You can make the buy now pay later game work for you, if you just take the time to come up with a game plan.
By a game plan, I mean write down your purchase now. Figure out how many months you have to pay for this purchase. If it is a year, then take your total purchase price, including the taxes, delivery etc, and divide that by 12 months. This will be the amount you will need to put away each month to make sure you have enough money to pay for it!
If you know in your heart that only by some miracle, will you have the money in one year to pay for this purchase, then maybe you should "re-think the purchase" or the buy now pay later plan.
But if you are simply short on cash right now, but know you could make a "pretend" payment each month, then you can afford the purchase.
Open a high interest savings account right now. If you don't do these steps right now, you will get busy and months will go by, you will be using the big screen TV, or whatever your purchase was, and that year will roll around quickly and then you will be scrambling to find the money, or the payment due date will pass you by and then before you know it, a bill with added interest will show up!.
So, get that high interest savings account open now, and then have your bank automatically transfer the monthly amount you came up with, into this savings account on the same day each month. (probably pay day).
Next, mark the date this money is due one year from now (or whatever the term was) on your calendar. Actually mark a week before, to allow for transaction time.
So, you should have these three things set up right away.
1. high interest Savings account
2. Automatic transfer of monthly payment amount you have worked out.
3. Mark the date on the calendar.
Now enjoy your purchase, you have it taken care of, and when you turn the page on the calendar to that magical date one year later, you can transfer the money you need back into your checking account and write a check or debit, or take out the cash and pay for that purchase. You should also notice, that you have a few extra dollars in that savings account known as interest!
So, this can be a win/win situation if you play it right. Just remember, the store is not likely going to send you a reminder when that year is up. If you go past the date, then interest will get charged and backdated to the day you bought it, ouch!. That item will no longer have been a good deal as interest rates in stores can be very high, many times in the double digits!
So, do this right. Set this all up at the beginning. This would also be a good time to decide if you can afford monthly payments for this item. If you can't, then don't buy it, unless you know for sure you are coming into a windfall. If you can't put the money away each month, then you are not likely to come up with it at the end, and then you will be forced to make monthly payments plus interest.
So, take a good look at the item you are purchasing, is it worth it? If you say yes, then use the above steps, and you will have taken advantage of their own system, and gained some extra cash in interest to spend on what you want or keep saving!