In order to meet some financial needs, it sometimes makes sense to take loan to buy certain thing especially if that thing is very important and you don’t have the cash to get it.

However, there are times, when it completely makes no sense to borrow money to make certain purchases.

So, if you ever have a reason to take a loan, make sure you're not spending it on any of the things below to avoid pushing yourself into a needless debt.

1.   Marriage

Borrowing money for marriage is not ideal.

Getting married is one of the exciting life goals a lot of young people are looking forward to. For many of them, the ceremony has to be loud while many others want it low-key. Whichever way you want it, you don’t have to borrow money to fulfill a life choice like marriage.

Starting a journey together with your partner with loan and high interest hanging on your neck could make the journey difficult. In the early days of your marriage, you should be talking about savings and meeting some life goals together with your partner, not paying debt. Remember the foundation your marriage is built upon is more important than the wedding party.

2.   Jewelry

A vintage costume jewelry

Jewelry like engagement ring, bracelets, diamond necklace and so on are very expensive. It may seem like a good news that a store is giving you a discount on that expensive ring you really like to buy, it still doesn’t make any financial sense to take a loan to buy such an item.

3.   Vacation

There's no point borrowing money to spend on vacation.

Most vacations last a weak or less and if you borrow money to buy this experience, you won’t just have good memories, you’ll also have a constant reminder that you’re owing someone a substantial amount of money.

You’ll feel and enjoy your vacation better if you can just wait a little and save up to buy this experience rather than putting yourself in an avoidable financial strain.

4.   Furniture and electronics

A man sitting on a sofa looks at a Sharp Corp's Aquos TV at an electronics retailer in Tokyo

We understand you want your apartment to look good with nice furniture and electronics. There’s nothing wrong with that, but how do you intend to acquire these good things? If you’re planning to buy your TV, sofa and other pieces of furniture with loan, you’ll be making a huge financial mistake. Don't try it.

5.   Phone

Mobile Phones

Everyone likes the idea of using the latest smartphone but borrowing money to buy expensive phone that won’t yield any return is a financial blunder. The worst part of it is, even if you use the phone for a few day and sell it to pay your debt, you can’t sell it for the same amount you bought it and then again, you’ll still have to pay interest on the loan.