The Vault with Financielle - “I’m Addicted To Buy Now, Pay Later” - How To Manage Debt And Ditch Side Hustles | The Vault Episode 19

Episode Date: July 3, 2024

Send us a textIn this episode of The Vault, we discuss whether or not side hustles are ‘worth it’, before responding to our intriguing listener dilemmas 👀We provide practical advice on common money mistakes, how to manage debt and when to start investing. 📈Tune in for insightful discussions and expert tips to help you navigate your money journey with confidence and peace of mind. Don't forget to like, comment, and subscribe for more episodes!Chapters:00:00:00 - Controversial Side Hustle Thoughts00:04:10 - Side Hustles and Women Thinking Small00:07:43 - The Importance of Diversified Income00:11:32 - Managing Debt and Investments00:15:14 - Importance of Investment Risk Profiles00:18:50 - Dealing with Debt and Addiction to Buy Now Pay Later00:22:37 - Breaking Free From the Addiction to Instant Gratification00:26:09 - Avoiding the Trap of Using Buy Now, Pay Later00:29:53 - The Temptation of Online Shopping and Overusing CreditThe Vault is an entertaining yet thought provoking podcast that answers our community’s dilemmas and confessions surrounding women and money.Visit https://www.financielle.com to download our app.Watch the podcast on YouTube.Follow Financielle for more:▶︎ TikTok▶︎ InstagramAbout Financielle:Financielle is a female focussed finance app helping women to take back control of their money, ditch debt, increase savings and invest in their future.Recorded and Produced by Liverpool Podcast Studios▶︎ Web ▶︎ Instagram▶︎ LinkedIn

I was just about to say this, so... I'm not being confused because it is confusing. When you're a student, I think you do the Ikea run and you do the supermarket run. Infamous. And you picture the day that you're going to have nice plates. Never right. Welcome to The Vault with Financial. This is a safe space where we talk all things life and money and no topics are off limits hello hello good morning how are you both you good very good very good very good got my

miss money on today i'll change it up a little bit in my money she's not been out for a while not a lot of people spot the eyelashes but when they know lady did a great job she's a she money is a she Money is a she Yeah Okay They're talking about the t-shirts by the way Oh yeah Can you tell? What about our non-visual

Audio listeners There's no context Oh yeah A lot of people don't see the money Do you know what If you're not watching it on YouTube Get watching it on YouTube Because you get so much more out of it

You'll know what we're talking about I've got a controversial opinion and i think this actually is controversial okay your side hustle is holding you back oh be careful side hustles are popular can we list some of our favourite but not favourite side hustles that we see on the internet? I'm going to get cancelled. You're our team here to get cancelled. Yeah, it's good for business.

Surveys. Surveys. Herbalife. Wax melts. Vinted. Vinted, yeah. This is like bingo. This is like side hustle bingo.

You can say the most controversial one. Only fans. That becomes a main job for some people. No, I think Only Fans is worth it. Tell us more. This is taking it yeah I mean tell us more what do you mean this is taking a I don't think a segue

exchanging time for money I suspect it's better than a survey definitely oh it's much more lucrative do OnlyFans instead put the surveys down follow us for more

get the webcam out can you do both at the same time like yeah come on do you feel like surveys oh my god that's the only way follow us for more get the webcam out can you do both at the same time like yeah come on do you feel like surveys oh my god

that's the only way I'd make money in OnlyFans someone watching me do a survey can you do like live streams on TikTok and stuff

look at her she's on a 57th survey so she earned 12p you'd probably earn more from TikTok than you would from the surveys i feel

like it's definitely always been uh a bugbear of yours i think we did i think we did right a couple years ago we did a make money march challenge and you had to try lots of different ways to make extra money and um and the the feeling behind it was um when you are on a debt-free journey and actually it is important to find extra money quick from extra sources from your job, you know, to be able to lead up to a pay rise in a job or to take on a promotion or extra work or move. That takes time. It also may not be feasible.

