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ITSBITS Catapult Garage Software
Save Versus Borrow To Buy Tool

Purpose Of The Tool

Sometimes it would be nice to know just how big a difference it would make, financially speaking, if you saved your money and purchased something outright rather than borrowing money from your friendly local banker and buying it immediately. That's what this little tool does for you--it lets you know how much financial impact borrowing the money will have as compared to waiting and saving for what you want.

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Start The Tool

Catapult Garage Software Save Versus Borrow Comparison tool

To start the tool, look under the Tools menu on the "Welcome" start screen of the Catapult Garage and select the "Save vs. Borrow" option there. This will bring up a screen that looks like the one shown above.

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Using The Tool

To use the tool, you'll need to enter the amount of money you need, the number of months you'll need to pay it back, the interest loan you'll get from the bank on the loan, and the amount of money your bank will pay on a savings account or money market. Once you've entered these pieces of information, click the "Result?" button to see how the two deals compare.

In our example (below) you'll see a typical break down of the comparison. Notice that two ways to save are included. First, you can save the money you need over the same number of months as the loan would require for pay off. Second, you can save the money you need by putting the same amount of money as the loan payment into your savings account--more money per period equals fewer periods--a faster saving rate. Now you'll have to answer the real question...is it worth the difference or can you wait a while. Remember, too, that even if you only save half the amount you need, you'll still save a bundle on interest.

Catapult Garage Software Save Versus Borrow Comparison tool

Don't forget that you can use the Fixed-rate Amorization Schedule Tool to look at ways to pay your loan off earlier and cheaper if you decide you must borrow the money.

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