Andrew Gold, financial adviser to Prestige Wealth Management in Southlake, Texas, used BNPL services to finance large-scale purchases such as travel bookings, business purchases, and new mattresses. As a person who frequently discusses spending with clients, he recommends considering BNPL when he can afford to pay the full amount, but installments can help improve cash flow management. Before choosing a payment plan, check what you have in your bank account and how much money you will make each month. Then you will find that you can afford to pay with other obligations.
“This isn’t for those who are complaining about lack of money or who are constantly borrowing money from people,” he says. “This is for people who have a certain income and are looking for ways to take advantage of some of the benefits and conveniences of splitting their purchases over several weeks.”
Yes, you can gush for a nice shampoo and split your purchase into four $ 6 payments, but just because you can do that you should. It doesn’t mean. While the BNPL service is useful, it’s also too easy to shop impulsively when you’re on a tight budget. “We are in a world of immediate satisfaction,” says Gold. “There is a lot of luxury and excess in everyone’s life.”
Please check the fine print before purchasing
In Your Debt: It’s Not Bad To Buy Now And Pay Later — But Beware | Lifestyle
Source link In Your Debt: It’s Not Bad To Buy Now And Pay Later — But Beware | Lifestyle