You might have just recently got a pay rise and it's just not something that you can demand immediately. So then you go on to other things like, okay, how can I sell things? And so it was a really good exercise to help flex that muscle of how can I do this but never meant to be long term never meant to um be sustainable because how much can you sell in your house like I think Facebook marketplace is one and you were like there's an end point now but actually and I'm and I think we've grown a lot as a business with our thoughts on side hustle culture only lasted less than a day i think i lost money doing surveys i feel like i

did something wrong and then i lost money doing the survey and i was like this this never never will i do this again and then felt very passionate that there'll be loads of women sat at home trying to fit in side hustles around they say they've got part-time they've got children caring responsibilities whatever it might be like killing themselves staying up till stupid o'clock at night because i know this happens as a you know yeah for pence i think 12p it's not think 50p it's like there are better ways to make money and there's a time and a place for them, I'm sure, and people can unlock really lucrative ones

where it's like £50, £100, perfect. You have to do a hell of a lot at the 12p ones. You have to be at your desk at a certain time. It's actually quite time consuming, whereby in all that time, if you added it up, you could have gone and got a job, a part-time job. That's not a side hustle. Go and get extra income that way. You know what you're gonna earn yeah yeah and and it's

really hard like I love the idea that some people could start a side hustle and something that they're passionate about and it later become a career again that is different that's a different thing I also think if you find a joy in blogging or content creation and you want to do a little bit on on the side again that on the only fans joke but that's more of a step into exchanging valuable time for money i'm going to do this to your skill set as well yeah yeah like yes exactly portfolio does nothing no no i think it's these little penny pinching ones like the again it's just making women think small i think we kept thinking if we keep promoting things like side hustles that are connected to such low value things would women are constantly thinking small when it comes to

making money whereas the men that we speak to in our lives would never even dream of doing a survey no they'd be like okay i'm gonna go for a promotion yes i'm gonna start a true side hustle like i don't know content creation whatever it might. Something where they know they're going to get a large amount of money coming in. But yeah, thinking small. And what I love about today, the working environment is there's such flexibility and location and hours that for someone who may have caring responsibilities or can't commute and travel or feels like they are, have been historically limited in their career,

you can find jobs that are flexible. You can, you know, it's not easy, definitely, but you can do that. And so when some people used to say, well, I like, you know, selling body shop because I can do it around my kids and I can do this. Ultimately, time for money,

usually you're for money. Usually you're losing money. Usually you are. So I've done MLMs or a scam. I don't need to go into that side of it. But it definitely is something that we want people to encourage, focusing on building their own skill set, their own career and going that route because that's the route that then has the pension contribution element to it.

The ability to buy a home. Potential health insurance, like private health care. And go in that route because that's the route that then has the pension contribution element to it. The ability to buy a home. Potential health insurance, like private health care. Yeah, leaning into that is much better. Like I said, there's definitely a time and a place, especially if you're on a bit of a money journey, to see if you can make extra bits and bobs of money. But do not flog yourself. Yeah, I was just about to say,

the only time I remember it coming up quite a lot were when people are maternity leave. And we talked previously about you don't feel like you're contributing to the household. And these people felt like the only way that they felt like they were contributing. But I would also say maternity leave is so hard. It is.

I'd rather you put more work into therapy about your self-worth. Yeah, about actually the value that you bring in and have that time to rest when you can and look after the baby again comes from um position of privilege because some people are having to do this to kind of literally make it balance um but this i do think side hustle culture has gone now a little bit thankfully i think there was a time when it was like it was like covid yeah i remember and i saw this really interesting thing which is about like most people most wealthy people

became wealthy or made money from doing one thing really well yes one thing so this seven streams of income bullshit

is not the early bit what happens is when you focus on one thing and hopefully you're doing like your pension investment and stuff but save yourself

a business and a lot of people do make generational wealth through running a business but you can do it through also moving up the career ladder but once you have got to a critical mass of assets which you feel comfortable with then it's a great idea to make sure that that is split across not just your house not just your investments not just cash and that's what we call diversified income so these like seven make sure you've got seven streams of income

is for someone who has probably seven figures plus of money and let that work for you but you don't want to do blogging and surveys and content creation and part time bar work

