Save Now, Buy Later, Save Now Pay Later, SNPL or SNBL may sound like new terms.
But they've been around for decades and SNBL has evolved over the years to adapt to changing times and technologies.
Here is a brief overview of the history and evolution of SNBL.
Overview of Early Programs
The concept of SNBL can be traced back to the layaway programs that were popular in the 1920s and 1930s.
These programs allowed customers to reserve items at a store by making a small down payment and then paying off the balance over time.
Once the item was fully paid for, the customer could take it home.
In the 1970s, credit cards became popular and made it easier for consumers to purchase items on credit. As a result, layaway programs slowly became a thing of the past.
In the early 2000s, SNBL made a comeback in the form of online layaway programs in the United States.
These programs allowed customers to shop online and make payments over time, just like the traditional layaway programs.
Today, SNBL has evolved to include a variety of programs and apps that offer consumers a way to save money and make purchases over time.
Some of these programs allow consumers to make purchases on credit and pay them off over time, while others are focused on helping consumers save money for future purchases.
Save Now Buy Later for Millennials
Top Save Now Buy Later Programs and Apps
Millennials are often faced with the challenge of finding ways to save money while still being able to afford the things they want. One way to do this is to use Save now, Buy later programs and apps. These programs can help you save up money over time to pay for larger purchases in full.
Some of the top Save now, Buy later programs and apps include Digit, Qapital, Acorns, and Chime in the US and Hubble Money, Tortoise and Multipl in India.
Each of these programs has different features and benefits that can help you save up money for big purchases while still having access to your funds when you need them.
How to Get Started with Save Now Buy Later
It's simple to get started with Save now, Buy later. First, decide which program or app you want to use and sign up for an account.
Allow us to toot our own horn here - with your Hubble Money you don't just save for your purchases, but your money also grows 10% in only 100 days!
Then, set a goal for how much money you want to save and create a plan for how you will achieve it. You can set up automatic transfers from your bank account to your Save now, Buy later account or manually transfer money when you can.
Once you have reached your goal, you’ll be able to make your big purchase in full without having to worry about debt or interest rates. Plus, you’ll have peace of mind knowing that you’ve saved up the money to pay for it.
Save Now Buy Later for Retirement Planning and Emergency Funds
Save Now Buy Later for Retirement Planning
Save now, Buy later is also a great way to save for retirement. You can set up an automatic transfer from your bank account to your SNBL account each month. This will help you steadily save up money for your retirement over time.
You can also use SNBL for short-term savings goals. For example, you can set a goal to save up a certain amount of money for a vacation or a new car.
This can help you stay on track with your savings and make sure you have the funds you need when the time comes.
Save Now Buy Later for Emergency Funds
Having an emergency fund is essential for those who want to protect themselves in case of a financial emergency.
Save now, Buy later can be a great way to start building an emergency fund. Set up automatic transfers to your Save Now, Buy Later account each month to gradually build your emergency fund.
Having an emergency fund can help you stay out of debt in the event of a financial crisis. Plus, it can give you peace of mind knowing that you have a cushion to fall back on if you ever need it.
The Future of Save Now Buy Later in the Finance Industry
Trends in Save Now Buy Later
SNBL is becoming increasingly popular, with companies such as Amazon, Walmart, and Apple offering their own versions of the service.
These companies are able to make SNBL attractive to shoppers by offering zero-interest loans and no annual fees.
This makes it easier for shoppers to purchase items on credit without feeling the financial burden of having to pay back the full amount upfront.
Potential Impact on the Finance Industry
The growing popularity of SNBL could have a major impact on the finance industry, especially on traditional banks and lenders.
Banks and lenders have traditionally relied on consumers to pay their loans off in full, but with SNBL, consumers have the ability to spread out their payments over time.
This could mean that banks and lenders may have to adjust their loan terms to compete with SNBL services. Additionally, banks and lenders may have to offer more competitive interest rates and terms in order to stay competitive with SNBL services.
The rise of SNBL could also lead to an increase in the number of consumers with bad credit scores who are able to access credit.
With SNBL, consumers with bad credit scores are able to purchase items on credit and pay for them over time, which can help them repair their credit score.
This could lead to an increase in the number of people with good credit scores, which could have a positive impact on the finance industry.