Smart tips FORYOLO shopping

Anew rug, some designer cushions, maybe a new gadget for the kitchen – almost half of us are making ‘You Only Live Once’ (YOLO) purchases. And while splashing out on these kind of things can be fun, research by ME shows YOLO spending can leave your finances threadbare. The golden rule is to seriously consider whether or not you really need an item before getting out your wallet – one in five YOLO shoppers experience guilt following their purchase. It’s also wise to allow some wiggle room in your budget to reduce the financial impact of impulse buys. And aim to pay with cash! If you plan to use a credit card, make sure you can clear the slate before interest charges apply. One in ten YOLO shoppers have gone into debt as a result of their spending, and that can have a more lasting impact than the pleasure of a spur-of-the-moment buy.

MEBANK.COM.AU

REBECCA JAMES Senior executive at industry super fund-owned bank, ME