I think that's what people do they kind of go I'll do it all and you don't give 100% to each one so you don't really make that much you don't move enough in it each one so you don't really make that much you don't move enough in it

and it doesn't bring you enough revenue in but yeah Holly was rubbish she quit she lost money and then we didn't do it again

okay ready for the first tie limber yes go on tie limber hats on okay I want to invest Ready for the first dilemma? Yes. Go on, tie dilemma hats on. Okay. I want to invest, but I'm in debt. Hi girls. I think I may have put myself in a difficult situation and I'm not sure where to go from here. So I'd love some help. I'd like to start off by

saying I'm new to the financial community and I can't wait to get started on my money journey. I'm currently 38. I don't have any children and I live with my partner. We split bills 50-50 as we earn roughly the same. Luckily we're both on the same page when it comes to money so that's never been an issue for us. Anyway, my issue lies amongst my friends. It seems like out of nowhere everyone is making great money progress, talking about their investments which I never knew they all had, discussing their multiple incomes of rental properties, etc, etc. Meanwhile, my partner and I are focused on paying down our debt, which is roughly 4k, nothing major. The past few weeks, I've set myself up on an investment

platform, as I feel like I need to get ahead. Everyone talks about the fact that you have to invest ASAP to benefit from compound interest. So that's what I feel like I need to do am I getting too caught up in what the people around me are doing should I start investing now to get ahead it's a really good dilemma yeah I'm so right on the compound thing you know the earlier the better for those who don't understand compound interest it's the fact that like money invested over time it's time that helps money create money. It's not necessarily contributions. And so if you can go onto any compound interest calculator online,

honestly, have a little look. It's really fascinating to see the graph and saying if you invested £100 a month from the age of 20, every month based on whatever returns, like between 5% and 10%, plug different numbers in because it's different in every country and every situation, you'll be able to see how time impacts the compound, which means it's not just the money at the end is not just from what you put in and contributions, it's from growth. So yes, but there's a side to this that she won't be seeing for her friends is she doesn't know the net worth and how it's pulled together just because people can have lots of investments and or rental properties, but actually have a lot of debt as

well. And so your ultimate net worth is calculated from the amount of assets that you've got. You take off any liabilities. So that's firstly, she doesn't know. Just because they're talking about investments, you don't know where they're at with debts. And so she's not got a lot of debt. It sounds like it's between them even. And for £4,000 to at least lean into cracking on with that and getting rid of it, you'll have more cash to deploy into investments.

The danger of doing it at the same time is that four grand takes forever to clear because you're trying to put money into your investment account and you kind of do well at neither now there might be a maths argument that is if that's on a naught percent and it's four grand debt and she could be making you know five percent in the the market on average over the year that yes you should invest and just leave that debt there but but we know that life hits you and so it's so much um it's so much easier to manage when you've not got loads of things going on when you're not got debt payments to make you've got emergency cash savings and so i've yeah i like that she wants to lean into it um we've talked

about this previously on the comparison being the thief of joy. I love that she's inspired to it, but kind of being content to wait a little bit longer, it wouldn't impact her. I think the fact that she said the 4K is like nothing major can also be like damaging because she kind of like, they might just let it sit there. Yes. Because it doesn't seem very much

actually if you both double down into that that could be gone very quickly between you both yeah and then like you can both go in together on your investment journey and make a really big good go at it yeah i think a lot of people just try running too many horses at once we see it so so often people are like i have 20 grand in debt but i want to buy a house and we're like okay that's fine you can do that but you're just going to spread yourself so thin. Apart from the fact that you won't be able to borrow as much maybe because you've got debt payments that are going out and whatnot. You want to be in the best possible financial situation

when you've got a big money life goal coming up and trying to do too many things at once. More life admin. It's a distraction. You're not really making progress because you're feeding a bit here and putting a bit there. I think just having one set goal. And like I I said four grand isn't a lot to them they're fortunate that they must have the income that means that they can get rid of that quite quickly it will

