Hello and welcome back to the 360 Money Matters podcast! The holiday season is fast approaching and that means you’re probably planning your holiday spending– gifts, socialising, eating out, vacations, all of that. And with that amount of spending, you might not always have the cash you need, which might tempt you to use a Buy Now, Pay Later service. Sounds great in concept, but it’s not all that it’s cracked up to be.
In this week’s episode, we’ll discuss the dangers of being entrapped by this service and how it opens you up to many issues in the future. This goes against the very teachings of responsible and mindful financial planning, so we’ll also share some advice on how you can avoid falling victim to this harmful spending habit.
Don’t fall into the trap of kicking the can down the road as a problem for future you to solve just for that quick dopamine hit. Give yourself as little financial stress as possible this coming holiday so make sure to tune in!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis and Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorised representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights:
• The lack of public stigma towards ‘Buy Now, Pay Later’ services.
• The trap of Buy Now, Pay Later from a financial planning perspective.
• What happens if you miss a payment.
• Advice for those trying to break out of these habits.
