March 29, 2023

Apple and Customer Behaviour

March 29, 2023

Hello everyone,

On Tuesday Apple will introduce Apple Pay Later, which will allow users to split their purchases into four payments spread over the course of six weeks. Individuals can apply for Apple Pay Later loans between $50 and $1000 and use them for in-app and online purchases made through merchants that accept Apple Pay. Apple said purchases using the software will be authenticated using Face ID, Touch ID or a passcode. Users will be asked to link a debit card as their loan repayment method. Credit cards won’t be accepted.

The incentives to spend leave more and more people living paycheck to paycheck.

So, while 62% of people are waiting for their next pay to fund their weekly shop, more and more people are getting savvy about finding other ways to make ends meet. The “side hustle” has become a necessary add-on to the traditional “job”, which enables people to live without difficulty.

But people are also purging useless services. Many families and individuals are getting rid of subscriptions and memberships and premium movie channels that they may never watch. Can you remember all the subscriptions you have?

Do you have funds sitting in your bank account? Transfer them to a high yielding online savings account to earn a better interest rate. Make sure your bank is not charging monthly maintenance or service fees for overdrafts or insufficient funds. Or you can always put more into your brokerage trading account and be ready to pull the trigger on a great trade.

Dialing down on those impulse purchases.
Are you one of those people who go into a shop and see something and say “I just have to have that item”? Or do you walk past a coffee shop and then turn back, purchase a coffee and something to eat? Or do you see something online and think I have always wanted one of those - and then buy it?

Solution: unsubscribe from all those retail newsletters and notifications, stop going into shops to browse (anyway, who has time to do that?). If you really want/need something, go to the nearest charity shop or second-hand warehouse. You are helping the charity and getting a great deal yourself.

So, in conclusion today, below are the takeaways to live well and avoid the debt cycle and Pay Later promotions.

Have a wonderful week.

Cheers,

Jacque

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