Let’s use Buy Now Pay Later for fried chicken too!

Let’s use Buy Now Pay Later for fried chicken too! How many Malaysians buy things now and pay later? BNPL is a worry.

BNPL is common these days but fried chicken too?

We buy many things by debt. Homes, cars, mobile phones (that super expensive brand) and virtually everything is now BNPL (Buy Now Pay Later) possible. These days, even when we want to eat our favourite fried chicken, we can choose to buy and eat first and we pay by installments over time. I wonder what’s the reason for this need? Would you do the same? Craving for KFC at the end of the month, salary day a few days away, so let’s eat fried chicken first and we pay later!?

Whether volume, value or even number of active BNPL, it’s increasing

Article in malaymail.com. The volume of “buy now, pay later” (BNPL) transactions has increased from 83.8 million in the second half (2H) of 2024 to 102.6 million in the first half (1H) of this year.

The total value of BNPL transactions rose 31 per cent from RM7.1 billion in 2H 2024 to RM9.3 billion in 1H 2025.

Meanwhile, the number of active BNPL accounts also increased from 5.1 million at the end of last year to 6.5 million as of end-June this year. Article in malaymail.com

Do we REALLY need the item?

Even if our friends have it, does it mean we must have it too? Peer pressure? If they are really our friends, would they mind if we are using something different from them? Keep us away because we are using a different brand? Maybe a cheaper one?

If some famous person has it, does it mean we should have it so that we can become that famous star? Are we really sure when we wear the same thing, everyone would see us as equal or has the same ‘star-like’ look as the famous star? It’s so cheap to become a famous star then?

If someone has a new pair of shoe and ours are 2 years old, do we need to buy a new one because our’s old? Maybe we need to, if the current pair starts to show some tiny tears or it’s now not giving the grip we need especially during rainy days.

If our Proton Persona 1.6 Manual is working well even at 217,000 km and increasing every day, do we need a new car? Maybe we do need one if we need to project the image that we are very successful. For example, some real estate agency owners would have to project the image they want their agents to see so that they would work hard and be like their boss.

Could we WAIT before buying the item?

Actually, there are some items which we can delay in buying. The more we delay there’s a chance that the item could be cheaper or maybe a newer version is now available. If the handphone is working well, delaying for just a few months meant a new model! Or maybe the current model will have big discounts. It’s either savings or getting the latest. Just delay a little…

If we could actually wait, this could mean we may not actually need the item too! Haha. So, ask ourselves this question, do I really need the item or it’s more of a sudden impulse to buy something. Maybe it’s because we have just received our salary and we are itchy to just buy something to satisfy our wants? So, the first question we should ask is whether the purchase can be delayed. If it could be, then it’s not a need. Possible to skip the purchase too.

Money used today is a lot more money in the future

When we use the RM100 instead of investing it today, this is not just RM100 gone but it could be RM1,000 in the very future. Saving just RM100,000 in the first 20 years of our working life for example could mean we have RM300,000 when we need to retire at 60. Returns would continue to build on returns and that’s compounded returns. If we have RM100,000 with a 5.5 percent return per year, this is doubled in just 13 years…

Most of us may work around 35-40 years? That’s means the same amount is now worth many times more than what we spent yeah. It’s true, why wait until later if we can spend and enjoy now? Haha. As long as we are fully aware of the consequences in the future, then do go ahead yeah. So, when we are thinking of spending that few hundred ringgit, think again. It’s not just a few hundred which we are truly spending yeah. It’s the many thousands of future money which we are spending today.

Happy working and spending. That’s a must. All savings and no spending makes working totally not worthwhile…

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