fashion tips

When shopping or making a big purchase, there may be times when, rather than paying for it straightaway or all in one go, spreading out the cost into smaller instalments or delaying the payment altogether. This is where buy now pay later (BNPL) schemes might be helpful. As well as this, you may also find BNPL a more convenient payment method if you want to try things out before paying, such as if you need to order things in a range of sizes or colours.

But, one thing to remember with buy now pay later is that it is a form of credit and, as such, needs to be a considered use. With that in mind, let’s take a look at how buy now pay later works.

What Is Buy Now Pay Later?

Buy now pay later does exactly what it says – it offers a way for shoppers to buy goods now, but pay for them at a later date. BNPL schemes vary, but on average the period for spreading out the cost of goods can range from 30 to 90 days. Millions of people use buy now pay later providers such as Klarna, Laybuy and Clearpay and, when used correctly, it can be a quick and easy way to access credit and help you manage your finances. But, many users of BNPL aren’t aware that if there are late payments or something goes wrong, you risk having marks put against your credit file.

How Much Does Buy Now Pay Later Cost?

If you use buy now pay later to pay for goods within the delay period chosen at checkout, then you won’t pay interest on the purchase. If you use buy now pay later carefully and manage it well, then you can avoid paying interest on purchases for perhaps months, which is good for larger or more expensive purchases. If you clear your balance before your payment date, then you will likely also benefit from interest-free purchases.

Put simply, if you pay on time, then BNPL will only cost the price of the products you’ve purchased. Some providers, however, will add late fees or interest charges to purchases that have been missed, therefore increasing the cost of the products purchased.

Will Buy Now Pay Later Affect My Credit Score?

When you use buy now pay later for a purchase, it is important to remember that you are still borrowing money from a lender. As with most other forms of credit, if you don’t meet the payments, then you could face additional fees or have the purchase affect your credit score. Buy now pay later currently is largely unregulated, meaning that it isn’t mandatory for lenders to report BNPL to credit agencies.

However, the government has recently announced that regulation of BNPL is slowly being introduced, meaning that more accounts will see effects on their credit report if they make late payments, making it harder to get credit in the future.

Many debt advisors will warn against individuals who … Read More..

fashion tips

If you don’t already have your clothes repaired when they break or tear you should definitely be doing so, and by you we actually mean you! Learning how to repair your own clothes can allow you to save money next time your clothes need to be repaired because you are able to repair them yourself! Next time your heavyweight tracksuits tear or break you should try your hand at repairing them yourself.

Google It

By Googling how to repair different items of clothing it is highly likely that you will be able to access quality resources that show how to fix your clothing in an easy-to-follow step-by-step process. Allowing you to break down a potentially daunting task of repairing your own clothes for the first time into smaller, easier-to-manage goals that once achieved you will have repaired your clothing and learnt how to repair clothes at the same time.

YouTube

YouTube is a fantastic resource for teaching yourself new skills as you can access countless videos on almost everything you can think of. People with knowledge about the subject produce and upload helpful videos teaching others the intricacies of their knowledge, enabling people who want to learn and improve their skills on certain things to easily be able to do so. There is a significant amount of videos about repairing clothes, you will be able to find a video explaining how to fix just about every piece of clothing. If you have a piece of clothing that there isn’t a video already explaining how to repair it you have an opportunity to create your own video once you have learnt how to repair the product yourself. In this case, you can look on the internet and see if there is any guidance you can use to teach yourself how to repair the piece of clothing yourself.

Ask Friends Or Family

It is possible that you may have a friend or family member who may be able to repair clothes, by asking around you may find someone who can teach you how to repair your own clothes, you never know it might be the person you least expect!

Attend A Clothes Repair/Clothes Making Class

There may be instructors in your local area who offer classes on making alterations or repairs to clothing, you can either join a 1-1 session or a group session where you may be taught alongside several other people who want to learn the art of repairing their own clothes. These classes can be a great way to make new friends and meet people with the same interests.

Practice On Old Clothes

Instead of practising on your luxury streetwear, you should practice on old clothes that you have lying around that you are going to get rid of anyway. If you make mistakes it is not a big deal, you can learn from them.

Conclusion

Repairing your own clothes can be the starting point of a fantastic new hobby for you and can help you save money … Read More..