.

You know deep down if this is something you truly regret or if it's just something you feel you should regret and feel guilty about not truly regretting.

Figure out which one it is, and do what is best for you.
Then stop worrying about it.

[former player]

You have a choice of regrets: keep your old, stained and too big current furniture at a cost of $250 or buy your fancy new, clean, better sized couch with the fancy power features at a cost of $1.235.

Which will you regret the least?

[swashbucklinstache]

If you decide not to get the entire purchase, you can always consider calling and asking them about giving you a full refund given "COVID and everything else".. Remember that a contract is just a starting point for a negotiation. They may be willing to settle for 5% then and there, or something.

[red_pill]

How much do you make / save?  Is this a "shit, this is three full months' disposable income" mistake?  Or a "Well, that set me back 2 weeks" mistake?

[No-stache]

Why did you buy it?

That's a good question. The furniture I have is in ok shape, has some stains and wear on it. It's big for the space it's in. I have to turn the chair at an angle to get it all to fit in my living room. By the time you add the ottoman, 3/4 of the living room is gone. I wanted something smaller that would take up less space.

I also had FOMO. My Dad got a new couch awhile ago with power footrests and headrests and I wanted one too. I got caught up and made a bad decision.

Well, it's not like you aren't allowed to buy a nice comfortable couch just because you have debt.

It all comes down to how much it matters to you and how much stress the spending will cause you. Only you can decide for yourself which factor is more important to you.

Personally, in the middle of covid where I'm stuck in my apartment pretty much 24/7, I need my home to be a comfortable and happy place, and would probably be willing to spend to get that.

I don't know what you should do, and really, none of us can tell you what you should do. All anyone here can do is give you an opinion of how they would feel about it, but you will find a much more appropriate option by really examining your own needs, making the best decision *for you*, and then owning that decision.

You know deep down if this is something you truly regret or if it's just something you feel you should regret and feel guilty about not truly regretting.

Figure out which one it is, and do what is best for you.
Then stop worrying about it.

Thanks for the insight. I do really regret buying the couch. I'm going to contact the company and see exactly how much I'll lose if I don't get it before I make my decision.

[No-stache]

How much do you make / save?  Is this a "shit, this is three full months' disposable income" mistake?  Or a "Well, that set me back 2 weeks" mistake?

Definitely in "oh, shit" territory. I used 1/4 of my savings to buy it and I basically have no disposable income once they start collecting federal loans again.

[No-stache]

You have a choice of regrets: keep your old, stained and too big current furniture at a cost of $250 or buy your fancy new, clean, better sized couch with the fancy power features at a cost of $1.235.

Which will you regret the least?

Thanks for your response. I think I know what I'll regret least. I just hate to lose the money.

[No-stache]

If you decide not to get the entire purchase, you can always consider calling and asking them about giving you a full refund given "COVID and everything else".. Remember that a contract is just a starting point for a negotiation. They may be willing to settle for 5% then and there, or something.

I'll try it! Thanks!

[Villanelle]

Another option might be to see if you can apply the money you put down to something less expensive (but only if you at least kind of need that).  If they agree that this is possible, you could even ask friends if any of them need furniture.  If you've put down $250, and a friend needs some furniture, they give you $125 and still save $125 on their purchase.  And you are only out $125, instead of $250. 

The company may be willing to let you apply that deposit to something else, so work that angle and then see if you have any acquaintance, someone on Nextdoor, or anyone who wants to basically buy your credit for 50% off. 

[Metalcat]

Why did you buy it?

That's a good question. The furniture I have is in ok shape, has some stains and wear on it. It's big for the space it's in. I have to turn the chair at an angle to get it all to fit in my living room. By the time you add the ottoman, 3/4 of the living room is gone. I wanted something smaller that would take up less space.

I also had FOMO. My Dad got a new couch awhile ago with power footrests and headrests and I wanted one too. I got caught up and made a bad decision.

Well, it's not like you aren't allowed to buy a nice comfortable couch just because you have debt.

It all comes down to how much it matters to you and how much stress the spending will cause you. Only you can decide for yourself which factor is more important to you.

Personally, in the middle of covid where I'm stuck in my apartment pretty much 24/7, I need my home to be a comfortable and happy place, and would probably be willing to spend to get that.

I don't know what you should do, and really, none of us can tell you what you should do. All anyone here can do is give you an opinion of how they would feel about it, but you will find a much more appropriate option by really examining your own needs, making the best decision *for you*, and then owning that decision.

You know deep down if this is something you truly regret or if it's just something you feel you should regret and feel guilty about not truly regretting.

Figure out which one it is, and do what is best for you.
Then stop worrying about it.

Thanks for the insight. I do really regret buying the couch. I'm going to contact the company and see exactly how much I'll lose if I don't get it before I make my decision.

If that's the case then, you're actually paying for an important education.

You need to understand why this happened, not just the trigger that pushed you to buy, but how your own rational defenses failed you from stopping yourself.

Regretting it alone won't stop it from happening again, you have to try and understand what pushed you over the edge so that you can manage it in the future.

Whenever you do something that you know full well you don't want to be doing, it should give you pause.

[mistymoney]

would you be able to apply the non-refundale portion to a more reasonably priced sofa? or other piece of needed furniture?

If you don't get this sofa - how long will you go before you buy something else? And what would be the cost at that time? (would you get something similar, or something for 5-6-700?

