June 19, 2019 7:13 am Written by

Is It Worth It To Take Out a Loan to Finance Your Dreams?

Call it goals, aspirations, challenges, or dreams, we all have certain ideals of what we would like to get out of life. And these dreams and aspirations may unfortunately have a cost to them to be achieved.

In addition to a cost factor involved in seeking out and meeting our life’s goals, the goal itself may provide a reward, such as earning more money, or a freedom that not everyone may not have.

Everyone’s dream and goal in life may be different, these are just a few that spring to mind, and also seem to be in a more common vein.

These goals and dreams do cost money, in some instances they may be very costly, which begs the question, “where does the money come from to finance these dreams?”.

Do we scrimp and save, in some instances for years to get the money to afford our dream, or do we simply borrow the money, take out a loan to finance our life’s dreams.

That is a personal question only each person can answer themselves, however, as we will see, some of these dreams dictate that we borrow the money; the costs are just too high.

Then we also have to look at the end result, is the dream worth borrowing the money, is the reward equal to or better than the cost.


Every bride, and should I add groom, want their day to be special. And special does not come cheap.

Wedding can be as expensive as you let them be, and the average weddings in the UK these days are in excess of £20,000, with many being closer to £30,000.

Of course the sky can be the limit, how much do you want to spend? That is what a wedding can cost.

Many couples use savings, friends and family to pitch in, but in the end they still may need just a bit more cash for the honeymoon, venue, band, whatever.

So why not take out a loan to complete the wedding of your dreams.

And many couples do. It is all about making your day the best it can be.


Everyone knows going to university is not cheap, it can cost over £9,000 a year in tuition, and then there is housing, transportation, food, books, etc, the list goes on and on.

Many uni graduates finish with £30,000 of debt, or more!

But is it worth it?

Yes, for many university is a dream, a goal, and the cost can be worth it as many uni graduates earn more over their lifetimes than non-university graduates.

And then there is the easy repayment system.

Until you earn over £25,725 a year, you do not begin to repay the student loans. Then when you do breech this threshold, you pay back 9% of what you earn over that mark.

That is a very easy repayment plan.

Of course many students may stay in debt to their student loans for many years, but it is a way to finance a dream.

Start a Business

Many people have the dream of owning and running their own business, the dream of the entrepreneur.

They want to be the boss, or they have an idea or item they think the world will beat down a path to their doorsteps for.

Starting a business is not cheap, and you can use your savings if you have any, but there are loans and financing plans out there for someone to start a business.

As the business grows, you can repay the loan(s), and many companies borrow additional funds as they grow to expand.


This can be a debatable issue, taking out a loan to go on holiday.

Many may feel you should just save all year for your holidays, and not borrow or take out a loan. However, there can be those “once in a lifetime” trips, maybe a cruise around the world, a flight on an A380 some where far off, or just a motorcycle cruise across the Colonies on Route 66.

There are ways to save for these holidays of a lifetime, but you could finance the trip.

The debate on this one will rage on.

Cosmetic Surgery

This is not such a debatable subject as one that is more personal, and subjective.

Some people are not happy with aspects of their bodies, and there are also some that cosmetic surgery may be needed, and not always covered by the NHS.

This can include dental work as well.

If financing a surgical procedure brings about a change in your self-image, how you feel about yourself, and your confidence and self-esteem, then financing that change may be a worthwhile venture.


A common dream for all of us, to get on the property ladder, and as we know, buying a property, even your first one, can be expensive.

In fact for many of us purchasing a property can be the largest purchase we make. Which usually means we need a loan, a mortgage loan.

Many people today do not even blink an eye about taking out a loan to buy a house, but many, and I do mean many years ago, there were those that saved and just paid for their homes outright.

This is not the case today.

So getting a loan to climb the property ladder is pretty much a given.

These are just a few dreams and aspirations some may have that warrant consideration for financing.

Leave a Reply

Your email address will not be published. Required fields are marked *