If you’re anything like me, you still haven’t done any form of gift shopping for the holidays, and will most likely end up doing most of it online at the last minute.
We’re all busy, and this time of year (despite all of the fun and festivities) still feels like a race against the clock to get everything done, closed off and tidied up before the year comes to a close.
Thank goodness for speedy delivery times and incredible shops on the inter-webs to make this period a little easier for us, and ensure we still get to indulge in the party season!
However, beware, there’s danger lurking just around the corner, at almost every digital shopping cart.
It comes in the form of a strategically-placed little devil, perfectly positioned along our buying journey, encouraging us to spend more now and pay later.
Let’s be honest, we’re all guilty of buying a little somethin’ somethin’ for ourselves here and there whilst gift shopping.
Well… Afterpay makes this indulgence even easier to convince ourselves of. A quick visit to their merchant site confirms my hypothesis that we’ll all spend substantially more while we’re shopping if we psychologically know we’re not paying for it all right now.
Their case studies showcase a list of brands who’ve increased their online order value by 20% to 60%!
Yup, that just means that you and I are spending between 20% and 60% more than we intended to when we initially clicked on that link.
Just like using a credit card, we tend to spend more money when we know we’re not paying for it right now, with the hard earned dollars sitting in our savings account.
It’s kind of crazy. We all fundamentally know and understand it’s still money, it all adds up and eventually we need to pay it. But our minds are hard-wired toward instant gratification. It’s almost at the subconscious level how quickly we can rationalise our spending decisions like this and just decide to ‘deal with it later’.
I’m telling you: Don’t.
If we want next year to be our best yet (and seriously, who doesn’t?!), then why set ourselves up for failure in January?
The start of a new year is full of momentum and creative energy for the goals we’ve set. The last thing any of us need is financial stress over the poor spending decisions we made back in December. That scenario’s going to put the brakes on our ‘new year, new you’ vibe before we even start.
Set yourself up for success by sticking within your budget, paying for your gifts now (and with your Visa or Mastercard debit, NOT your credit card) and save treating yourself for the new year.
Disclaimer: all information contained within this article is of a general nature. It should not be relied upon when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.