[Adventine]

I have a perfectly fine loveseat and chair and a half.

Debts:

$13kish car loan
$11k private student loan
$50k federal student loan (eligible for Public Service Loan Forgiveness in 2023)

It's significant debt.

Definitely in "oh, shit" territory. I used 1/4 of my savings to buy it and I basically have no disposable income once they start collecting federal loans again.

Um...............

It will be good to do some self-reflection and think of ways to stop undermining your finances with purchases like this.

[Retireatee1]

I've never regretted buying a couch.  You can get so many years out of one, even with a dog!

[TheAnonOne]

What forum is this again?

YOU'RE IN DEBT
https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

You deserve probably 3-4 times the normal amount of face-punching honestly. 1/4th of your savings on a couch? Why? So you can sit on your ass and not make money when you should be getting a 4th job right about now?

Throw that mask on and get to work. If you have any downtime, read the actual blog from start to finish.

[researcher1]

I have a perfectly fine loveseat and chair and a half.
$13kish car loan
$11k private student loan
$50k federal student loan (eligible for Public Service Loan Forgiveness in 2023)

Bye bye, couch!

[DeniseNJ]

What forum is this again?

YOU'RE IN DEBT
https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/

You deserve probably 3-4 times the normal amount of face-punching honestly. 1/4th of your savings on a couch? Why? So you can sit on your ass and not make money when you should be getting a 4th job right about now?

Throw that mask on and get to work. If you have any downtime, read the actual blog from start to finish.

Agree! Call them right now ans tell them you have to cancel and please please reduce the fee with Covid and any other sob story you can think of. Beg.

And any time you want to buy anything, say to yourself, "No, you don't need that!" Also, read the linked post again and again, and again.

From the link: If you borrow even one dollar for anything other than your primary house or a profitable investment,  the very next dollar you can get your hands on should go to paying that back.

[2Birds1Stone]

Eat the 20% and chalk it off as a lesson.

[PMG]

I think that facepunches should be self inflicted, but I do encourage the OP to use this as a chance to dig deep. It’s concerning that you’ve got no disposable income, unless that’s because you’re routing everything to savings? It sounds like it’s time for some serious money planning. I’d hate to see you lose that deposit, but it sounds like your best choice with the limited info you gave. Negotiate hard with the company and see how much you can reduce that. And maybe focus on the root of the issue. It sounds like a comfortable home is important to you? Are there other ways you can get there? Can you put the word out to your social network that you want to update and would accept hand me downs. Can you deep clean and rearrange what you have. If you decide to go through with the purchase how can you make up for it?  Can you find a temporary gig or another way to earn a little extra. Don’t let that couch become a millstone around your neck. You’ve already got too much bet weighing you down.

[No-stache]

Well, I deserve the face punching and I knew I'd get it when I came here to ask this question. Generally, any money I have leftover from my budget goes to my savings.

I called Rooms To Go and talked to them about the return. The sales associate told me that since it hadn't been delivered my money should be returned to me in full. (That isn't what the contract I signed said, hence me thinking I would lose money.) He said it should show up on my card in 5-7 days. I got extremely lucky and learned a very valuable lesson.

[Dave1442397]

Well, I deserve the face punching and I knew I'd get it when I came here to ask this question. Generally, any money I have leftover from my budget goes to my savings.

I called Rooms To Go and talked to them about the return. The sales associate told me that since it hadn't been delivered my money should be returned to me in full. (That isn't what the contract I signed said, hence me thinking I would lose money.) He said it should show up on my card in 5-7 days. I got extremely lucky and learned a very valuable lesson.

Good, glad that worked out. Now, if you really need a couch, check out Facebook Marketplace, Craigslist, local Habitat for Humanity, Goodwill store, etc.

I have a high-end leather couch that I bought in 2010 for $250 off Craigslist. I also got two Ekornes Stressless recliners for a total of $375, again from Craigslist. Those chairs start at $1500+ when new.

[Villanelle]

Well, I deserve the face punching and I knew I'd get it when I came here to ask this question. Generally, any money I have leftover from my budget goes to my savings.

I called Rooms To Go and talked to them about the return. The sales associate told me that since it hadn't been delivered my money should be returned to me in full. (That isn't what the contract I signed said, hence me thinking I would lose money.) He said it should show up on my card in 5-7 days. I got extremely lucky and learned a very valuable lesson.

Good, glad that worked out. Now, if you really need a couch, check out Facebook Marketplace, Craigslist, local Habitat for Humanity, Goodwill store, etc.

I have a high-end leather couch that I bought in 2010 for $250 off Craigslist. I also got two Ekornes Stressless recliners for a total of $375, again from Craigslist. Those chairs start at $1500+ when new.

Or your local Buy Nothing group on Facebook. Because you can't even afford a cheap used sofa right now.  Not when you have a pefectly acceptable alternative that is working for you!

[maisymouser]

Awesome, now for the hard part: deep analysis of what went so wrong to get you to the place where you actually thought it was anywhere near rational to place that order to begin with. I completely agree with others- this was really face-punchable material, but sounds like you are taking the punches with good spirit!

Suggestion to begin a journal or case study, and/or come here frequently to touch base with your Mustachian community to keep you on the right track. I noticed you dropped off the board in 2015 but returned to get advice on this couch near-disaster. What has happened since then? Regardless, it's time to retrain that brain. There are deeper issues at play.