Welcome to The Loaf - making money & business more approachable for self-employed creatives & freelancers
Buy now pay later (BNPL) has gotten some attention this week as Apple announced their new offering:
The service itself has been around for a few years and it catches a lot of heat from the personal finance community.
It can create unhealthy spending habits, but I think it's better than credit card debt.
Most offer 0% financing compared to the 15-25%+ that a lot of credit cards carry.
However, every time you use a 'buy now pay later' service, you're raising your minimum viable spending.
Your minimum viable spending is the amount of money that you need to spend each month to maintain your current way of life
Before using BNPL to purchase something, take a look at your monthly spending, make sure that the new payments won't push you past spending more than you make, and if it's something that you truly want to purchase, go for it.
Money's meant to be enjoyed, but it needs to be managed thoughtfully.
If you want to read more about how to use buy now pay later to your advantage, check out the full blog:
Friendly money & business reminders for self-employed creatives
✅ Shop insurance rates before renewing
Why? You could potentially save hundreds of dollars
• My car insurance was set to renew this month and it felt high, so I shopped around and ended up saving almost $500. All I did was spend a few minutes doing research and filling out a new application.
• Even though I love saving money, you have to make sure you have appropriate coverage. "Cheap" insurance that doesn't cover anything is genuinely a waste of money.
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🎥 Watch: Why a Nike director left for career in YouTube creation
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Thanks for reading 🖤