soon be gone and then you can start to use that excess cash into investing but we all it's a comparison point as well she's she she obviously that wasn't on her radar until other people started saying it and it's a good thing at least she's been influenced like that way rather than to spend on something but I I impatience is equals drive like I love impatience impatience is a good thing because it's the thing that will help you speed up and to be more intentional about it but there's a reason that it's like globally accepted in personal finance that having a really good cash emergency fund makes us feel better even if you're not investing yet you're not missing out on whilst you're missing out on some mathematical returns if you're impatient you'll get there and then

you'll have more money left over and like we see all the time you know four four grand can turn into 40 oh easily like so which then the math on that is way worse anyway. So the big thing is habit change here. And by not getting rid of that debt, you are kind of accepting that it's kind of okay to have around. And as speaking as someone who has been in quite a lot of debt before and now is consumer debt free, there's a lot more room to deploy into investing. Yes, I've missed out on time, but I don't have a load of extra payments coming in.

And what that kind of means is going out. And so if life hit me and I needed to spend money on an emergency, there's money sat there. And if I needed to pull back on investing, I could, but I don't have to, but it's not being taken up by payments. Like, and that's the thing. It's not all chucked into investments that you can't get a handle on.

Like you can't get into your, you can't just put loads of money in investments and then drag it out when there's an emergency. You have to have, that's why these financial foundations that we go on about all the time are in place

for that reason do all these things first so that you can do all these amazing things sounds like she's going to get there I love that they were talking about

in a friendship group you just don't hear it like in our circle of friends in this day and age it's really refreshing when you hear someone talking about investments

especially if it's a female like friendship group yeah that's nice but also i think really important that um the the real danger with investing is that people feel like it is it is it's meant to be more about the compound and the long term and not this like aggressive i'm missing out on something yeah and so there's kind of a danger with the lottery her urgency is like she's missing out on some kind of return. And literally, you know, the past has shown us that investments go up, investments go down.

What you need to do is put it into like, you know, go look at your robo-investing providers, go speak to a financial advisor, pick a risk profile that's right for you and set things going and automate them and don't feel like you can time the market or buy something quicker and sometimes that can come out when you're talking about investing as well I feel like that's just made me think um me and my boyfriend were talking about or like stocks and shares isis the other day and I've chosen the most risky. Yes. Like personality.

And he's chosen like the mid person. Medium. Alex strikes me as like he would go high risk. No, I think least. I don't know why. He's very sensible. I think you can look at, the good things with like investing is you can kind of look at different profiles.

People don't know that. They think they just go with a provider and the person deploys it into, well, first of all, they think they have to choose them themselves and it does depending on what platform you go for. But they'll present sometimes a range of portfolios so you can go high risk, medium or low.

So if you are a low risk person, you can explore and you don't have to commit low risk person you can have you can explore and you don't yeah you can make it not as be as aggressive a lot of it you know your investments that you're in via your pension which is usually typically um typically linked to what should be the average risk profile for someone of your age and it's like age balanced and that's how your your pensions will be invested and so i was talking to a friend recently who um he's in his 50s and he was like that my you know complaining his pension's not doing something I was like are you getting older so what they're doing is like make yes you don't get the big rewards but

when you want to take out 25 tax-free next week it's going to be there it's going to be there rather than ups and downs whereas someone in their 20s can have a it will be in more risky things automatically without you even choosing it yeah it's a really good thing to go like you can as a person of different different than average risk lower or higher go to your pension provider and learn more about what you're invested in and if you want to change that you know speak to someone who can help you that there's a default there to protect you so that you don't have to think about put everything on black you know the day I realized I could kind of have a say in what I invested in my pension was like mind-blowing for me like I'm like this is a secret that everybody knows I just did not know and

