Imagine This
You’re scrolling through your phone, and a video catches your eye. Big, exciting words pop up:
“CUTE.”
“STUNNING.”
“FREE SHIPPING.”
Then, you see the best part: “BUY NOW, PAY LATER.”
It sounds awesome, right? You click “buy now,” and it feels so easy. But later, you have $8,000 in debt.
What Is Buy Now, Pay Later?
Buy Now, Pay Later, or BNPL, lets you pay for things in small pieces instead of paying all at once. It started as a way to buy big things like beds or refrigerators. Now, you can use it for smaller stuff, like a $20 necklace or a $100 dress.
It can be helpful, but it can also make spending money too easy—especially when social media makes you want to buy even more.
How Social Media Tricks Us
Have you ever seen something on your phone and thought, “I need that right now!” That’s how Jess Riley felt. Jess, who makes videos online, said:
“I was definitely one of those people that was very susceptible to influencers. When someone put out a necklace, I instantly wanted that necklace. It would put it on Klarna just so I could have it.”
But later, Jess would forget she even bought it!
Toni-Ann had a similar experience:
“It pressures you to want to buy what everybody else has got or whatever you keep seeing advertised. Then Klarna is an option, so you just like, ‘oh I just can spread the payments.’”
Social media can make buying things super tempting, even if we don’t really need them.
Why Do We Want to Buy Stuff?
Sometimes, buying something feels like the answer to all your problems. You see these refrigerator organizers and think, “If I get this, my life will be organized, and I’ll feel better.”
Or maybe you’ve had a rough day, and buying a pair another Stanley will cheer you up.
If you’ve ever felt like this, you’re not alone! Lots of people feel this way. And if you don’t? You might have superpowers! Seriously, saying no is amazing.
Is BNPL All Bad?
Not at all. BNPL can be incredibly helpful, especially for big purchases that might otherwise be out of reach. It’s a tool that, when used mindfully, can make budgeting a little easier.
If you’ve found yourself using BNPL for smaller purchases, though, don’t be too hard on yourself. It’s easy to get caught up in the moment, especially when the options are so accessible. The important thing is recognizing it and taking steps to make choices that align with your long-term goals.
Ask yourself: Is this purchase something I truly need, or can I wait and save for it? Think of BNPL as a safety net for essential expenses, rather than a way to splurge on every temptation.
You can read the full article here.