When you are in the AfterPay cycle it can be hard and daunting to get out of it. When you are using debt services it means you will be left short the following payday. It can be really hard to stop that system when you have been relying on this.
Here are some tips on getting back on track.
Make the decision to stop and fully commit.
You may still have some payments to come out but you need to commit to yourself that you will stop as soon as you have committed to that.
Tell friends and family that you are stopping, this will help keep you accountable. You could even set a challenge with friends and family who also use the services to try and encourage and support each other to stop.
Cancel the services
Once you have repaid these, close them down. That way you will not have the same temptation to use them again. Even if you think you won’t use them again – close them. If you have no intention of using them again there is no need to keep them open.
Set up a separate account to allow for future purchases
If you need to be able to make these same purchases in the future without the need for AfterPay you need to prepare for these. So by setting up a different account and putting money aside each pay cycle you can go ahead and make the purchases when you have sufficient money saved up. This also means you can watch that money grow and feel good about being prepared to pay for your next purchase in full
Have a plan and budget
You need to make sure you have a plan and budget in place for all of your other expenses so that you are not left short in other areas of your finances and end up feeling like you need to resort to using an AfterPay service to cover expenses.
Always plan well ahead
If you know that you have events or future costs coming in the months ahead, do not ignore this until they are only a short time away. For example, if you know that you have a wedding to attend and want to wear a new outfit, start putting money aside months out so that you have the money there when you want to go and buy the new outfit.
Or if you have a weekend away booked, start putting money aside as soon as you make that plan.
Challenge your money mindset & be prepared to change it
If you find yourself wanting to spend when you do not have the money or you are running out of money a few days before payday, its time to really challenge your money mindset. Make a shift to planning and focusing on the future rather than paying for things in the past makes such a significant difference to the quality of your financial position.
Imagine knowing that you are ready for an expense, bill or event months before its needed – you can have this. You just need to shift that mindset and then have a plan in place to make it happen.
Make a commitment today to stop using any services like AfterPay, ZIP, LayBuy etc and commit to paying for all future purchases in full WHEN you can afford it.
If you need some more support getting out of this cycle, then contact YouChange. Getting you on a financial plan that aligns better with your financial goals and aspirations will completely change your financial position and positively impact your life.