Bookworm has always had an eye for music. It’s not a surprise in our family though. We’re a very music oriented family. My dad plays guitar, I dabbled in a few different instruments, from flute to baritone saxophone, throughout my junior high and senior high years. So did my sisters. One of my sisters currently plays bass clarinet for her college’s orchestra, and alto clarinet for marching band. We all sing. Hubs’ side is no different. He plays guitar, his brother played drums, and their mom sings and plays piano. Pandora or our Amazon Cloud is always playing in the background.
So it wasn’t a surprise when Bookworm brought home a band signup sheet and asked what instruments he should play. I would have been more shocked if he had wanted to sign up for football! Playing instruments can have such an wonderful effect on cognitive functions too. I absolutely loved the Ted Talk on how your brain benefits from playing instruments. Interested?
But as with most extracurricular activities, there are associated expenses with leasing band instruments. When we went to the band information night, Bookworm was assigned as trumpet. A $985 trumpet! After his music stand, the total cost was $1,000.95. I’m always amazed what they can cost! Bookworm had to fulfil an agreement with his band instructor while I was fulfilling the financial end of the agreement with the rental company.
The rules for him were clear:
- Bookworm had to stay in band, with the instrument assigned, until the first concert.
- He had to keep his grades above a 70 {I later told him that I’d like to see 80 or above, and he’s met that with flying colors}.
- After the first concert, he could choose a different instrument if he wanted, or they could no longer be part of band.
Mine were as well:
- Two years of monthly payments with $31.80 going to the instrument balance.
- Each monthly payment had $7.42 attached in Maintenance and Repair fees, making the total payment $39.22.
- I could terminate the lease at any time if Bookworm decided he no longer wanted to be in band with no financial penalty to myself.
- OR, if Bookworm decides to stay in band and we decide to keep the instrument, I could buy it outright at a 40% discount of the remaining balance.
Since Bookworm had to stick with band for at least 3 months, I decided against buying the instrument outright at first. I didn’t want to be stuck reselling a trumpet that he had no interest in continuing with.
His first concert came and went in mid-December, and Bookworm decided to stay in band and continue playing the trumpet. He’s kept his grades up {he’s made Honor Roll both quarters of the year so far}, and Hubs & I don’t see a problem with him keeping this commitment. But I was not keen on paying the bill for the next two years. I saw this as another debt we’d have, no different than our car payment, or student loans.
So I did some calculations. At 3 months of the payment going towards the balance, I estimated $906 of the balance left. I calculated 60% of the remainder, or $543, and made a savings goal of $600 for payoff, with the remainder being an added a buffer.
When I went to pay off the instrument, after taking into account our 40% discount, we owed $546.57 towards the instrument, and an additional $32.79 in state taxes. It’s a good thing I added in a buffer!
I could have gone for the next two years paying the monthly payment, but I decided against it. Not only would I be paying out the full $1000 for he instrument and the music stand, but I’d also be paying out $178 over two years in maintenance and repair fees. The 7 years I played my flute for band, I didn’t have an issue with my flute that the band instructor couldn’t fix. I don’t recall my instrument having to be sent away for repairs once.
Even though I paid $579.36 to terminate our lease on the instrument, I’ve saved us $364.38 with the discounted price, and another $155.82 in maintenance and repair fees, making for a total of $520.20 saved us over the next 21 months.
I realize that on the flip side, I did take kind of a gamble. I could have drawn the lease out over the full 2 years, but the instrument would be ours outright by then too. I’m also taking a big risk that we won’t have to send the instrument in for repairs in the next 21 months. In the end, is it any different than paying for a car outright and then having to repair something? I don’t think so. If {or when} the time comes that his instrument needs repairs, we’ll save up for it then.
Bookworm says he wants to continue playing the trumpet. He’s already said he wants to try out for the 6th grade jazz band. Besides, he’s been playing piano for 3 years this coming July. I think the odds are in my favor that he’ll continue on with the trumpet for well beyond the next 21 months.
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