Authored by Stephanie May, NBR Summer 2009 Intern

With the holidays finally upon us, shoppers are geared up and ready to hit the stores for their last minute gifts and the last minute deals. Stores have anxiously decked their halls with sparkling window displays and bargains jolly enough to get any scrooge to lighten up. "Buy two, get one free," "special holiday gift with purchase," "50% off on Christmas Eve"... sound familiar? But one of these deals, as I have recently discovered, is like the Grinch dressed up in a Santa costume. It seems friendly enough, until you realize it's big, green, and stinky. It's the "buy now... pay later" phenomenon.

I had my first brush with the Grinch a few months ago when I bought a brand new laptop. I took impeccable care of my last computer. Nevertheless, after four years, each time I opened it I could hear it wheezing out its last breaths. Not surprising, since it was stuffed full of term papers, videos, and photos dating back to Junior Prom. I definitely needed a new one.

I researched the latest laptops, asked a few trusted experts and found one that should take care of me for a long time. So on one unremarkable Thursday morning I went to the store with my dad and bought the new computer. We took advantage of a deal the store was offering: Put the purchase on a store credit card, and you do not have to make any payments (not even interest payments) for an entire year.

This sounds fantastic, right? It is a perfect example of the instant gratification we Americans love. But now I'm starting to see the hidden Grinch-yness of this so called "deal."

First of all, as mentioned earlier, that Thursday was completely unremarkable. I didn't have to do anything ahead of time to earn that computer. I didn't have to log hours of work, save up my extra money, or wait anxiously until I could get my hands on it. Therefore, although the computer was necessary and is really great, I don't appreciate it the way I should.

The worst part about "the deal" is that it's going to take me forever to pay off the purchase. I don't get the satisfaction of saving up money for something I want and then finally going out and getting it. What I do get is the punishment of a monthly reminder of my need for instant gratification. There is a chance I will still be paying off this computer long after it stops working or is outshined by a much newer model. The same thing happens with cars, flat screen TV's, furniture, and anything else expensive enough to require you to finance it or pay it off in chunks. We become owned by our purchases, instead of the other way around.

My mom has (thankfully) never used this phrase on me... but has your mom ever said, "Someone's eyes are bigger than their stomach," as you reach for a gigantic piece of cake you could never ACTUALLY eat? I think Americans have eyes that are bigger than our wallets. We want things we can't afford, and we want them all at once. We rationalize that it won't be hard to pay our purchases off bit by bit, but we don't realize that the thing we are sacrificing a few hundred dollars for each month won't be shiny and new -- or even functional -- forever.

I've got a perfect example of what we SHOULD be doing instead. My grandmother was an amazing woman. She was incredibly loving, smart, and determined. She and my grandfather didn't have a ton of money, but they had enough and did a lot with what they had. At one point, my grandmother decided she wanted to buy a new couch. She did the research, picked out the one she wanted, and saved up the money necessary to buy it. When she had enough money, she walked into the store and told the man what she wanted. As it was told to me, the store clerk looked at her and tried to sell her something cheaper, underestimating both the thoroughness with which she had made her selection and the amount of money she had saved. My grandmother surprised the salesman, and she likely surprised the Grinch as well.

To be fair, I know some purchases are necessary, and it is almost impossible to pay them off in full right away, like a car or a house. But after my computer experience, I will be very careful before I get myself into any situations like this ever again.

If I'm going to be fiscally fit, I have to be especially careful around the holidays with the Grinch lurking around each store. You're a mean one Mr. Grinch! I want to own my purchases instead of having them own me, especially if they weren't that great in the first place.

Fiscally Fit: "Buy now, pay later" is the Grinch in disguise.

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