Admittedly, phone breaks have become a necessity to avoid falling victim to the “TikTok made me buy it” habit. Otherwise, my Amazon wishlist doubles in size. I’m clearly not alone. Evidence 1 and 2: The rise of the “no-buy pledge” and “de-influencer.” Americans’ collective credit card debt is just above $1 trillion, and more than 25% of people have recently taken on a Buy Now, Pay Later loan. And while I get it if you really want something $$$ like a new Peloton Bike, I’m not convinced it’s the best idea to BNPL your daily essentials — and neither are experts (read more in our top story). As much as I want new furniture for my living room, I also want to hit my savings goals. Curious what others’ think is “worth it” to BNPL? Per usual, Reddit has thoughts.
— A.J. Cohen, money editor, Brooklyn, NY
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Buy Now, Pay (More?) Later
When you hear “buy now, pay later,” opting in seems like a no-brainer, especially if you can’t afford to purchase an item upfront. BNPL programs, a type of short-term financing where you spread out payments over interest-free installments, have become so popular that they’re not just designated for big ticket items like plane tickets, but even your daily latte.
This can be an “attractive option,” but there are downsides, says Shinobu Hindert, CFP and author of “Investing Is Your Superpower.” “These monthly obligations can begin to add up quickly, and your other bills are going to continue to come in,” says Hindert.
BNPL loans often don’t appear on credit reports and can become “phantom debt” that’s easy to neglect. Juggling multiple BNPL loans puts you at risk for overspending or missing a payment, which can lead to hefty fees and a potential decrease in your credit score. All of that said, BNPL programs can be an effective tool if you know what you’re signing up for and have a clear pay-back game plan.
Your Move:
Consider other options. Your credit card is likely safer than any BNPL program because of purchase protection and warranty protection. (Though, a new rule from the Consumer Finance Protection Bureau that holds BNPL lenders to the same standards could help consumers.) Plus, unlike BNPL, credit cards also offer perks and points.
Use BNPL for big purchases only. Limit BNPL purchases to 1 or 2 items at a time. If you’re using BNPL for “everyday purchases,” it could be a red flag you’re living beyond your means.
Remember your overall money goals. BNPL taps into a common psychological tendency called “present bias,” which means you overvalue what you can get now, even if what you could have later is better. Ex: $84 a month for that couch you’ve been eyeing feels different than $500 upfront and may make it easier to spend.
for the group chat
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Target, Aldi, and Walmart are slashing grocery prices as consumers are seeing “deflation” across other industries, too. What goes up must come down.
$1 million: The wage gap AANHPI women face over the course of a 40-year career. Not to mention working 15 months to earn what a white man would make in just one year.
PS: Here’s an always-useful guide on how to quit your job without burning bridges. Because you never know when it might be time for a change.
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How to win at work, according to successful women.
As an MD, OB-GYN, reproductive endocrinologist, infertility specialist, and professor at the Icahn School of Medicine, Lucky Sekhon, understands the emotional and medical complexity of someone's pregnancy journey. You can find her on Instagram busting fertility misinformation (See: Mucinex for conception) and giving science-backed context to eyebrow-raising headlines (like Ozempic babies). Here, she shares strategies for how to show up with confidence at work, home, and for yourself.
Advice for what to do when you…
Are assigned a project you’re afraid you can’t do…
Break it into manageable steps. Seek advice, collaborate, and trust in your ability to learn. Fear is normal, and often the first step before growth and achievement.
Need to focus…
Minimize distractions. Use timers and task lists. Allocate specific times for breaks. Focus is a skill — practice mindfulness to enhance it.
Have imposter syndrome…
Recognize that it’s a common experience. Reflect on your past successes and wins, and document positive feedback. Affirmations and visualization are empowering. Surround yourself with supporters, and share how you feel with peers or colleagues you trust.
Want to unwind after a stressful day…
Disconnect to reconnect. Minimize screen time after work. Prioritize soothing activities, exercise, and hobbies. When in doubt, a massage always works.
Answers are edited and condensed for clarity.
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