Using buy now, pay later to manage winter expenses

Buy now, pay later (BNPL) is a form of credit that lets shoppers pay for items over time.

One benefit of BNPL is that shoppers can break up the cost of a purchase into smaller payments, say over weeks or months, while enjoying the item immediately.

This can be helpful for larger purchases and during the winter season when outgoing expenses can add up for the holidays.

Seasonal expenses can add up in the winter

Winter comes with seasonal expenses. This can include things like holiday gifts, decorations, functions, and events; higher utility bills such as heating; seasonal activities such as vacations, and other related travel costs; and unexpected winter expenses, such as weather-induced repairs and emergencies.

Using buy now, pay later to help manage winter costs

By using wise budget management and flexible payment options, winter costs can be kept in check. Within a well-thought-out budgeting plan, buy now, pay later services can help keep outgoing expenses on track. Though it’s not a money saver, it does help to spread costs out over time. Some of the benefits of using BNPL as a payment method during winter include:

• Budgeting for large purchases. Larger purchases such as electronics or appliances may be more manageable when costs are spread out over time.
• Ease and flexibility. The BNPL application process is usually quick and seamless, and typically offered at the point of checkout on a merchant or vendor’s website.

While BNPL can be useful, it’s important to use it responsibly. That means understanding and adhering to all terms and conditions and determining whether a payment schedule is achievable from the outset. This can help to avoid defaulting on payments and incurring penalties down the road.

Leverage PayPal buy now, pay later offerings

Widely accepted by retailers, vendors, and merchants worldwide, buy now, pay later with PayPal offers the additional benefit of enhanced security and industry-leading purchase protection.

Learn about how to Pay in 4¹ or Pay Monthly² with PayPal.

Ways to save money this winter

A busy festive season can test the budget, and while BNPL is one way to help spread out the costs of things over time, it should be considered as just one part of a broader strategy.

Ideas to keep costs down this winter include:

• Using credit or debit cards that offer cash back and other rewards
• Using a cash back or coupon finder such as the PayPal Honey shopping extension
• Shopping secondhand or thrifting
• Considering clothes swaps with friends and/or family
• Making homemade gifts
• Buying in bulk when appropriate