How To Use Buy Now Pay Later Wisely This Holiday Season

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.This is the third Christmas that Nicole Darr of Irving, Texas has used buy now, pay later to buy Christmas gifts for her nieces. She’s tried most of the installment loan platforms: Afterpay, Affirm, Klarna and Sezzle among them.

The YouGov survey found that of respondents who used a BNPL platform, 51% chose it because they like to spread out payments to help them budget effectively. Thirty-eight percent said they were attracted to the fact that payments are interest-free. “We saw a lot of new technologies—or just consumers’ familiarity with it—really bloom during the pandemic,” says Katie Thomas, lead of the Kearney Consumer Institute at consulting firm Kearney.

BNPL also offers some shoppers a way to purchase gifts as they see them rather than waiting for their next paycheck. But spending money before you have it can be a gamble.If you use BNPL to make purchases regularly, or you tend to have a few payment plans going at once, it can get tricky to manage them. Here are some tips for managing your purchases to keep your accounts in good standing.Thomas warns against assuming all BNPL operators work the same.

“I’m one of those people who writes down my budget every month and what date [payments] are going to go through.” At first, she says she’d note her BNPL amounts in what she calls her “regular” budget with routine expenses. But that got confusing once she had several repayments taking place at once. She now records her BNPL purchases in a separate spreadsheet so she can track each one individually.Returning an item when you’ve paid with a BNPL platform adds an extra layer to the process.

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