Financial concerns have become part and parcel of modern life, especially in today’s uncertain economic climate. This is especially true for shoppers, with some attempting to tighten their budgets and others opting for ‘buy now, pay later’ schemes to purchase goods and services.
According to a recent survey, nearly half of shoppers had become more financially conscious as a result of the pandemic, with some turning to more frugal habits such as cutting back on non-essential items. Others admitted to using ‘buy now, pay later’ services like Klarna, Clearpay and Afterpay to help avoid large upfront costs.
It’s clear that many people have been forced to prioritise their spending due to the current financial constraints, something that was only exacerbated by the looming uncertainty of the pandemic. Those forced to tighten their belts have become more mindful of where their money goes and are more likely to compare prices and shop around for better deals.
At the same time, there are those attempting to make the most of the situation, with some believing that these troubled times offer particular financial opportunities. For example, those with a little extra cash may find good deals on used items, along with an increased number of special offers and signs of renewed consumer confidence.
When it comes to ‘buy now, pay later’ services, it’s worth considering the long-term consequences of passing debt from month to month. It takes self-discipline to pay off multiple payments each month or to pay off the debt in one lump sum, as extended periods of payment could lead to further financial difficulties.
While it’s understandable why some people are leaning towards ‘buy now, pay later’ schemes, it’s important to have a good understanding of financial responsibility to ensure that debts aren’t taken on laboriously. Money worries are an unfortunate reality, but careful budgeting and financial discipline can help protect people from further financial strain.
Financial concerns have become part and parcel of modern life, especially in today’s uncertain economic climate. This is especially true for shoppers, with some attempting to tighten their budgets and others opting for ‘buy now, pay later’ schemes to purchase goods and services.
According to a recent survey, nearly half of shoppers had become more financially conscious as a result of the pandemic, with some turning to more frugal habits such as cutting back on non-essential items. Others admitted to using ‘buy now, pay later’ services like Klarna, Clearpay and Afterpay to help avoid large upfront costs.
It’s clear that many people have been forced to prioritise their spending due to the current financial constraints, something that was only exacerbated by the looming uncertainty of the pandemic. Those forced to tighten their belts have become more mindful of where their money goes and are more likely to compare prices and shop around for better deals.
At the same time, there are those attempting to make the most of the situation, with some believing that these troubled times offer particular financial opportunities. For example, those with a little extra cash may find good deals on used items, along with an increased number of special offers and signs of renewed consumer confidence.
When it comes to ‘buy now, pay later’ services, it’s worth considering the long-term consequences of passing debt from month to month. It takes self-discipline to pay off multiple payments each month or to pay off the debt in one lump sum, as extended periods of payment could lead to further financial difficulties.
While it’s understandable why some people are leaning towards ‘buy now, pay later’ schemes, it’s important to have a good understanding of financial responsibility to ensure that debts aren’t taken on laboriously. Money worries are an unfortunate reality, but careful budgeting and financial discipline can help protect people from further financial strain.
