Flex culture and the first rule of Flex Club

Picture: Unsplash.com

Flexing is becoming more and more common these days. From celebrities showing off their prized possessions to social media influencers and wannabes emulating them.

Nothing wrong with flexing

There is absolutely nothing wrong with showing off your Gucci handbag or other name branded apparel. In fact, it is all part of being fashionable and an “it club” member. Looking good and expensive has become the norm. So much so, people go to great lengths to conform. Or maybe you just like luxury goods, but what’s the catch to flexing?

What if you can’t afford the lifestyle . . .

When bragging on credit (brêk op skuld) you are just adding undue stress to your life. It is a good idea to save up for goods desired. You could open an additional savings account for this purpose.

If you have to buy luxury goods make sure you use the 55 days interest-free facilities on your credit card. On the flip side, the interest charged by banks can be more than 20% which is quite hefty. If you have not had a 20% salary increase you are plowing backward financially.

If you’ve been spending more online shopping during this time (like the rest of us), you would’ve noticed payment options like Mobicred, i-Pay or payflex. South Africa’s online retail market has gained momentum and grown by approximately 40% during lockdown. More and more big brands and e-tailers make use of these services offering single monthly payments or payments per fortnight.

These options make pressing ‘continue to payment’ even more enticing. But the convenience of ‘buy now and pay later’ has its drawbacks as it is an endless run-around. The goods are not really yours, only once it’s paid up. Bear in mind the compound interest which means you are paying for goods many times over.

Instagram, Facebook, and other social media platforms are abuzz with showy images depicting a lifestyle people are encouraged to aspire to.

The first rule of Flex Club: unnecessary debt doesn’t look lekke on anybody.

*These are the opinions of the writer and do not necessarily reflect the views of Vannie Kaap News.