Budget Bootcamp.


Day 8: Getting out of the buy now pay later hole.


Buy now pay later can be super convenient, but juggling repayments with your other financial commitments can be a headache. And hidden late fees can be an unwelcome dip into your hard-earned savings.

And despite them not being ‘proper loans’, they can have an impact on lending applications you might make in the future – decreasing your disposable income and late repayments sometimes appearing on credit reports.

Layby, or good ol’ fashioned ‘saving up for it’ can be great alternatives. Depending on the purchase and your circumstances, a personal loan might be a better solution.

If you’ve already got some buy now pay later payments you need to whittle down, here’s a few tips:

  • Stick to a limit and try to use only one service
  • Make sure your buy now pay later repayments are in your budget
  • Link your buy now pay later account to your debit card, rather than credit card. That way you’re using your own funds and not funding a champers lifestyle with a beer budget!

Remember, if you’re struggling to make your repayments, get in touch with the provider – or even your bank – to see if they can assist.

Your week 2 snapshot.

Day 6.

Find your credit score.

Day 7.

List and rank your debts.

Day 8.

Getting out of buy now pay later.

Day 9.

Set up for rainy days.

Day 10.

Work out how to grow your money.

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This information has been provided without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs.

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