Advantages of buy now and pay later
One of the advantages of this purchasing scheme is that it allows you to get out of any other financial commitment you have in what you start paying, explained Carmen Villaseñor, deputy director of financial education at Citibanamex; and Viviana Guevara from the Business School of the Universidad Panamericana (UP).
This can be a good option if you are about to finish paying for some other purchase that you have put on hold, or so that you can free up the expenses of the end of year season, get past the January cost and start paying between February and March of next year, depending on the months they give you grace to start paying.
You can find this purchase option directly in the store with the credit card you carry and, a more recent alternative, has to do with applications or financial intermediaries dedicated to serving those who do not handle plastic, Villaseñor added.
Check your debt capacity, ensuring that what you have to pay each month is not more than 30% of your total income. For example, if you earn 20,000 pesos per month, your debt capacity is 6,000 pesos per month, leaving around 50% of what you earn for fixed expenses – rent, food, transportation, among others -, and 20% to save and invest.
Check the price before and during the sales season, because in previous editions of Buen Fin, some consumers have pointed out that stores increase prices days before and there are no real discounts.
Purchase recommendations
1. Planning: Make a list of what you have in mind to buy, prioritizing items that can be useful for work or school, that is, everything that can be useful for your work and durable goods at home. (appliances, white goods, among others). Put at the end of the list the treats you want to indulge in to pamper yourself.
2. Budget: Prepare an expense budget, in which you include all your expenses. Don’t forget to include in this purchasing budget if you are paying for other purchases you made over months without interest, agree the experts interviewed.