Airfare to air fryers. Thai food to tie clips. Memorabilia to memory foam. You can purchase just about anything these days with a buy now, pay later (BNPL) plan. In 2022 alone, consumers in the US bought around $250 billion in goods using BNPLs. The allure of making a small initial payment and splitting the remaining obligation into a series of automatic withdrawals is undeniable. The question remains: Is this a smart way to gain spending flexibility or a tool rife for accumulating bad debt?

Last month we introduced the “2×2” financial wellness planning system. Why is it called 2×2? You set aside two hours on the calendar two times a month to complete a predetermined financial task. With this modest but consistent effort, you’ll sustain financial health and build wealth in easy bite-sized chunks that you check off the list each month.