The Wallet25 Marras 2021

Should I use Buy Now Pay Later and Flexible Payment Schemes? | Money Hotline #5

Today we answer a question from Tanya. She has been wondering about Buy Now, Pay Later schemes as well as the new flex schemes offered by banks. Tanya would like to know how these schemes work and if they do impact your credit score?

Today on The Wallet:

1/ In 2020 the use of Buy Now, Pay Later services soared to £2.7bn transactions and it continues to be popular with retailers and online platforms. While it’s appealing to shop and not be charged instantly, Buy Now, Pay Later is still a form of credit, so we look at all the pros and cons of using these services.

2/ Buy Now, Pay Later schemes can be controversial. Research shows that consumers are tempted to buy more than they budgeted for when using these schemes, and may not be aware of the terms and conditions they are entering into. That’s why I have three prompts for you to ask yourself before you make a purchase using Buy Now, Pay Later.

3/ We will also look at what credit checks take place when you enter into a BNPL agreement, as well as how they impact your credit score.

Resources:

Book: Mind Over Money: The Psychology of Money and How To Use It Better by Claudia Hammond
Podcast: How To Save Money For The Things You Want With Urenna Okonkw‪o‬

Our podcast partners PensionBee are also offering you a £25 pension contribution (£20, plus £5 in tax relief) when you sign up. To claim the offer, follow this link: https://www.pensionbee.com/vestpod. Capital at risk.

I’m Emilie Bellet, the founder of Vestpod (https://www.vestpod.com/) and author of You’re Not Broke, You’re Pre-Rich. Join us on Instagram @vestpod (https://www.instagram.com/vestpod/) and Facebook (https://www.facebook.com/groups/vestpod).

You can submit a proud money moment, a question or a comment on a previous episode. You just need headphones and a mic at the ready and follow this link (https://telb.ee/abrzt) or email me the recording at emilie@vestpod.com.

* We are not certified financial advisers, information shared in this podcast is for educational purposes & does not constitute financial advice. Invest what you can afford only and for the long term.*

Hosted on Acast. See acast.com/privacy for more information.

Tämä jakso on lisätty Podme-palveluun avoimen RSS-syötteen kautta eikä se ole Podmen omaa tuotantoa. Siksi jakso saattaa sisältää mainontaa.

Jaksot(204)

Women Are Still Retiring With Less - But Here's What You Can Do with Susan Hope

Women in the UK still retire with significantly less pension wealth than men, despite decades of progress. So why does the gender pension gap persist?In this episode, Emilie Bellet is joined by Susan ...

2 Heinä 43min

How Behavioural Science Boosts Your Finances

Building better financial habits doesn't start with numbers. It starts with understanding behaviour.In this episode of The Wallet, Emilie Bellet (founder of Vestpod) speaks with Jaskiran Mangat, finan...

17 Kesä 33min

How Your Financial Identity Is Formed

Why do some people confidently invest while others avoid money conversations altogether?In this episode of The Wallet, Emilie Bellet speaks with behavioural finance expert, psychotherapist and King's ...

4 Kesä 37min

What Drives Investment Outcomes

AD | This episode is sponsored by Wealthify. Most people think investing is about picking the right stocks. It is not. This week on The Wallet, Emilie Bellet (Vestpod) is joined by Jessie Kwok, Chief ...

21 Touko 42min

The Ambition Penalty: Why Success Still Costs Women More

Women are often told the path to success is straightforward: be confident, negotiate harder, lean in, speak up.But what happens when women do all of those things and still do not receive the same outc...

14 Touko 46min

Rethinking Money Systems for ADHD & Neurodivergence

When money feels hard, it is often the system, not you.This week on The Wallet, Emilie Bellet (Vestpod) is joined by Krystle McGilvery, behavioural finance expert and Chartered Accountant, to unpack w...

30 Huhti 33min

Earning £100K (or Close)? Here's What to Think About

High income, low progress: the hidden leak in your finances.This week on The Wallet, Emilie Bellet (Vestpod) sits down with Philly Ponniah to unpack the gap between earning and actually building wealt...

16 Huhti 36min

The Habits That Actually Build Wealth

Why does building wealth feel complicated, slow, or out of reach, even when you are earning and doing “the right things”?In this episode of The Wallet, Emilie Bellet (Vestpod) is joined by Mary and Ke...

1 Huhti 48min