so many people I speak to have no idea that they can contact even contact their workplace pension provider and ask that their funds not be invested in things like oil tobacco yeah i was don't found it risky yes great commercial upside ethically risky girl my instagram bio okay i've got a really really good community win here I started 2023 with £46,096 worth of debt if it all goes to plan I'll be debt free by February 2025 wow oh my gosh that's insane that is a lot of money what have they been doing to pay that off that's two years

incredible also it's going to be February next month how many surveys do you reckon that is I feel like it went February how many surveys have you done

that's incredible I know amazing when you take a sum like that and you divide it up you know across the months

it people can't understand how you do it but you do you know it up, you know, across the months. People can't understand how you do it, but you do. And, you know, it is possible with the... Money's got a way of finding you, not in a manifesting way. Do not put money in a tree and think that you're going to get times 20 return. It's a universal comeback. But money's just kind of got a way of coming to you

when you're looking after it in a way that you've already got a plan for it. So the money was probably there before it would have come to you before. It's not like, I'm not trying to say there's some magic money that appears, but when you're looking after money, you're just more aware of money coming to you. So whether it be, you know. An unexpected bonus or something. An unexpected bonus, birthday money, tax refund. We do get these.

This stuff does come into our life, but when you've not got a plan for it, it just kind of gets spent. Yeah, it's disappeared. Whereas when you've made this plan, which is I am getting rid of that 47 grand of debt and that's literally what I'm focused on. And you've got a budget to look after the rest of your life.

So you're making sure that you can, you know, go out for meals every so often and buy clothes and do the shop and do all that. So you've covered your needs. It means that any money coming in doesn't need to go towards your needs. You've nailed it. That's, they're sorted. It's exciting to then throw it off your debt. And sometimes these big chunks that come off it, and then there's the little ones and the little payments there's just so much dopamine that is connected to that that um sometimes it feel can feel like more money's arrived and it's not usually that it's usually that it just you had a job for it and and what i'm excited for for them is imagine when there's no debt payments imagine all the money they used to like yeah the

monthly costs the monthly like payments what is that going to go to how much is it yeah please tell us yeah it's gonna be over a thousand post debt goals that might be one to two thousand pounds a month of debt payments and overpayments at the moment yeah that's the exciting thing when you pay off a debt you're like okay once that's gone how much yeah yeah you go go you've got choice she sounds like the person that knows what she's gonna do if you're paying off If you're paying 46 grand's worth of debt in two years, you know what you're doing. Brilliant. Wow.

Okay, next dilemma. I'm addicted to buy now, pay later. I need some advice on a problem that's becoming a real burden in my life. I've developed an unhealthy addiction to instant gratification and more specifically, buy now, pay later. Every time I want something, whether it's a new phone, clothes or even a fancy dinner, I just can't resist the urge to use buy now, pay later to get it immediately without worrying about the cost upfront. This habit started small but has spiralled out of control. Now I have multiple payments due every month and I'm struggling to keep up. It's affecting my financial stability, causing me stress and I

can't seem to break free of this cycle. I know it's unsustainable and I need to make a change but I feel trapped. To make matters worse, I often find myself feeling envious when I see others living within their means and managing their money wisely. It's embarrassing to admit but I can't help but seek the short-lived thrill of buying things even though i know it's damaging in the long run how can i break free from this addiction to instant gratification and buy now pay later i want to regain control of my money and live more responsibly but i don't know where to start so this is why i'm so glad we've got the vault right because she probably scared to tell anyone that like there's you can sense the shame she's envious of people that are managing money but she's that

she's got to the point where she's had enough and she's appreciating that this is an addiction and it's spiral and that like I'm so glad that we've got a platform for people to ask these anonymous questions and share like wins and stuff but ask the thing that they've just finally accepted either she like she knows what to do she doesn't know how to do it like she knows exactly what she wants to do she wants to not use it anymore but yeah it's not the typical like brunch conversation is it no no especially because um it's like sexy marketing all these by now to brands um it's completely normalized there's lots of pros to it that kind of get shared around yeah it's like it almost becomes like a meme of

