My mother bought her first sewing machine back when hire purchase was the in thing. Most guys were yet to factor in the additional costs of making such purchases and it was seen as the most ideal mode of buying, especially to those who wanted things now and were unwilling to wait till they had enough money.

The sewing machine constantly gave her mechanical problems and in the long run she found herself having to source cash elsewhere to pay off the hire purchase plus get it fixed. She ended up paying close to three times the fixed price for the sewing machine. If only she was patient enough, she would have spent less.

Hire purchasing has now been replaced by credit card purchasing. Your bank pushes you to get a credit card, assuring you that you will hardly feel the charges.

Picture this: You buy a TV worth KES 35,000 using your credit card, the bank makes small deductions on your account that go towards the payment of the TV,  and in the long run you find yourself having paid close to KES 80,000 for a TV valued at KES 35,000.

We live in a wicked world where our quest for wealth largely depends on smart financial decisions we make throughout our lives.  Banks understand that we are unwilling to wait and they have shortened our wait by giving us credit to buy what we long for. In the long run, we end up paying double for items we would have spent less on if only we were willing to wait a little bit longer.

Remember, patience is a virtue, and a fool with his money are soon parted.