How to Stop Using Buy Now Pay Later

Since when did it become normal to split up the cost of a T-shirt, or have looming payments for a mascara? We don’t know either. Any form of After Pay product has the ability to single handedly ruin your money goals.

So if you feel ready to ditch this destructive money habit, here is our 5 step solution to breaking up with Buy Now Pay Later (BNP)L.

The first stage is acceptance

Before anything, accept that BNPL isn’t a good money habit. Did you know that you’re 160 percent more likely to make a transaction on credit than one that’s using cash? Meaning a lot of people feel more open to making bigger purchases when they don’t see the money coming out of their bank.

We get it, it feels a lot easier on the budget to not fork out the full amount in the moment, but if you really want something, you would be willing to save up for it and use your hard earned cash to do so. 

Literally just stop

Before you focus on clearing any outstanding balances on your account, it’s vital that you stop using BNPL altogether. No more purchases (for now) until you’ve saved for them and/or are ready to pay upfront in full.

Now you’re no longer a BNPL user, it’s time to prioritise paying off your outstanding balance with the excess of your budget (the money left over after you’ve paid your fixed and flexible expenses). 

Delete your account

This is a break up and we don’t want to be friends after. Once all of your payments have been made, delete your account for good.

Removing the temptation to spend and creating friction between you and the items you think you need will help you get back on track with your budget. Remember, you’re the one who’s in control.

Find something else to do when you feel like spending

Ever find yourself scrolling and shopping for joy? If the answer is yes, it’s likely that the dopamine of spending is what’s keeping you coming back for more. 

Find new ways to get that dopamine hit that doesn’t blow the budget and leave your future self in the lurch. Here are a few healthy ways to get a boost of dopamine:

• Exercise
• Listening to music
• Spending time outdoors
• Watching your favourite show
• Getting creative
• Meditation

Build your sinking funds

Sinking funds are the cornerstone of every budget. Not only do they ensure you have money to hand for those important expenses that regularly come up, but they help you practise the discipline of planning ahead and not spending everything you earn before you’ve earned it. 

Decide what you want to spend on and create dedicated pots of money to pay into regularly. Think of it as the opposite of BNPL. 

Want to know more about the dark side of BNPL?