itself you know like a meme of itself especially things like clana yeah like i don't know it's it's it's in um culture now it's embedded in i would say like definitely gen z culture because yeah that didn't exist when we were around but it did but just in different ways I don't know the millennials are good

at using it now but it was introduced to us as this nice pretty pink yeah some of them brands with financial wellness

pages on their website yeah and so I just feel for her the interesting thing though is what she's talked about is what

starts as a way to divide up something that she wanted has completely got turned into that slippery slope that we talked about. But I don't think we've had a question on this before, which is someone who's playing around with it a little bit and who doesn't really see the problem with it. I think this has now gone into the most serious, like accepting that I am completely hooked.

Like she's using it as a line of credit. She's it as cash flow and i suspect what she's doing is every time she goes to buy something because she's clearly got a spending problem she wants this impulsive spend she's looking at the paying three or six price i just want to say i bet so many people never look at the total value so say like there's a pair of trainers for 85 pounds they're just seeing the price it's split into three and of course it is human nature this person it makes total sense why you're using it no one's you know we're not sat here going why would you even bother like of course you would you why pay for something today when you don't need to like that's it that's just makes sense and and it for be a less payment like it's less pain in your pocket but by god does it hang

around and does it give you the financial hangover months if not years later of which sounds like she's just adding on to it constantly never paying it off it doesn't sound like it's been like clear for a little bit and then she started to build it back up it just seems like a pile on and she'll be paying for stuff that she bought a year ago yeah I think personally when I do my budget like my goal is fixed expenses like as low as possible like that's the place

where I'm like right I'm being strict here like this is and then like to buy something on Klarna that has to get paid and you know how much it's going to be

if you however many expenses however many costs it's going to be like separated into that has to get paid so that's just and then imagine adding on to that yeah you fix expenses i know what you're gonna say you're like oh that does turn into it and again it literally becomes a credit card i think it becomes that yeah debt loan group and i think the the first thing if you're in a situation

like this where you're completely relying on and and you're addicted is deciding first that you're never going to do it again. Because if you are going to do it again, it's just a big waste of time. It's like such a big thing to go through. You're gearing yourself up and then you're just like, ah, I'm going to do it again. Just setting yourself up for disappointment. Oh, I'll pay it off.

But then if I need a new, you know, what will happen is even if you pay it off, the minute an expense that's a bit more than your budget can take comes along you'll do it so i think deciding and realizing that you don't get ahead you will spend more you're literally statistically likely to spend more higher basket values higher um average sale values. You buy more with credit than without and buying an apparel is like the next level of that because it's on smaller value stuff.

Like you wouldn't usually put, you know, you might not put £80 on a credit card. You might put a bigger purchase. Big expense items, don't you? Yeah, but this is like, you can do it on pizza. Like it's just, but I feel like you have to make that decision. And otherwise it's just a lot of heartache. And then if you make that decision that I'm never going can do it on pizza. Like it's just, but I feel like you have to make that decision. And otherwise it's just a lot of heartache.

And then if you make that decision that I'm never going to do it again, you never do it again. And you stick to that. So if there's anything in your life that's going to come up as an expense that you know you would like to buy, you start thinking for it and you do the opposite and you do save now, buy later. And you just literally commit to yourself. And if you can't make that commitment like so then i'm like going over on the point but it's just so not worth it because then once you decided you then have to go through the pain of

paying it off and trying to overpay it because then it's this clunky bill it's not these little payments it's like stacked if you split a t-shirt into three that's fine but it's when you get the t-shirt and then the jeans and then the jacket and then the coat and then the designer handbag like and then those small what were like 20 pound monthly payments can turn into hunt I've seen people hundreds of pounds worth of buy now for later payments per month and it will impact your credit score if you don't pay it back well exactly then it's interest-free until until it's not yeah until you do something that you shouldn't and and it is you know it's a lot of um i'm not i don't know whether using these products is held against you or not some people may suggest it helps build credit but it like the live data that mortgage providers have nowadays it will be seen as these

like buy now pay later and for buy now pay later used so frequently, it kind of suggests you can't manage your money. And so deciding that you're never going to do it again, building a plan to pay it off. But I think a really good tip, which we might not have shared before is have a look at the places and websites that you rely on it on. And I think you have to give yourself a real hard look in the mirror and go, should I be shopping in these locations? So let's use ASOS. We all know ASOS.

