Are you thinking about taking out a loan to purchase a new instrument? Don’t do it!
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This blog post contains some thoughts from me, but don’t take it as professional financial advice. Make responsible financial decisions, and apply information from this blog post at your own risk.
I was watching this video from Jessica Stansberry, and one of her content ideas is to share an unpopular opinion. I’m not sure how unpopular this opinion is, but I’m kind of shocked that it’s even suggested to take out a loan for an instrument. I’m not big on loans in general, and taking the Financial Peace University course really encouraged me with this thought process. (I was able to take the course free through church, but I highly recommend it!)
Some Options
Do you really need an instrument enough to justify that added recurring expense and added interest? Many companies offer rent-to-own programs, so you’re not locked in. I strongly recommend either going for a rent-to-own program or saving your money up to pay in full. For example, Cadence Music & Virginia Harp Center both offer rent-to-own options.
If you’re just starting out and aren’t sure if you’ll be sticking to this instrument, rent-to-own is a great option; you (hopefully) aren’t locked in. If you’re looking to upgrade your instrument or just want to add to your collection, I’d recommend saving up.
Check around for used instruments as well. I actually tend to prefer used. One great thing is the instrument has had time to mature and settle in.
Saving Up
Think about creative (or not-so-creative) side hustles to help you save up!
Here are some ideas:
- Sheet Music Plus* compositions &/or arrangements
- affiliate links
- Teachers Pay Teachers
- tutoring
- babysitting, pet-sitting, house-sitting
- delivering groceries
- a part time job at music store
Or think of ways to spend a little less money in order to save up more (such as the old skip drive-thru coffee…)
(Let me know if you’d like a post with more ideas on how to save some extra money for an instrument.)
Some Thoughts
If you’re a professional gigging musician, what happens if work slows down (hello 2020 👋) & you can’t make the payments on a loan? Or if you can make them, but it’s really stressful?
Many people fall into ridiculous amounts of debt (for example, student loans). You really don’t need to owe money to someone for a musical instrument. Don’t let someone pressure you into taking a out a loan you don’t need or want. And teachers and professionals, pretty please don’t encourage your students to go into debt for an instrument.
I guess in a nutshell, I just think it’s silly to have the stress of a loan if you absolutely don’t need it. I’d rather save the money up ahead of time, pay all at once, and have the payment out of my face.
Of course, this is all your own decision to make, but now you know some of my thoughts. 😀
-Barbara
P.S. Love the treble clef print on the pictures? It’s available on fabric here!
*affiliate link
Barbara Fischer runs Fischarper, LLC and loves her job as a harpist and private music educator. She enjoys blogging about various aspects of the music field on fischarper.com/blog. For more music resources, check out the Fischarper store. Find out where you can find Barbara on the interwebs here. And you can sign up to receive Fischarper updates by joining the email list.