If you are likely to use Buy Now, Pay Later on ASOS because there's like volume of product isn't there and there's lots to choose from. Volume? I think I look for a little black dress. I think it's like 300,000 options. It was definitely tens of thousands. I'll narrow it down to sleeveless.

25,000. I'm like, gone. They've lost me. It's recognising that that is not good for you. You are better going physically

into store now. I know we've talked about you can use buy now pay later in stores now but disconnecting your accounts and not deciding I'm going to save up in advance. I do need an outfit for a wedding in the summer i'm going to go into river island or next

or hdm or wherever it is and i'm going to not go on the web because the web is the place that i'm more likely to kind of use this split change your hat change your habits and i feel like you'll um you'll get dopamine hit from paying off your debt because everyone always does the biggest wins I see sometimes in the app are when people have shared that they've finally paid off their line of credit and it's not the credit card it's the buy now pay later brands yeah I think a victory against the big guy a lady the other day wrote in that she'd done it that she'd done done with buy now pay later We've seen so many people. We are rehab for Klarna. So if you want to come on into the community. And also, I mean, listen, we can talk about Klarna on a factual basis.

They're probably going to float this year. It's going to, everyone thinks they're going to YPO. What that means is the white men. Our investments may be going into Klarna, which is my biggest concern. So I will not mind. Wait, is Klana ethical? maybe it is

I don't think so but I think my point was going to be the IPO is going to make a lot of white men rich and do you know why? because a lot of women

women spent went and used Klana and so a healthy dose of connectivity and reality there for us which is when we are using some of these products, that's what's going to happen.

They're going to ring a bell, maybe the US, whoever they end up going in pink. It's going to be pretty, but it's going to be because of us overspending. So just everyone bear that in mind next time you're going to use it. And all the brands, like they're all the same. None of them are good for us. And it can lead to, there's always been a shopping addiction problem for lots of people. Credit has always been the thing that's helped people do that

because it's all just pay for it, however. It's absolutely, you know. It's taken on a new beast. It's just so frictionless. Every checkout, you'll see it. I said, I didn't realise you could do Klarna in store now I went into a River Island

the other day and the big pink Klarnas stickers there and you can do it via your app and stuff they've just found really good ways to get you to do it

it's just so seamless and that's why people feel guilty because they're like I don't know how I got here and I'm like I do

they've spent millions upon millions and millions of pounds to work out the best way for you to part with your money as easy as possible

so don't feel too bad about it but there are loads of things you can do and in the app there's a shit ton of people that have

done it so go find them go look at the posts because it's amazing and those people have done it so speak to people that have actually

done it and don't feel like you're alone yeah I feel like we've said this before but like that first month of not having like

monthly installments come out like I wonder what that feels like for a lot of people we need to go and find out what people are doing with it yeah

something good it's going to be a good thing hopefully because you don't have to go without like no if you can afford

the call to payments you just need to get ahead and stop can we just say it by then Hopefully. Because you don't have to go without. No. If you can afford the cold payments, you just need to get ahead. Stop. Can we just say by then, you don't even want the thing half the time. Yeah, true. It's okay. I wanted that top.

If you actually have to go and try it on. By the time you set up the sinking fund, you're over it. So what does that tell you? You don't want it in the first place. Save you pennies. Okay, any final words? So we don't want it in the first place. Save you pennies. Okay, any final words? So we don't get sued by Shmarla.

Please don't sue us. It won't look good on the IPO initial public offering document, so I think we'll be okay. Yay. I should have thought it was. They should be. Okay, that's all for this episode. The Vault is now closed.

Just a disclaimer, The Vault is just a chat around life and money topics. We are not giving financial advice.